EBK FINANCIAL & MANAGERIAL ACCOUNTING
EBK FINANCIAL & MANAGERIAL ACCOUNTING
13th Edition
ISBN: 9780100545052
Author: WARREN
Publisher: YUZU
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Book Icon
Chapter 17, Problem 17.4APR

Analyzing manufacturing cost accounts

Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are .summarized for June:

Matenals

Chapter 17, Problem 17.4APR, Analyzing manufacturing cost accounts Fire Rock Company manufactures designer paddle boards in a

In addition, the following information is available:

  1. A. Materials and direct labor were applied to six jobs in June:
Job No. Style Quantity Direct Materials Direct Labor
201 T100 550 $ 55,000 $ 41,250
202 T200 1,100 93,500 71,500
203 T400 550 38,500 22,000
204 S200 660 82,500 69,300
20S T300 480 60,000 48,000
206 S100 380 22,000 12,400
Total 3,720 $351,500 $264,450
  1. B. Factory overhead is applied to each job at a rate of 140% of direct Libor cost.
  2. C. The June 1 Work Process balance consisted of two jobs, as follow
Work in Process,
Job No. Style June 1
201 T100 $16,500
202 T200 44,000
Total $60,500
  1. D. Customer jobs completed and units sold in June were at follows
Job Mo. Style Completed In June  Units Sold in June
201 T100 X 440
202 T200 X 880
203 T400 0
204 S200 X 570
20S T300 X 420
206 S100 0

Instructions

  1. 1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:
Job No Quantity June 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold
  1. 2. Determine the June 30 balances for each of the inventory accounts and factory overhead.
Blurred answer
Students have asked these similar questions
Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:   Materials June 1 Balance 37,700 June 30 Requisitions (A) June 30 Purchases 151,600       Work in Process June 1 Balance (B) June 30 Completed jobs (F) June 30 Materials (C)       June 30 Direct labor (D)       June 30 Factory overhead applied (E)       Finished Goods June 1 Balance 0 June 30 Cost of goods sold (G) June 30 Completed jobs (F)       Wages Payable       June 30 Wages incurred 121,300             Factory Overhead June 1 Balance 23,500 June 30 Factory overhead applied (E) June 30 Indirect labor (H)       June 30 Indirect materials 20,200       June 30 Other overhead 60,400         In addition, the following information is available: a. Materials and direct labor were applied to six jobs in…
Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:   Materials June 1 Balance 35,400 June 30 Requisitions (A) June 30 Purchases 142,200       Work in Process June 1 Balance (B) June 30 Completed jobs (F) June 30 Materials (C)       June 30 Direct labor (D)       June 30 Factory overhead applied (E)       Finished Goods June 1 Balance 0 June 30 Cost of goods sold (G) June 30 Completed jobs (F)       Wages Payable       June 30 Wages incurred 122,500             Factory Overhead June 1 Balance 21,500 June 30 Factory overhead applied (E) June 30 Indirect labor (H)       June 30 Indirect materials 18,900       June 30 Other overhead 75,200         In addition, the following information is available: a. Materials and direct labor were applied to six jobs in…
Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:   Materials June 1 Balance 30,100 June 30 Requisitions (A) June 30 Purchases 121,000       Work in Process June 1 Balance (B) June 30 Completed jobs (F) June 30 Materials (C)       June 30 Direct labor (D)       June 30 Factory overhead applied (E)       Finished Goods June 1 Balance 0 June 30 Cost of goods sold (G) June 30 Completed jobs (F)       Wages Payable       June 30 Wages incurred 120,000             Factory Overhead June 1 Balance 21,800 June 30 Factory overhead applied (E) June 30 Indirect labor (H)       June 30 Indirect materials 16,100       June 30 Other overhead 95,400         In addition, the following information is available: a. Materials and direct labor were applied to six jobs in…

Chapter 17 Solutions

EBK FINANCIAL & MANAGERIAL ACCOUNTING

Ch. 17 - Issuance of materials On April 6, Almerinda...Ch. 17 - Prob. 17.1BPECh. 17 - Direct labor costs During April, Almerinda Company...Ch. 17 - Direct labor costs During August, Rothchild...Ch. 17 - Factory overhead costs During April, Almerinda...Ch. 17 - Prob. 17.3BPECh. 17 - Applying factory overhead Almerinda Company...Ch. 17 - Prob. 17.4BPECh. 17 - Job costs At the end of April, Almerinda Company...Ch. 17 - Job costs At the end of August, Rothchild Company...Ch. 17 - Prob. 17.6APECh. 17 - Prob. 17.6BPECh. 17 - Transactions in a job order cost system Five...Ch. 17 - Cost flow relationships The following information...Ch. 17 - Cost of materials issuances under the FIFO method...Ch. 17 - Entry for issuing materials Materials issued for...Ch. 17 - Entries for materials Eclectic Ergonomics Company...Ch. 17 - Prob. 17.6EXCh. 17 - Entry for factory labor costs The weekly time...Ch. 17 - Prob. 17.8EXCh. 17 - Factory overhead rates, entries, and account...Ch. 17 - Predetermined factory overhead rate Spring Street...Ch. 17 - Predetermined factory overhead rate Poehling...Ch. 17 - Entry for jobs completed; cost of unfinished jobs...Ch. 17 - Entries for factory costs and jobs completed Old...Ch. 17 - Financial statements of a manufacturing firm The...Ch. 17 - Decision making with job order costs Alvarez...Ch. 17 - Prob. 17.16EXCh. 17 - Job order cost accounting for a service company...Ch. 17 - Job order cost accounting for a service company...Ch. 17 - Entries for costs in a job order cost system...Ch. 17 - Prob. 17.2APRCh. 17 - Job order cost sheet Remnant Carpet Company sells...Ch. 17 - Analyzing manufacturing cost accounts Fire Rock...Ch. 17 - Flow of costs and income statement Ginocera Inc....Ch. 17 - Entries for costs in a job order cost system Royal...Ch. 17 - Entries and schedules for unfinished jobs and...Ch. 17 - Job order cost sheet Stretch and Trim Carpet...Ch. 17 - Analyzing manufacturing cost accounts Clapton...Ch. 17 - Prob. 17.5BPRCh. 17 - Managerial analysis The controller of the plant of...Ch. 17 - Job order decision making and rate deficiencies...Ch. 17 - Factory overhead rate Salvo Inc., a specialized...Ch. 17 - Recording manufacturing costs Todd Lay just began...Ch. 17 - Prob. 17.5CP
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Text book image
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Text book image
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Text book image
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
Text book image
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Text book image
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
Cost Accounting - Definition, Purpose, Types, How it Works?; Author: WallStreetMojo;https://www.youtube.com/watch?v=AwrwUf8vYEY;License: Standard YouTube License, CC-BY