Job order costing : Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute : Predetermined overhead rate for 2020.

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Answer 1

Question

Chapter 20, Problem 1PSA

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Predetermined overhead rate for 2020.

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The job cost sheet for Jobs 50, 51, and 52.

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred.

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred, use overhead rate.

e.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries on completion of Job 50 and 51.

f.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for sale goods during the month.

g.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: The cost of ending inventory.

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Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $25.000. direct labor $15,000, and manufacturing overhead $20,000. As of January 1, Job 49 had been completed at a cost of $112.500 and was part of finished goods inventory. There was a $18.750 balance in the Raw Materials Inventory account. 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 also sold on account during the month for $152,500 and $197.500, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $112.500 on account. incurred factory labor costs of $87.500. Of this amount $20,000 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials…

Pharoah 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 $18,000, direct labor $10,800, and manufacturing overhead $14,400. As of January 1, Job 49 had been completed at a cost of $81,000 and was part of finished goods inventory. There was a $13,500 balance in the Raw Materlals Inventory account on January 1. During the month of January, Pharoah 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 $109,800 and $142,200, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $81,000 on account. 2. Incurred factory labor costs of $63,000. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,800; and various other…

Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $22,400, direct labor $13,440, and manufacturing overhead $17,920. As of January 1, Job 49 had been completed at a cost of $100,800 and was part of finished goods inventory. There was a $16,800 balance in the Raw Materials Inventory account.During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $136,640 and $176,960, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $100,800 on account. 2. Incurred factory labor costs of $78,400. Of this amount $17,920 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect…

Answer 2

Question

Chapter 20, Problem 1PSA

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Predetermined overhead rate for 2020.

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The job cost sheet for Jobs 50, 51, and 52.

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred.

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred, use overhead rate.

e.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries on completion of Job 50 and 51.

f.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for sale goods during the month.

g.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: The cost of ending inventory.

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Answer 3

Question

Chapter 20, Problem 1PSA

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Predetermined overhead rate for 2020.

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The job cost sheet for Jobs 50, 51, and 52.

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred.

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred, use overhead rate.

e.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries on completion of Job 50 and 51.

f.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for sale goods during the month.

g.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: The cost of ending inventory.

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Answer 4

Question

Chapter 20, Problem 1PSA

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Predetermined overhead rate for 2020.

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The job cost sheet for Jobs 50, 51, and 52.

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred.

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred, use overhead rate.

e.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries on completion of Job 50 and 51.

f.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for sale goods during the month.

g.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: The cost of ending inventory.

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Answer 5

Chapter 20, Problem 1PSA

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Predetermined overhead rate for 2020.

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The job cost sheet for Jobs 50, 51, and 52.

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred.

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred, use overhead rate.

e.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries on completion of Job 50 and 51.

f.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for sale goods during the month.

g.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: The cost of ending inventory.

Answer 6

Chapter 20, Problem 1PSA

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Predetermined overhead rate for 2020.

Answer 7

Chapter 20, Problem 1PSA

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Predetermined overhead rate for 2020.

Answer 8

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The job cost sheet for Jobs 50, 51, and 52.

Answer 9

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The job cost sheet for Jobs 50, 51, and 52.

Answer 10

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred.

Answer 11

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred.

Answer 12

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred, use overhead rate.

Answer 13

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for raw materials, factory labor costs incurred and manufacturing overhead costs incurred, use overhead rate.

Answer 14

e.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries on completion of Job 50 and 51.

Answer 15

e.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries on completion of Job 50 and 51.

Answer 16

f.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for sale goods during the month.

Answer 17

f.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for sale goods during the month.

Answer 18

g.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: The cost of ending inventory.

Answer 19

g.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: The cost of ending inventory.

Answer 20

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Answer 21

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Answer 22

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Answer 23

Ch. 20 - Prob. 1Q Ch. 20 - Prob. 2Q Ch. 20 - Prob. 3Q Ch. 20 - Prob. 4Q Ch. 20 - Prob. 5Q Ch. 20 - Prob. 6Q Ch. 20 - Prob. 7Q Ch. 20 - Prob. 8Q Ch. 20 - Prob. 9Q Ch. 20 - Prob. 10Q

Job order costing : Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute : Predetermined overhead rate for 2020.

Solution Summary: The author explains that job order costing is a cost evaluation method that considers each job separate and assigns costs to them.

Concept explainers

Videos

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Predetermined overhead rate for 2020.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The job cost sheet for Jobs 50, 51, and 52.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries on completion of Job 50 and 51.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for sale goods during the month.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: The cost of ending inventory.

Want to see the full answer?

Chapter 20 Solutions

Job order costing : Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute : Predetermined overhead rate for 2020.

Solution Summary: The author explains that job order costing is a cost evaluation method that considers each job separate and assigns costs to them.

Concept explainers

Videos

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute: Predetermined overhead rate for 2020.

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To prepare: The job cost sheet for Jobs 50, 51, and 52.

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To prepare: The journal entries on completion of Job 50 and 51.

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To prepare: The journal entries for sale goods during the month.

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute: The cost of ending inventory.

Want to see the full answer?

Chapter 20 Solutions

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Predetermined overhead rate for 2020.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The job cost sheet for Jobs 50, 51, and 52.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries on completion of Job 50 and 51.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To prepare: The journal entries for sale goods during the month.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: The cost of ending inventory.