Connect Access Card For Fundamental Accounting Principles
24th Edition
ISBN: 9781260158526
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 19, Problem 2E
Exercise 19-2
The following information is from the materials requisitions and time tickets for Job 3-1005 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
| Dirts | Document | Amount |
| m................ | .......... Q 4698 | $1,250 |
| 7/1................ | .......... W-3393 | 500 |
| 715................ | .......... Q-4725 | 1.000 |
| JIS................ | .......... W-3479 | 450 |
| 7V10............... | .......... W-3559 | 300 |
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Problem 17: Predetermined Factory Overhead rate and Journal Entries
Radiohead Corporation, which uses the job order costing system, had two jobs
in process at the start of the year 2030: Job 101-P570,000 and Job 102-
P237,000. The following information is available:
●
●
Radiohead applies factory overhead on the basis of machine hours.
Budgeted factory overhead and machine activity for the year were
estimated to be P P4,320,000 and 120,000 hours, respectively.
The company worked on three jobs during the first quarter. Direct
materials used, direct labor incurred, and machine hours consumed
were:
Job Number Direct Materials
101
108,000
102
103
222,000
Factory overhead during the first quarter included charges for depreciation
amounting P120,000; indirect labor P300,000; indirect materials used P24,000;
and other factory costs of P252,000. Radiohead completed job nos. 101 and
102. Job no. 101 was sold for cash, producing a gross profit of P147,600.
Direct Labor
270,000
150,000iao
210,000…
Job-Order Costing Variables
On July 1, Job 46 had a beginning balance of $710. During July, prime costs added to the job totaled $670. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job
was $1,600.
Required:
1. What was overhead applied to the job during July?
$
2. What was direct materials for Job 46 for July? Direct labor? If rounding is required, round your answers to the nearest cent.
Direct labor
Direct materials
3. Assuming that overhead is applied on the basis of direct labor cost, what is the overhead rate for the company? Round your answer to the nearest whole percent.
%
Job order cost sheets show the following costs assigned to each job:
Job order cost data
Job 13
Job 14
Job 15
Direct materials
1,918
3,588
1,137
Direct labor
4,388
1,978
3,794
or enent
The company assigns overhead at $2.22 for each direct labor dollar spent.
What is the total cost for Job 14?
Chapter 19 Solutions
Connect Access Card For Fundamental Accounting Principles
Ch. 19 - Prob. 1DQCh. 19 - Some companies use labor cost to apply factory...Ch. 19 - Prob. 3DQCh. 19 - In a job order costing system, what records serve...Ch. 19 - What journal entry is recorded when a materials...Ch. 19 - Prob. 6DQCh. 19 - Google uses a "time ticket" for some employees....Ch. 19 - What events cause debits to be recorded in the...Ch. 19 - Prob. 9DQCh. 19 - Assume that Apple produces a batch of 1,000...
Ch. 19 - 11. Why must a company use predetermined overhead...Ch. 19 - How would a hospital apply job order costing?...Ch. 19 - Harley-Davidson manufactures 30 custom-made,...Ch. 19 - Prob. 14DQCh. 19 - Jobs and job lots C1 Determine which of the...Ch. 19 - Job cost sheets C2 Clemens Cars's job cost sheet...Ch. 19 - Documents in job order costing P1 P2 P3 The left...Ch. 19 - Raw materials journal entries P1 During the...Ch. 19 - Prob. 5QSCh. 19 - Prob. 6QSCh. 19 - Prob. 7QSCh. 19 - Prob. 8QSCh. 19 - Prob. 9QSCh. 19 - Prob. 10QSCh. 19 - Prob. 11QSCh. 19 - Prob. 12QSCh. 19 - Jab order costing of services A1 An advertising...Ch. 19 - Job order costing of services A1 An advertising...Ch. 19 - Job cost sheet C2 Eco Skate makes skateboards from...Ch. 19 - Exercise 19-1 Job order production C1 Match each...Ch. 19 - Exercise 19-2 Job cost computation C2 The...Ch. 19 - Exercise 19-3 Analysis of cost flows C2 As of the...Ch. 19 - Exercise 19-4 Recording product costs P1 P2 P3...Ch. 19 - Exercise 19-5 Manufacturing cost flows P1 P2 P3...Ch. 19 - Exercise 19-6 Recording events in job order...Ch. 19 - Exercise 19-7 Cost flows in a jab order costing...Ch. 19 - Exercise 19-8 Journal entries for materials P1 Use...Ch. 19 - Exercise 19-9 Journal entries for labor P2 Use...Ch. 19 - Exercise 19-10 Journal entries for overhead P3 Use...Ch. 19 - Exercise 19-11 Overhead rate; costs assigned to...Ch. 19 - Exercise 19-12 Analyzing costs assigned to work in...Ch. 19 - Exercise 19-13 Adjusting factory overhead P4 Refer...Ch. 19 - Exercise 19-14 Adjusting factory overhead P4...Ch. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Exercise 19-17 Overhead rate calculation,...Ch. 19 - Exercise 19-18 Job order costing for services A1...Ch. 19 - Exercise 19-19 Job order costing of services A1...Ch. 19 - Exercise 19-20 Direct materials journal entries P1...Ch. 19 - Problem 19-1A Production costs computed and...Ch. 19 - Problem 19-2 A Source documents, journal entries,...Ch. 19 - Prob. 3APSACh. 19 - Prob. 4APSACh. 19 - Problem 19-5A Production transactions, subsidiary...Ch. 19 - Problem 19-1B Production costs computed and...Ch. 19 - Prob. 2BPSBCh. 19 - Prob. 3BPSBCh. 19 - Problem 19-4B Overhead allocation and adjustment...Ch. 19 - Problem 19-5B Production transactions, subsidiary...Ch. 19 - The computer workstation furniture manufacturing...Ch. 19 - The General Ledger tool in Connect automates...Ch. 19 - Manufacturers and merchandisers can apply...Ch. 19 - Prob. 2AACh. 19 - Apple and Samsung compete in the global...Ch. 19 - Assume that your company sells portable housing to...Ch. 19 - Assume that you are preparing for a second...Ch. 19 - Prob. 3BTNCh. 19 - Consider the activities undertaken by a medical...Ch. 19 - Refer to the chapter opener regarding Brennan...Ch. 19 - Prob. 6BTN
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