YOUTH.inc. provides custom-made umbrellas for its client. The company accumulates its production cost using a job-order costing system. On April 1, 2019, the raw materials account shows a balance of Rp 50.000. The following transactions in Hargreeves Inc. during April 2019:a. Balance of WIP Inventory at April 1st for Job #K-004 is:...... a. Balance of WIP Inventory at April 1st for Job #K-004 is:Direct MaterialsDirect LaborFOH AppliedRp 50.000Rp 100.000Rp 50.000b. Purchase raw materials Rp 2.000.000. Rp 1.000.000 was paid in cash while the rest will bepaid next monthc. Usage on materials and labor during April shows the following:Job #L-001Job #K-004Job #F-005UnassignedMaterials Used Rp 150.000Rp 175.000Rp 116.000Rp 289.000Labor UsedRp 195.000Rp 273.000Rp 117.000Rp 445.000d. Depreciation expenses during April were Rp 300.000 for the factory building, Rp 200.000for factory machines, and Rp 400.000 for the office building e. Allocation of manufacturing overhead to each job by 180% of Direct Labor Hour.f. Jobs completed are going to be transferred to the warehouse. Jobs completed during Aprilare Job #L-001 and Job #K-004g. Sold the product of Job #L-001 to the customer with a sales price of Rp 1.500.000Required:1. Based on the information provided, prepare the necessary journal for Hargreeves Inc.2. Determine ending balance of Raw Materials inventory, WIP Inventory, Finished GoodInventory, and COGS3. Prepare journal entries to write off the over/under allocated manufacturing overhead to theCOGS account

Job costing: It is a method of costing where in all the costs like direct material, direct labor and…

YOUTH.inc. provides custom-made umbrellas for its client. The company accumulates its production cost using a job-order costing system. On April 1, 2019, the raw materials account shows a balance of Rp 50.000. The following transactions in Hargreeves Inc. during April 2019:a. Balance of WIP Inventory at April 1st for Job #K-004 is:......

YOUTH.inc. provides custom-made umbrellas for its client. The company accumulates its production cost using a job-order costing system. On April 1, 2019, the raw materials account shows a balance of Rp 50.000. The following transactions in Hargreeves Inc. during April 2019:a. Balance of WIP Inventory at April 1st for Job #K-004 is:......

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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Job Costing LeMercs Inc produces various merchandise such as t-shirts, mugs, key chains, and others according to customer requests. Thus, companies use job order costing to record the cost of each order. The following is information regarding the cost of orders carried out by LeMerch on April 1, 2020: The transactions that occurred during April 2020 regarding production at LeMerch were: 1. There are new orders during April 2020, namely L104 and L105. 2. The use of raw materials is as follows: No. Orders Amount L102 700,000 L103 1,000,000 L104 2,800,000 L105 3,300,000 Indirect Raw Materials 2,000,000 3. Payment for production labor consists of: No. Orders Amount L103 800,000 L103 1,200,000 L104 2,000,000 L105 1,600,000 Indirect labor 1,500,000 4. Manufacturing Overhead Allocation for each job is calculated at the rate of 150% of Direct Labor Cost 5. Other actual manufacturing overhead costs (other than indirect raw materials and indirect labor) were…
The Wooden Chair Group has the following sales and cost data for the year ending 2019: Raw Materials Inventory, beginning Raw Materials Inventory, ending 5,000 6,000 Work in Process Inventory, beginning Work in Process Inventory, ending 11,000 10,000 Finished Goods Inventory, beginning Finished Goods Inventory, ending 5,000 8,000 Selling and administrative expenses Materials Purchased - Lumber Materials Purchased Screws and Glue 19,000 13,000 3,000 Wages - Direct Assembly Workers Wages - Factory Supervisor Wages - Factory Janitor 25,000 3,000 2,000 Sales 220,000 Factory Depreciation 25,000 Factory Utilities Maintenance of Factory 2,000 4,000 Insurance for Factory 1,000 Using the next two pages prepare: 1. A cost of goods manufactured statement 2. An income Statement Sheet2 Sheet3 Sheet1 +. dy
At May 31, 2020, the account of Vaugh Company show the following. 1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900. 2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. 3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300. (Assume that overhead applied was equal to overhead incurred) 4. Sales revenue totaled $216,200 Prepare a condensed cost of goods manufactured schedule.
During the current month, a company that uses job order costing incurred a monthly factory payroll of $218,500. Of this amount, $52,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions. View transaction list Journal entry worksheet < 1 2 Record the cost of direct labor used. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Please assist with question (g) as highlighted in red.
Answer i
show working notes for c,d,e,f,g Elite Home Decor manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labor-intensive production process, so it assigns manufacturing overhead based on direct labor costs. Elite expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labor costs of $3,150,000 during 2020. At the end of December 2019, Elite reported work in process inventory (Job 551) of $93,000 The following events occurred during January - March 2020. Direct Materials Direct Labour Job 551 Job 552 Job 553 Job 554 $70,200 97,500 105,300 117,000 $61,200 115,600 78,200 85,000 Purchased materials on account, $392,000 Incurred manufacturing wages of $400,000 Requisitioned direct materials and used direct labor in manufacturing Issued indirect materials to production, $30,000 5.Charged indirect manufacturing wages to production, $60,000 6.Depreciation of…
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Kirpalani Stores manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labour-intensive production process, so it assigns manufacturing overhead based on direct labour cost. Kirpalani expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labour costs of $3,150,000 during 2019. At the end of December 2018, Kirpalani reported work in process inventory (Job 551) of $93,000The following events occurred during January 2019.i) Purchased materials on account, $392,000.ii) Incurred manufacturing wages of $400,000 iii) Requisitioned direct materials and used direct labour in manufacturing. Direct materials Direct labour Job 551 $70,200 $61,200 Job 552 97,500 115,600 Job 553 105,300 78,200 Job 554 117,000 85,000 iv) Issued indirect materials to production, $30,000.v) Charged indirect manufacturing wages to production, $60,000.vi) Depreciation of production machinery, $85,000vii) Other manufacturing…
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A company that uses job order costing incurred a monthly factory payroll of $223,500. Of this amount, $43,000 is indirect labor and $180,500 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet < 1 Record the cost of direct labor used. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal