Using FIFO costing method, how much materials cost must be charged to the various job orders in April, 2018?
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Q: Discussion Question _Job Costing I The Harriott manufacturing company uses job order costing system.…
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- E COST ACCOUNTING AND CONT x + To * pook i forms.office.com/Pages/ResponsePage.aspx?id=cYWpTercOUIPsQvdXclp-WXyu19p0dpljDbGCXgjKqpUMKISRjcOSUUyWkgwUERKSzczT0tETUhGQi4u&fbclid. ☆ 49 Determine the costs of jobs completed in January. January 1, there were two jobs in process at the Fortune Manufacturing Company. Details of the jobs are: Job No. Direct Materials Direct Labor A-9 A-10 P 34,800 6,400 P12,800 16,800 Materials inventory at January 1 totaled P 184,000 and P 23,200 in materials were purchased during the month. A requisition for P16,00 in supplies was filled. On January 1, finished goods inventory consisted of two Jobs: Job No. A-7 costing P78,400 and Job No. 8 with a cost of P31,600. Both these Jobs were sold during the month. Also during January, Job Nos. A-9 and A-10 were completed. Completing Job No, A-9 required additional P13,600 in direct labor and P6,000 in direct materials. The completion costs for Job No. A-10 included P21,600 in direct materials and P 40,000 in direct…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.The Fielder manufacturing company uses job order costing system. The company usesmachine hours to apply overhead cost to jobs. At the beginning of 2020, the companyestimated that 7,850 machine hours would be worked and $1,256,000 overhead cost wouldbe incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CDebit - February 1 Bal. b/f 51,250Debit- Direct Materials Used 256,400 Other transactions incurred:- Indirect material issued to production was $38,000- Total manufacturing labour incurred in February was $345,000, 80% of this amountrepresented direct labour.- Other manufacturing overhead costs incurred for February amounted to $340,750.- Two jobs were completed with total costs of $324,000 & $240,000 respectively. Theywere sold on account at a margin of 40% on sales. Required: 1) State the journal entries necessary to record the above transactions in the generaljournal:a) For direct materials used in…
- Dakota Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Dakota allocates manufacturing overhead costs using direct manufacturing labor costs. Dakota provides the following information: E (Click the icon to view the information.) Read the requirements. Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2017. (Enter your answer as a number (not as a percentage) rounded to two decimal places, X.XX.) Actual manufacturing overhead rate Budgeted manufacturing overhead rate = Data table Budget for 2017 Actual Results for 2017 Direct material costs 2,250,000 $ 2,150,000 Direct manufacturing labor costs 1,700,000 1,650,000 Manufacturing overhead costs 3,060,000 3,217,500 Print DoneJob Costing LeMercs Inc produces various merchandise such as t-shirts, mugs, key chains, and others according to customer requests. Thus, companies use job order costing to record the cost of each order. The following is information regarding the cost of orders carried out by LeMerch on April 1, 2020: The transactions that occurred during April 2020 regarding production at LeMerch were: 1. There are new orders during April 2020, namely L104 and L105. 2. The use of raw materials is as follows: No. Orders Amount L102 700,000 L103 1,000,000 L104 2,800,000 L105 3,300,000 Indirect Raw Materials 2,000,000 3. Payment for production labor consists of: No. Orders Amount L103 800,000 L103 1,200,000 L104 2,000,000 L105 1,600,000 Indirect labor 1,500,000 4. Manufacturing Overhead Allocation for each job is calculated at the rate of 150% of Direct Labor Cost 5. Other actual manufacturing overhead costs (other than indirect raw materials and indirect labor) were…The following accounts are from last year's books at Sharp Manufacturing: Balance Balance (g) Debit Debit Debit Raw Materials 0 (b) 170,500 13,900 Finished Goods 0 (g) 520,400 47,400 Cost of Goods Sold 473,000 Credit Credit Credit 156,600 Balance (b) (c) (c) 473,000 (b) (c) (d) Debit Debit Work In Process 0 (1) 133,300 170,600 216,500 0 Manufacturing Overhead 23,300 (e) 27,300 158,600 Credit Credit 520,400 216,500 7,300 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overhead overapplied or underapplied for the year?
- 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 perioda) Compute Exclusive Souvenirs predetermined manufacturing overhead rate for 2020. b) State the journal entries necessary to record the following transactions in the general journal: (i) Totalmaterialsissuedtoproduction(ii) Manufacturing labour incurred(iii)Assign manufacturing labour to the appropriate accounts (iv)Other manufacturing overhead incurred(v) Manufacturing overhead applied to production (vi)Move completed jobs to finished goods(vii) Account for jobs completed and soldIn job costing, the journal entry to record $200 of depreciation expense on factory equipment for the current period involves which of the following? credit to manufacturing overhead for $200 debit to depreciation expense-factory equipment for $200 debit to manufacturing overhead for $200 debit to accumulated depreciation-factory equipment for $200
- Subject - account Please help me. Thankyou.The Plastic Manufacturing Company uses the Job Order Costing and applies manufacturing overhead costs to units produced using an appropriate base. The activities for September 2020 are shown below: Direct Material Inventory used $ 45,000 Indirect Material Inventory used $ 4,000 Direct Manufacturing Labor $ 53,500 Applied Manufacturing Overhead $ 56,500 Actual Manufacturing Overhead $ 62,500 Beginning and Ending Work In Process $ 0 What is the cost of jobs completed in September 2020? а. $ 151,000 b. $ 155,000 $ 161,500 d. $ 161,000