Vaughn Church Furniture manufactures custom pews, altars, and pulpits for churches across the southern United States. Since eachorder is unique, Vaughn uses a job order costing system. During the month of June, Vaughn worked on orders for three churches: FaithChurch, Grace Church, and Hope Church. Production on the Faith and Grace orders began in May, and the Faith job was completed inJune. Production on the Hope order began in June and was incomplete at the end of the month. Vaughn applies overhead to each jobbased on machine hours. Prior to the year, managers had estimated manufacturing overhead at $ 693,000, along with 21,000 machinehours. Additional cost information related to the three orders is as follows:FaithGraceHopeBeginning balance, June 1$ 4,000$ 2,800Direct materials, June$ 8,300$ 6,500$ 4,000Direct labor, June$ 13,000$7,000$ 5,500Manufacturing OH, June??Machine hours, June2,2001,3001,400 What is the balance in Vaughn's Work in Process Inventory account at the end of June?Balance in work in process inventory account$%24

Works-In-Progress: It is a manufacturing supply management phrase used to describe partially…

Answered: Vaughn Church Furniture manufactures…

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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One Stop Invitations & More does customize, hand-crafted wedding memorabilia, in which each batch of items is a job. The company has a highly labour-intensive production process, so it allocates manufacturing overhead based on direct labour hours. The business expects to incur $2,400,000 of manufacturing overhead costs and to use 40,000 direct labour hours during 20X9. At the end of June 20X9, One Stop Invitations & More reported the following inventories: Raw Materials Inventory $200,000 Work-in-Progress Inventory $170,000 Finished Goods Inventory $110,000 During July 20X9, One Stop Invitations & More actually used 3,000 direct labour hours and recorded the following transactions. i) Purchased materials on account $310,000 ii) Manufacturing wages incurred $400,000 iii) Materials requisitioned (includes $30,000 of indirect materials) $420,000 iv) Assigned manufacturing wages, 90% direct labour, 10% indirect labour v) Other manufacturing overhead incurred $130,000 vi)…
Vaughn Church Furniture manufactures custom pews, altars, and pulpits for churches across the southern United States. Since each order is unique, Vaughn uses a job order costing system. During the month of June, Vaughn worked on orders for three churches: Faith Church, Grace Church, and Hope Church. Production on the Faith and Grace orders began in May, and the Faith job was completed in June. Production on the Hope order began in June and was incomplete at the end of the month. Vaughn applies overhead to each job based on machine hours. Prior to the year, managers had estimated manufacturing overhead at $ 693,000, along with 21,000 machine hours. Additional cost information related to the three orders is as follows: Faith Grace Hope Beginning balance, June 1 $ 4,000 $ 2,800 Direct materials, June $ 8,300 $ 6,500 $ 4,000 Direct labor, June $ 13,000 $7,000 $ 5,500 Manufacturing OH, June ? ? Machine hours, June 2,200 1,300 1,400
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The Swivel Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 155,000 chairs. During the month, the firm completed 183,000 chairs and transferred them to the Finishing Department. The firm ended the month with 23,000 chairs in ending inventory. All direct materials costs are added at the beginning of the production cycle. Weighted-average costing is used by Swivel. How many chairs were in inventory at the beginning of the month? Conversion costs are incurred uniformly over the production cycle. A) 46,000 chairs B) 23,000 chairs C) 42,500 chairs D) 51,000 chairs
Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $24. The budgeted conversion cost for the year is $148,200 for 2,600 production hours. A unit of Style Omega requires 10 minutes of cell production time. The following transactions took place during June: Materials were acquired to assemble 930 Style Omega units for June. Conversion costs were applied to 930 Style Omega units of production. 860 units of Style Omega were completed in June. 810 units of Style Omega were sold in June for $70 per unit. Question Content Area a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent.fill in the blank 1 of 1$ per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent.fill in the blank 1 of 1$ per unit Feedback Area Feedback Question Content Area c. Journalize the summary transactions (1)–(4) for…
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