AccountingVision CorporationVision Corporation had only one job in process during May-JobXYZ-and had no finished goods inventory on May 1. Job XYZ wasstarted in April and finished during May. Data concerning thatjob appear below:Beginning work in process inventory$5,200Cost charged to the job during May:Direct materialsDirect labor$8,200$2,200Manufacturing overhead appliedUnits completedUnits in process at the end of MayEnding finished goods inventory$4,200120$11,550In May, overhead was overapplied by $320. The company adjustsits cost of goods sold every month for the overhead that wasunderapplied or overapplied.3) What is the unit product cost in May?

Total cost of manufacturing = Beginning WIP + Direct material + Direct Labor + Manufacturing…

Answered: Vision Corporation Vision Corporation…

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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Crane Company begins operations on April 1. Information from job cost sheets shows the following. Job Number April 10 11 12 13 14 May $4,260 $3,620 3,200 3,360 Manufacturing Costs Assigned 980 3,850 4,840 June $1,640 3,690 Month Completed May June April June 2,950 Not complete Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion.
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
1. What is the total cost of direct materials requistioned in June? 2. What is the total cost of direct labor used in June? ( please check plagiarism)
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,400 11, 400 5,700 Job 6 $ 34,700 17,600 8,800 Job 7 $ 28,700 24,400 12, 200 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,700; direct labor, $3,500; and applied overhead, $2,600. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. Total transferred cost c. Overhead cost is applied with a predetermined rate based on direct bor cost. The predetermined overhead rate did not change across these months. 4. What is the total cost transferred to Finished Goods Inventory in June?
None
Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amount
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.
Kansas manufacturing company uses a job-order costing system and started the month of October with a zero balance in its work in process and finished goods inventory accounts. During October, Kansas worked on three jobs and incurred the following direct costs on those jobs: Job B18 Job B19 Job C11 Direct materials $13,000 $25,000 $16,000 Direct labor $8,000 $10,000 $5,000 Kansas applies manufacturing overhead at a rate of 200% of direct labor cost. During October, Kansas completed Jobs B18 and B19 and sold Job B19. What is Kansas' work in process inventory balance at the end of October? $31,000 $30,500 $33,000 $43,000 None of the above. Please show your work
How much is total cost of goods manufactured?
Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. Direct materials used Direct labor used Job 4 $ 1,500 2,100 Job 5 $1,000 200 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 2,500 2,300 4,800 4,800 4,800
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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?

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