The predetermined overhead allocation rate for a given accounting period is calculated ________ Group of answer choices before the accounting period begins before the commencement of each job during the accounting period at the end of the accounting period after the completion of each job during the accounting period

The predetermined overhead allocation rate for a given accounting period is calculated ________ Group of answer choices before the accounting period begins before the commencement of each job during the accounting period at the end of the accounting period after the completion of each job during the accounting period

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A7
Job Costs Using Activity-Based Costing Heitger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three overhead activities and related drivers. Budgeted information for the year is as follows: Activity Cost Driver Amount of Driver Materials handling $88,800 Number of moves 4,000 Engineering 117,600 Number of change orders 8,000 Other overhead 174,800 Direct labor hours 46,000 Heitger worked on four jobs in July. Data are as follows: Job 13-43 Job 13-44 Job 13-45 Job 13-46 Beginning balance $23,400 $19,200 $4,700 $0 Direct materials $5,800 $9,600 $13,400 $10,100 Direct labor cost $950 $1,010 $1,590 $110 Job 13-43 Job 13-44 Job 13-45 Job 13-46 Number of moves 46 46 33 Number of change orders 35 37 17 23 Direct labor hours 950 1,010 1,590 110 By July 31, Jobs 13-43 and 13-44 were completed and sold. Jobs 13-45 and 13-46 were still in process.
ple predetermined overhead rates The job cost sheet records which of the following. costs? (check all that apply) 03:10 20:38 Actual direct material Estimated direct material Actual direct labor Estimated direct labor Actual overhead Estimated overhead SUBMIT 10 + > CC " F
The Work-in-Process Inventory account of a manufacturing firm has a balance of $3,600 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $490 and $290 for materials used, and charges of $550 and $650 for direct labor used. Overhead is applied as a percentage of direct labor costs. The predetermined rate is:
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $18,760 Direct materials 152,520 Direct labor 164,530 Factory overhead 86,480 Jobs finished during January are summarized as follows: Job 210 $76,010 Job 216 46,450 Job 224 88,680 Job 230 168,920 a. Journalize the entry to record the jobs completed. b. Determine the cost of the unfinished jobs at January 31.
Predetermined Overhead Rate Calculation: Estimated Annual Overhead: $720,000 Estimated Annual Direct Labor Hours: 24,000 Predetermined Overhead Rate: [To be calculated] Overhead Applied to Jobs during the Period: Overhead Applied: [To be calculated] Total Cost of Jobs 102 and 103 at the End of the Period: Job 102: [To be calculated] Job 103: [To be calculated] Cost of Jobs on the Balance Sheet: Job 102: [Specify location on the balance sheet] Job 103: [Specify location on the balance sheet] Journal Entries in the 'T' Accounts (Ledger Accounts Tab): [List the journal entries and their corresponding accounts] Ending Balances in All Accounts (Ledger Accounts Tab): [List the ending balances of each account] Over- or Underapplied Overhead Calculation (Ledger Accounts Tab): Over- or Underapplied Overhead: [To be calculated] Journal Entry to Dispose of Overhead Balance (Ledger Accounts Tab): [Provide the journal entry to dispose of the overhead balance]…
Question: In a job order cost accounting system, which journal entry would be made when raw materials are transferred into production during the month? a. Debit Goods in Process Inventory and Credit Materials Expense. b. Debit Factory Overhead and Credit Raw Materials Inventory. c. Debit Goods in Process Inventory and Credit Raw Materials Inventory. d. Debit Raw Materials Inventory and Credit Goods in Process Inventory. e. Debit Finished Goods Inventory and Credit Goods in Process Inventory.
Sloan Trailers' job cost records yielded the following information: View the job cost information Use the dates above to identify the status of each job. Compute the following balances for Sloan Trailers: a. Work-in-Process Inventory at June 30 b. Finished Goods Inventory at June 30 c. Cost of Goods Sold for June Begin by identifying the status of each job. Job No. Date Started Job No. 1 May 21 Job No. 2 May 29 Job No. 3 June 3 Job No. 4 June 7 Date Finished June 16 June 21 July 11 June 29 Date Sold June 17 June 26 July 13 July 1 Total Cost of Job at Status of Job at June June 30 30 $ ... 3,200 13,400 6,400 4,500
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 Direct materials Direct labor Factory overhead Jobs finished during January are summarized as follows: Job 210 $69,290 Job 224 $80,830 42,340 Job 230 142,420 Job 216 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. Finished Goods Work in Process $17,100 139,020 149,970 78,830 Feedback LA Check My Work a. Move the cost of completed jobs out of work in process and into finished goods. b. Determine the cost of the unfinished jobs at January 31.
Use the dates above to identify the status of each job. Compute the following balances for Thrifty: a. Work-in-Process Inventory at August 31 b. Finished Goods Inventory at August 31 c. Cost of Goods Sold for
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Pharoah Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $18,000, direct labor $10,800, and manufacturing overhead $14,400. As of January 1, Job 49 had been completed at a cost of $81,000 and was part of finished goods inventory. There was a $13,500 balance in the Raw Materials Inventory account on January 1. During the month of January, Pharoah Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $109,800 and $142,200, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $81,000 on account. 2. Incurred factory labor costs of $63,000. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,800; and various other…