You are asked to bring the following incomplete accounts of Parrish Printing Corporation up to datethrough January 31 of the current year. Consider the data that appear in the T-accounts as well asadditional information given in items (a) through (i).Parrish's job-order costing system has two direct cost categories (direct material and directmanufacturing labor) and one indirect cost pool (manufacturing overhead, which is allocated usingdirect manufacturing labor costs).Wages Payable Control1/31Balance 3,000Materials Inventory Control12/31Balance15,000Manufacturing DepartmentOverhead ControlJanuaryWork in Process Inventory ControlCharges 57,000Manufacturing Overhead ControlFinished Goods Inventory ControlCost of Goods Sold12/31Balance20,000 Additional Information:Manufacturing department overhead is allocated using a budgeted rate set every December.Management forecasts next year's overhead and next year's direct manufacturing labor costs.The budget for the current year is $400,000 of direct manufacturing labor and $600,000 ofmanufacturing overhead.b.a.The only job unfinished on January 31 is No. 419, on which direct manufacturing labor costsare $2,000 (125 direct manufacturing labor hours) and direct material costs are $8,000.Total material placed into production during January is $90,000.d.с.Cost of goods completed during January is $180,000.Material inventory as of January 31 is $20,000.f.е.Finished goods inventory as of January 31 is $15,000.All plant workers earn the same wage rate. Direct manufacturing labor hours for Januaryg.total 2,500. Other labor and supervision totals $10,000.h.The gross plant payroll for January pay periods totals $52,000. Ignore withholdings. Allpersonnel are paid on a weekly basis.i.All "actual" manufacturing department overhead incurred during January has already beenposted.Required:Material purchased during Januaryb.a.Cost of Goods Sold during JanuaryDirect Manufacturing Labor Costs incurred during Januaryd.с.Manufacturing Overhead Allocated during JanuaryBalance, Wages Payable Control, December 31, prior yearf.e.Balance, Work in Process Inventory Control, January 31, current yearBalance, Work in Process Inventory Control, December 31, prior yearg.h.Balance, Finished Goods Inventory Control, January 31, current yearManufacturing Overhead underapplied or overapplied for Januaryi.

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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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Vaibh
Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. 2. 3. 4. 5. Purchased additional raw materials of $75,600 on account. Incurred factory labor costs of $58,800. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various…
Alvarez Manufacturing Inc. is a job shop. The management of Alvarez Manufacturing Inc. uses the cost information from the job sheets to assess cost performance. Information on the total cost, product type, and quantity of items produced is as follows: See Attachment a. Develop a graph for each product (three graphs) with Job Number (in date order) on the horizontal axis and Unit Cost on the vertical axis. Use this information to determine Alvarez Manufacturing Inc.’s cost performance over time for the three products.b. What additional information would you require in order to investigate Alvarez Manufacturing Inc.’s cost performance more precisely?
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XYZ Company uses a job costing system. The direct materials for Job Y were purchased in September and put into production in October. The job was not completed by the end of October. At the end of October, in what account would the direct materials cost assigned to Job Y be located? Select one: O a Work-in-Process Inventory. Ob. None of the given is correct. ON Finished Goods Inventory. Od. Raw Materials Inventory. O e. Cost of Goods Sold.
The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials -Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Beginning of period $ 40,000 9,400 56,000 Journal entry worksheet A Prepare journal entries for the above transactions for the period. B C Transaction 1 Note: Enter debits before credits. End of Period $ 50,000 20,600 34,000 $ 183,000 150,000 11,000 34,500 91,000 Record the raw material purchases for cash. General Journal Debit Credit
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Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) $ 41,000 9,200 50,000 Indirect materials used Indirect labor used Other overhead costs End of Period $ 42,000 20,700 33,700 $ 176,000 150,000 8,000 34,500 117,500 Exercise 15-14 (Algo) Recording direct and indirect labor LO P2, P3 1. Direct labor used (recorded as factory wages payable). 2. Indirect labor used (recorded as factory wages payable). Prepare journal entries for the above transactions for the period.
Manufacturing cost data for Wildhorse Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.) Work in process 1/1/22 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Work in process 12/31/22 Cost of goods manufactured $ Case A 61,000 50,020 177,693 245,830 234,606 (a) (b) (c) Case B $18,910 $101,260 170,800 14,396 (d) (e) (f) (g)

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