Activity 2 - Smiths Corp. (De Jesus, MC 60, Chap 7)The Smiths Corporation jses a job order costing system. The followinginformation were recorded in December:Job No.101102103104December 1 balanceP5,5007,7002,7504,125Cost Added during DecemberDirect MaterialsP 1,6501,3758,25022,000Direct Labor1. the total cost of goods manufactured.2. the total cost of goods sold.3. the total amount of work in process end.P 1,1001,6508252,200Activity 2 - Smiths Corp. (De Jesus, MC 60, Chap 7)The direct labor wage rate is P10 per hour. Factory overhead applied at rate of P5per direct labor hour. Jobs No. 101, 102 and 103 have been completed andtransferred to finished goods. Job 102 has been delivered to the customers.Required: Compute for

Name: Activity 2 - Smiths Corp. (De Jesus, MC 60, Chap 7)The Smiths Corpora
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Description: Activity 2 - Smiths Corp. (De Jesus, MC 60, Chap 7)The Smiths Corporation jses a job order costing system. The followinginformation were recorded in December:Job No.101102103104December 1 balanceP5,5007,7002,7504,125Cost Added during DecemberDirect

When jobs are under production, they are part of work-in-process. Once the jobs are completed, they…

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The Smiths Corporation jses a job order costing system. The following information were recorded in December: Job No. 101 102 103 104 December 1 balance P5,500 7,700 2,750 4,125 Cost Added during December Direct Materials P 1,650 1,375 8,250 22,000 Direct Labor P 1,100 1,650 825 2,200

The Smiths Corporation jses a job order costing system. The following information were recorded in December: Job No. 101 102 103 104 December 1 balance P5,500 7,700 2,750 4,125 Cost Added during December Direct Materials P 1,650 1,375 8,250 22,000 Direct Labor P 1,100 1,650 825 2,200

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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Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $33,100. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,740 $5,460 302 3,980 2,930 303 2,570 3,070 304 8,850 8,520 305 6,210 1,840 306 4,290 6,110 For general factory use 1,200 4,520 c. Factory overhead costs incurred on account, $6,470. d. Depreciation of factory machinery and equipment, $1,790. e. The factory overhead rate is $65 per machine hour. Machine hours used: Job Machine Hours 301 52 302 28 303 44 304 65 305 36 306 79 Total 304 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $23,450; Job 302, $19,210; Job 303, $17,360. Required: 1. Journalize the entries to…
The Work-in-process inventory consists of the following Job Orders: Job Order No. Direct Materials Direct Labor 18-133 P3,000 P4,000 P3,500 P4,500 18-134 P5,000 P5,000 18-136 During the month, Job Oder Nos. 18-137 and 18- 138 were started. Costs incurred for the period are as follows: Job Order No. Direct Materials Direct Labor P 2,500 P 3,000 P 5,500 P 9,000 18-133 P3,000 P3,000 P4,500 P8,500 18-134 18-136 18-137 18-138 P9,500 P10,500 At the end of the period, only Job Order No. 18- 137 is on hand and Job Order No. 18-138 is incomplete. Normal costing is used. Factory overhead is applied so that it is always 20% of total manufacturing costs. What is the Finished Goods Inventory ending balance?
Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $30,580. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,980 $2,560 302 3,640 3,460 303 2,410 1,690 304 8,170 6,350 305 5,190 4,840 306 3,780 3,070 For general factory use 1,010 3,790 Factory overhead costs incurred on account, $5,690. Depreciation of factory machinery and equipment, $1,820. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 39 302 27 303 34 304 74 305 30 306 18 Total 222 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,220; Job 302, $10,300; Job 303, $17,310. Required: 1. Journalize the entries to record the summarized operations. If an…
Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 213 $250 $ 230 $ 257 260 0 Job B20 $ 230 $ 230 $ 240 $ 270 0 0 Job C30 $ 222 $ 280 $ 150 $ 118 120 120 Job D40 $ 198 $ 180 $ 260 $212 0 0 Job E50 $255 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? $360 $290 $265 290 240 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end…
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company uses job order costing. At the beginning of February, two jobs were in process: Job 769 Job 772 Materials P4,000 P1,400 Direct Labor 2,000 600 Applied Factory Overhead 3,000 900 There was no inventory of finished goods on February 1. During the month, Jobs 773, 774, 776, 778 and 779 were started. Materials requisitions for February totaled P26,000, direct labor cost, P20,000 and actual factory overhead, P32,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of February is job 779, with a materials cost of P2,800 and direct labor cost of P1,800. Job 776, the only finished job on hand at the end of the month, has a total cost of P4,000.
Online A company uses a job-order costing system with the following partially completed summary T-accounts for the just completed period: Debit Balance Direct materials Direct labor Overhead applied Balance Debits Debit Work In Process 22,000 Credits 85,000 161,000 269,000 ? Manufacturing Overhead 200,000 Credits Manufacturing overhead for the period was: Credit Credit 434,000 ?
How much is total cost of goods manufactured?
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