uses a job order cost system. The following data summarize the operations related to the first quarter's production. Prepare entries for manufacturing and nonmanufacturing costs. 1. Materials purchased on account $192,000, and factory wages incurred $87,300. 2. Materials requisitioned and factory labor used by job: Job Number A20 A21 A22 A23 General factory use Materials $35,240 42,920 36,100 39,270 4.470 $158.000 Factory Labor $18,000 22,000 15,000 25,000 7,300 $87,300 3. Manufacturing overhead costs incurred on account $49,500. 4. Depreciation on factory equipment $14,550. 5. Depreciation on the company's office building was $14,300. 6. Manufacturing overhead rate is 90% of direct labor cost. 7. Jobs completed during the quarter: A20, A21, and A23. Instructions Prepare entries to record the operations summarized above. Prepare a schedule showing the individual cost elements and total cost

uses a job order cost system. The following data summarize the operations related to the first quarter's production. Prepare entries for manufacturing and nonmanufacturing costs. 1. Materials purchased on account $192,000, and factory wages incurred $87,300. 2. Materials requisitioned and factory labor used by job: Job Number A20 A21 A22 A23 General factory use Materials $35,240 42,920 36,100 39,270 4.470 $158.000 Factory Labor $18,000 22,000 15,000 25,000 7,300 $87,300 3. Manufacturing overhead costs incurred on account $49,500. 4. Depreciation on factory equipment $14,550. 5. Depreciation on the company's office building was $14,300. 6. Manufacturing overhead rate is 90% of direct labor cost. 7. Jobs completed during the quarter: A20, A21, and A23. Instructions Prepare entries to record the operations summarized above. Prepare a schedule showing the individual cost elements and total cost

Name: Enos Printing Corp. uses a job order cost system. The following data
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Description: Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to thefirst quarter's production.Prepare entries for manufacturing and nonmanufacturing costs.1. Materials purchased on account $192,000, and facto

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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Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October 1 Materials purchased on account, $663,320. Materials requisitioned, $618,780, of which $71,310 was for general factory use. Factory labor used, $640,350, of which $88,200 was indirect. Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; and administrative expenses, $145,440. 2 31 31 31 31 31 31 31 Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590. Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment, $30,880. Factory overhead costs applied to jobs, $365,760. Jobs completed, $1,017,410. Cost of goods sold, $911,220.
Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses job order costing. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,140. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,490 $1,980 102 3,040 2,670 103 2,020 1,310 104 6,820 4,910 105 4,330 3,740 106 3,160 2,380 For general factory use 850 2,930 c. Factory overhead costs incurred on account, $4,760. d. Depreciation of machinery and equipment, $1,410. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 32 102 42 103 26 104 74 105 34 106 25 Total 233 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $8,240; Job 102, $10,630; Job 105, $15,310. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave…
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What is the ending balance in Work in Process? 2. What is the total amount of actual manufacturing overhead cost incurred during the year? (Show T-Account
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3. Asters Co. uses a job order cost system. The following data summarizes the operations related to production for March. Journalize the entries to record the summarized operations. a. Materials purchased on account for $660,000 b. Materials requisitioned, $577,500 of which $73,500 was for general factory use c. Factory labor used, $681,500, of which $95,000 was indirect labor d. Other costs incurred on account were for factory, $154,320; selling expenses, $244,440; and administrative expenses, $152,250 e. Prepaid expenses expired for factory overhead were $30,450; for selling expenses, $25,830; and for administrative expenses, $18,690 f. Depreciation of office building was $88,200; of office equipment, $45,150; and of factory equipment, $30,450 g. Factory overhead costs applied to jobs, $375,500 h. Jobs completed, $871,800 i. Cost of goods sold, $860,000. Selling price of $925,000.
Subject: accounting
a. Prepare the entry to record the factory labor costs for the month of January. b. Prepare the entry to assign factory labor to production. E15.2 (LO 1, 2, 3, 4), AP Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. intuom Materials Requisition Slips bo FU 1 Job Number 429 430 431 to General use To $2,500 3,500 4,400 $10,400 800 $11,200 10 $12,500 1,200 $13,700 25 gan 15100 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. 1200 how W $1,900 3,000 7,600 Labor Time Tickets S ACE2 out 2013 Instructions a. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. b. Post…
Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $28,790. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180 c. Factory overhead costs incurred on account, $5,600. d. Depreciation of machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730. Required: 1. Journalize the entries to record the summarized…
Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October 1 Materials purchased on account, $663,320. 2 Materials requisitioned, $618,780, of which $71,310 was for general factory use. 31 Factory labor used, $640,350, of which $88,200 was indirect. 31 Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; and administrative expenses, $145,440. 31 Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590. 31 Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment, $30,880. 31 Factory overhead costs applied to jobs, $365,760. 31 Jobs completed, $1,017,410. 31 Cost of goods sold, $911,220. Required: CHART OF ACCOUNTS Barnes Co. General Ledger ASSETS 110 Cash 121…