Connect Access Card For Fundamental Accounting Principles

24th Edition

ISBN: 9781260158526

Author: John J Wild

Publisher: McGraw-Hill Education

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Textbook Question

Chapter 19, Problem 3E

Exercise 19-3
Analysis of cost flows
C2
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs.
Job 102 was started in production in May, and the Mowing costs were assigned to it in May: direct materials, $6,000; direct labor, $1,800; and overhead, $900. Jobs 103 and 104 were started in June, Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information, answer the Mowing questions. (Assume this company's predetermined overhead rate did not change across these months.)
1. What was the cost of the raw materials requisitioned in June for each of the three jobs?
2. How much direct labor cost was incurred during June for each of the three jobs?
3. What predetermined overhead rate is used during June?
4. How much total cost is transferred to finished goods during June?
Check (4) $81,300
Chapter 19, Problem 3E, Exercise 19-3 Analysis of cost flows C2 As of the end of June, the job cost sheets at Racing Wheels,

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Chapter 19, Problem 2E

Chapter 19, Problem 4E

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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. %

Exercise 17-14 (Algo) Allocating overhead cost to jobs using activity-based costing LO P3 Pro-Craft Company computed the following activity rates to allocate overhead cost for the year. Activity Rate Activity Materials handling Quality inspection $ 61 per materials requisition $ 51 per inspection Utilities $6 per machine hour During January, the company produced the following two jobs. Allocate overhead cost to each job using the activity rates. Activity Cost Driver Materials requisitions Inspections Machine hours Activity Usage Job A Quality inspection Utilities Total 6 9 355 Job B 4 5 255 Allocate overhead based on actual activity usage-Job A Activity Activity Usage Materials handling Allocate overhead based on actual activity usage-Job B Activity Activity Usage Materials handling Quality inspection Utilities Total Activity Rate Activity Rate Allocated Cost Allocated Cost

Chapter 19 Solutions

Connect Access Card For Fundamental Accounting Principles

Ch. 19 - Prob. 1DQ Ch. 19 - Some companies use labor cost to apply factory...Ch. 19 - Prob. 3DQ Ch. 19 - In a job order costing system, what records serve...Ch. 19 - What journal entry is recorded when a materials...Ch. 19 - Prob. 6DQ Ch. 19 - Google uses a "time ticket" for some employees....Ch. 19 - What events cause debits to be recorded in the...Ch. 19 - Prob. 9DQ Ch. 19 - Assume that Apple produces a batch of 1,000...

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