XYZ Co. applies overhead for Job #123 at 140 percent of direct labor cost and at 150 percent of direct labor cost for Jobs #125 and #201. The total cost of Jobs #123 and #125 is identical. Assume that Jobs #123 and #201 are incomplete at the end of September. What is the balance in Work in Process Inventory at that time?

XYZ Co. applies overhead for Job #123 at 140 percent of direct labor cost and at 150 percent of direct labor cost for Jobs #125 and #201. The total cost of Jobs #123 and #125 is identical. Assume that Jobs #123 and #201 are incomplete at the end of September. What is the balance in Work in Process Inventory at that time?

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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9
Grange Company has two departments, Stamping and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Stamping Department bases its rate on machine-hours, and the Assembly Department bases its rate on direct labour cost. At the beginning of the year, the company made the following estimates: Department Stamping 40,000 300,000 $2,550,000 $ 360,000 $3,200,000 Assembly 125,000 15,000 $4,000,000 Direct labour-hours Machine-hours Manufacturing overhead cost Direct labour cost Required: 1. Compute the predetermined overhead rate to be used in each department. (Round your stamping department answer to 2 decimal places.) Stamping department Assembly department per machine-hour % Direct labour cost
Company XYZ applies overhead cost to jobs on the basis of direct labor cost Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24.000 for applied overhead. Deect ubor cost of lob B at year end is Select one a None of the arswers given b. $11,000 C $36,400 Od $13,000 e $12,000
Julius Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the Julius Inc. for the year ended December 31, 2020: Job No. 915 Job No. 916 Job No. 917 Job in process, January 1, 2020: Direct Materials 40,000 60,000 30,000 30,000 40,000 20,000 Direct Labor Factory Overhead Costs added during 2020: Materials 20,000 100.000 ? 10,000 200,000 ? 100,000 400,000 ? Labor Factory Overhead Additional information: 1. Actual overhead for the year 2020 amounted to P350,000. 2. Job Nos. 915 and 916 were completed and transferred to finished goods during year 2020. 3. Job No. 915 was sold during year 2020., 4. The gross profit rate is 20% based on cost. Required: (1) Prepare the entry for the costs added during 2020 and costs transferred to finished goods when using periodic and perpetual methods. |
Company XYZ applies overhead cost to jobs on the basis of direct labor cost. Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet. Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24,000 for applied overhead. Direct labor cost of Job B at year-end is: Select one: a. $12,000 b. None of the answers given c. $36,400 d. $11,000 e. $13,000
BK Corporation estimated its overhead rate for the year to be SAR 140 per direct labor hour. Job Direct labor cost. SAR 2,800 Direct material cost. SAR 3,650 Direct labor hours. 25 Machine hours. 20 The total cost for Job 46B would be O A. SAR 2,800 O B. SAR 3,500 O C. SAR 9,250 O D. SAR 9,950
Marylett Company accepted from a customer in settlement of an account a 4,000,000, 90-day 12% note dated August 31, 2020. On September 30, 2020, the entity discounted the note at 15% with recourse at the bank. The note was paid in full by the maker on maturity. The discounting with recourse is accounted for as a conditional sale with recognition of a contingent liability. What amount was received from the note receivable discounting? Group of answer choices 3,965,000 4,017,000 4,103,000 4,120,000
The billing price for job no. 100 per unit amounted to ________
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At the end of Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: JobDirect Materials Direct Machine Hours Job No. 765 $ 5,670 3,500 Job No. 8,900 4,775 44 Job 765 produced 152 units, and Job 766 consisted of 250 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of 200 per hour. a. Determine the balance on the job cost sheets for each job Job 765 Job 766 b. Determine the cost per unit at the end of April. Round your answers to the nearest cent Job 765 Job 766
The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q, and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job. Date Document Amount 7/1 Q-4698 $1,250 W-3393 600 7/1 ed 7/5 Q-4725 1,000 7/5 W-3479 450 7/10 W-3559 300 Determine the total cost on the job cost sheet for Job 9-1005. es JOB COST SHEET: Job 9-1005 Direct Materials Direct Labor Total Cost Date Requisition No. Amount Time-Ticket No. Amount 07/01 07/05 07/10 < Prev G F3 -- 2 # F4 $ F5 % OL F6 F7 A Overhead Costs Applied 7 of 7 F8 & Next F9 * * F10 -O- F11 28 D F12 2 Fn Lock 9:27 AM 6/3/2022 Insert Prt Sc