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Work in Process Balance, January 1 $72,000 Direct materials 390,000 Direct labor 500,000 Factory overhead 250,000 Jobs finished during January are summarized as follows: Job 210 $200,000 Job 216 288,000 Job 224 225,000 Job 230 436,800 a. Journalize the entry to record the jobs completed. Finished Goods v Work in Process v Feedback Check My Work b. Determine the cost of the unfinished jobs at January 31.

Work in Process Balance, January 1 $72,000 Direct materials 390,000 Direct labor 500,000 Factory overhead 250,000 Jobs finished during January are summarized as follows: Job 210 $200,000 Job 216 288,000 Job 224 225,000 Job 230 436,800 a. Journalize the entry to record the jobs completed. Finished Goods v Work in Process v Feedback Check My Work b. Determine the cost of the unfinished jobs at January 31.

FINANCIAL ACCOUNTING
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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Work in Process Balance, January 1 $72,000 Direct materials 390,000 Direct labor 500,000 Factory overhead 250,000 Jobs finished during January are summarized as follows: Job 210 $200,000 Job 216 288,000 Job 224 225,000 Job 230 436,800 a. Journalize the entry to record the jobs completed. Finished Goods Work in Process / Feedback Check My Work b. Determine the cost of the unfinished jobs at January 31.
Transcribed Image Text:Work in Process Balance, January 1 $72,000 Direct materials 390,000 Direct labor 500,000 Factory overhead 250,000 Jobs finished during January are summarized as follows: Job 210 $200,000 Job 216 288,000 Job 224 225,000 Job 230 436,800 a. Journalize the entry to record the jobs completed. Finished Goods Work in Process / Feedback Check My Work b. Determine the cost of the unfinished jobs at January 31.
Predetermined Factory Overhead Rate Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, the annual operating room overhead is estimated to be: Disposable supplies $299,600 Depreciation expense 75,000 Utilities 32,000 Nurse salaries 278,500 Technician wages 126,900 Total operating room overhead $812,000 The overhead costs will be assigned to procedures based on the number of surgical room hours. Poehling Medical Center expects to use the operating room an average of eight hours per day, seven days per week. In addition, the operating room will be shut down two weeks per year for general repairs. a. Calculate the estimated number of operating room hours for the year. hours b. Determine the predetermined operating room overhead rate for the year. per hour c. Bill Harris had a five-hour procedure on January 22. How much operating room overhead would be charged to his procedure, using the rate determined in part (b)? d. During January, the operating room was used 240 hours. The actual overhead costs incurred for January were $67,250. Determine the overapplied operating overhead or underapplied operating overhead for the period.
Transcribed Image Text:Predetermined Factory Overhead Rate Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, the annual operating room overhead is estimated to be: Disposable supplies $299,600 Depreciation expense 75,000 Utilities 32,000 Nurse salaries 278,500 Technician wages 126,900 Total operating room overhead $812,000 The overhead costs will be assigned to procedures based on the number of surgical room hours. Poehling Medical Center expects to use the operating room an average of eight hours per day, seven days per week. In addition, the operating room will be shut down two weeks per year for general repairs. a. Calculate the estimated number of operating room hours for the year. hours b. Determine the predetermined operating room overhead rate for the year. per hour c. Bill Harris had a five-hour procedure on January 22. How much operating room overhead would be charged to his procedure, using the rate determined in part (b)? d. During January, the operating room was used 240 hours. The actual overhead costs incurred for January were $67,250. Determine the overapplied operating overhead or underapplied operating overhead for the period.
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