Job order costing : Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced. Predetermined Manufacturing Overhead : Predetermined manufacturing overhead rate is the rate that has been worked out at the time of laying out the budget and the manufacturing overhead is applied using this rate. The predetermined rate and the activity uses is a source document used to assign the manufacturing overhead cost to each job. The predetermined rate is applied to the activity used. Suppose the manufacturing overhead is applied on machine hours the machine hours used for the particular job is multiplied by predetermined rate and this will be the amount assigned to that particular job. To ascertain: The source documents for direct materials, direct labor, and manufacturing overhead costs assigned to the job.

Question

Want to see the full answer?

Answer 1

Question

Chapter 20, Problem 6E

(a)(1)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

Predetermined Manufacturing Overhead:

Predetermined manufacturing overhead rate is the rate that has been worked out at the time of laying out the budget and the manufacturing overhead is applied using this rate. The predetermined rate and the activity uses is a source document used to assign the manufacturing overhead cost to each job.

The predetermined rate is applied to the activity used. Suppose the manufacturing overhead is applied on machine hours the machine hours used for the particular job is multiplied by predetermined rate and this will be the amount assigned to that particular job.

To ascertain: The source documents for direct materials, direct labor, and manufacturing overhead costs assigned to the job.

(2)

To determine

The manufacturing overhead rate for the year.

(3)

To determine

The total cost and unit cost of completed job.

(b)

To determine

To prepare: The journal entry to record the completion of the job.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Right Answer

Waiting for your solution general accounting question

ABC Electronics had sales to customers of $600,000 during 2020. The company has consistently experienced a 30% gross profit percentage and estimates that 4% of all sales will be returned. During 2020, customers returned merchandise for credit of $20,000 to their accounts. The balance in the allowance for sales returns account at the beginning of 2020 was $28,000. What is the balance in the allowance for sales returns account at the end of 2020?

Answer 2

Question

Chapter 20, Problem 6E

(a)(1)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

Predetermined Manufacturing Overhead:

Predetermined manufacturing overhead rate is the rate that has been worked out at the time of laying out the budget and the manufacturing overhead is applied using this rate. The predetermined rate and the activity uses is a source document used to assign the manufacturing overhead cost to each job.

The predetermined rate is applied to the activity used. Suppose the manufacturing overhead is applied on machine hours the machine hours used for the particular job is multiplied by predetermined rate and this will be the amount assigned to that particular job.

To ascertain: The source documents for direct materials, direct labor, and manufacturing overhead costs assigned to the job.

(2)

To determine

The manufacturing overhead rate for the year.

(3)

To determine

The total cost and unit cost of completed job.

(b)

To determine

To prepare: The journal entry to record the completion of the job.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 20, Problem 6E

(a)(1)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

Predetermined Manufacturing Overhead:

Predetermined manufacturing overhead rate is the rate that has been worked out at the time of laying out the budget and the manufacturing overhead is applied using this rate. The predetermined rate and the activity uses is a source document used to assign the manufacturing overhead cost to each job.

The predetermined rate is applied to the activity used. Suppose the manufacturing overhead is applied on machine hours the machine hours used for the particular job is multiplied by predetermined rate and this will be the amount assigned to that particular job.

To ascertain: The source documents for direct materials, direct labor, and manufacturing overhead costs assigned to the job.

(2)

To determine

The manufacturing overhead rate for the year.

(3)

To determine

The total cost and unit cost of completed job.

(b)

To determine

To prepare: The journal entry to record the completion of the job.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 6E

(a)(1)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

Predetermined Manufacturing Overhead:

Predetermined manufacturing overhead rate is the rate that has been worked out at the time of laying out the budget and the manufacturing overhead is applied using this rate. The predetermined rate and the activity uses is a source document used to assign the manufacturing overhead cost to each job.

The predetermined rate is applied to the activity used. Suppose the manufacturing overhead is applied on machine hours the machine hours used for the particular job is multiplied by predetermined rate and this will be the amount assigned to that particular job.

To ascertain: The source documents for direct materials, direct labor, and manufacturing overhead costs assigned to the job.

(2)

To determine

The manufacturing overhead rate for the year.

(3)

To determine

The total cost and unit cost of completed job.

(b)

To determine

To prepare: The journal entry to record the completion of the job.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem 6E

(a)(1)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

Predetermined Manufacturing Overhead:

Predetermined manufacturing overhead rate is the rate that has been worked out at the time of laying out the budget and the manufacturing overhead is applied using this rate. The predetermined rate and the activity uses is a source document used to assign the manufacturing overhead cost to each job.

The predetermined rate is applied to the activity used. Suppose the manufacturing overhead is applied on machine hours the machine hours used for the particular job is multiplied by predetermined rate and this will be the amount assigned to that particular job.

To ascertain: The source documents for direct materials, direct labor, and manufacturing overhead costs assigned to the job.

(2)

To determine

The manufacturing overhead rate for the year.

(3)

To determine

The total cost and unit cost of completed job.

(b)

To determine

To prepare: The journal entry to record the completion of the job.

Answer 6

Chapter 20, Problem 6E

(a)(1)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

Predetermined Manufacturing Overhead:

Predetermined manufacturing overhead rate is the rate that has been worked out at the time of laying out the budget and the manufacturing overhead is applied using this rate. The predetermined rate and the activity uses is a source document used to assign the manufacturing overhead cost to each job.

The predetermined rate is applied to the activity used. Suppose the manufacturing overhead is applied on machine hours the machine hours used for the particular job is multiplied by predetermined rate and this will be the amount assigned to that particular job.

To ascertain: The source documents for direct materials, direct labor, and manufacturing overhead costs assigned to the job.

Answer 7

Chapter 20, Problem 6E

(a)(1)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

Predetermined Manufacturing Overhead:

Predetermined manufacturing overhead rate is the rate that has been worked out at the time of laying out the budget and the manufacturing overhead is applied using this rate. The predetermined rate and the activity uses is a source document used to assign the manufacturing overhead cost to each job.

The predetermined rate is applied to the activity used. Suppose the manufacturing overhead is applied on machine hours the machine hours used for the particular job is multiplied by predetermined rate and this will be the amount assigned to that particular job.

To ascertain: The source documents for direct materials, direct labor, and manufacturing overhead costs assigned to the job.

Answer 8

(2)

To determine

The manufacturing overhead rate for the year.

Answer 9

(2)

To determine

The manufacturing overhead rate for the year.

Answer 10

(3)

To determine

The total cost and unit cost of completed job.

Answer 11

(3)

To determine

The total cost and unit cost of completed job.

Answer 12

(b)

To determine

To prepare: The journal entry to record the completion of the job.

Answer 13

(b)

To determine

To prepare: The journal entry to record the completion of the job.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 17

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

Concept explainers

Videos

The manufacturing overhead rate for the year.

The total cost and unit cost of completed job.

To prepare: The journal entry to record the completion of the job.

Want to see the full answer?

Chapter 20 Solutions