Work in Process Job 33 Job 34 Source documents revealed the following during March: Materials Requisitions Forms $ 2,800 2,900 4,200 1,100 $ 11,000 Job 33 Job 34 Job 35 Indirect View transaction list Balance on 3/1 $ 4,900 3,600 $ 8,500 The company applies overhead to products at a rate of 60 percent of direct labor cost. Required: Prepare Journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. < Journal entry worksheet 2 3 1 Labor Time Tickets $ 4,400 4,000 2,500 1,600 $ 12,500 Note: Enter debits before credits. Transaction Status of Job at Month-End Completed and sold Completed, but not sold In process Record the issuance of raw materials to production. General Journal Work in Process Inventory Debit 9,900 Credit

Work in Process Job 33 Job 34 Source documents revealed the following during March: Materials Requisitions Forms $ 2,800 2,900 4,200 1,100 $ 11,000 Job 33 Job 34 Job 35 Indirect View transaction list Balance on 3/1 $ 4,900 3,600 $ 8,500 The company applies overhead to products at a rate of 60 percent of direct labor cost. Required: Prepare Journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. < Journal entry worksheet 2 3 1 Labor Time Tickets $ 4,400 4,000 2,500 1,600 $ 12,500 Note: Enter debits before credits. Transaction Status of Job at Month-End Completed and sold Completed, but not sold In process Record the issuance of raw materials to production. General Journal Work in Process Inventory Debit 9,900 Credit

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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Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $17,970 Direct materials 146,100 Direct labor 157,600 Factory overhead 82,840 Jobs finished during January are summarized as follows: Job 210 $72,810 Job 224 $84,950 Job 216 44,500 Job 230 149,670 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank.
Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $30,580. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,980 $2,560 302 3,640 3,460 303 2,410 1,690 304 8,170 6,350 305 5,190 4,840 306 3,780 3,070 For general factory use 1,010 3,790 Factory overhead costs incurred on account, $5,690. Depreciation of factory machinery and equipment, $1,820. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 39 302 27 303 34 304 74 305 30 306 18 Total 222 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,220; Job 302, $10,300; Job 303, $17,310. Required: 1. Journalize the entries to record the summarized operations. If an…
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $11,420 Direct materials 92,840 Direct labor 100,150 Factory overhead 52,650 Jobs finished during January are summarized as follows: Job 210 $46,270 Job 224 $53,980 Job 216 28,280 Job 230 97,680 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - b. Determine the cost of the unfinished jobs at January 31.$fill in the blank 14d786ff9fe8ffc_1
Applying Overhead to Jobs, Costing Jobs Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,810 and Job 94 with a beginning balance of $7,320. Jagjit applies overhead at the rate of $10 per direct labor hour. Direct labor wages average $16 per hour. Data on August costs for all jobs are as follows: Job 93 Job 94 Job 95 Job 96 Direct materials $1,000 $4,550 $3,310 $1,300 Direct labor cost 1,600 4,800 2,560 800 During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process. Required: 1. Calculate the number of direct labor hours that were worked on each job in August. Job 93 fill in the blank fe4a4a013fdefc1_1 DLH Job 94 fill in the blank fe4a4a013fdefc1_2 DLH Job 95 fill in the blank fe4a4a013fdefc1_3 DLH Job 96 fill in the blank fe4a4a013fdefc1_4 DLH 2.…
A job cost sheet for Ivanhoe Company is shown below. Job No. 92 Date Beginning Balance January 1 Direct labour 8 Total cost 32°C 12 Cost of completed job: Direct materials 25 27 Manufacturing overhead Direct Materials Unit cost ($43,200 + 2,000) $3,980 6,030 2,410 12,420 Direct Labour $5,900 8,890 4,010 18,800 For 2,000 Units Manufacturing Overhead $2,950 6,223 2,807 11,980 $12,420 18,800 11,980 $43,200 $21.60
Metropolitans Manufacturing generated the following activity for July for its current jobs. Total costs accumulated in the Work-in-Process account. Manufacturing overhead was allocated at $32 per machine hour used.1. Complete the Job Costs for each job listed below. Job 123 Job 124 Job 125 Total July 1 Balance $16,230 $12,680 $11,170 $40,080 Direct Materials Used $11,710 $18,920 $11,990 $42,620 Direct Labor Assigned to Jobs $14,520 $21,460 $7,480 $43,460 Manufacturing Overhead allocated to jobs Total Cost per Job Machine Hours used per job 410 390 70 2. Prepare the journal entry for completion of jobs 123 and 124 in July.Journal Date Description Debit Credit Open a T-account for Work-in-Process Inventory.3. Post the journal entry made in above. Compute the ending balance in the Work-in-Process Inventory account on July 31.Work-in-Process Debit Credit Double line Double line 4.…
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
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Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Job 301 Work in Process Job 302 17 13 13 Factory Overhead Wages Payable Landon Vincent Fahad Hamad Ivory Argo The direct labor rate earned per hour by the three employees is as follows: $24 19 22 10 18 Hours 17 Job 303 7 16 Process Improvement 9 5 2 Landon Vincent Fahad Hamad Ivory Argo The process improvement category includes training, quality improvement, and other indirect tasks. 5 a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank.
Online A company uses a job-order costing system with the following partially completed summary T-accounts for the just completed period: Debit Balance Direct materials Direct labor Overhead applied Balance Debits Debit Work In Process 22,000 Credits 85,000 161,000 269,000 ? Manufacturing Overhead 200,000 Credits Manufacturing overhead for the period was: Credit Credit 434,000 ?
Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Process Job 301 Job 302 Job 303 Improvement Tom Couro 17 11 7 4 David Clancy 8 18 13 Jose Cano 13 13 10 5 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $18 David Clancy 25 Jose Cano 21 The process improvement category includes training, quality improvement, and other indirect tasks. a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank. b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week? The direct labor costs for the completed jobs would become part of the . The direct labor costs for Job 303 would be remain part of the