For the year ended December 31, 2022, the job cost sheets of Wildhorse Con Job Number 7640 7642 7641 Other data: 1. 2 3. 4. 5. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials Direct Labor $29,280 43,920 13,420 21,960 52,460 58,560 70,760 67,100 $30,500 36,600 Manufacturing Overhead $35,136 52,704 Total Costs $94,916 133,224 26,352 61,732 70,276 181,292 80,520 218,380 Raw materials inventory totaled $18,300 on January 1. During the year, $170,800 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $106,140 and Job No. 7639 for $112,240. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $646,600. Manufacturing overhead incurred on account totaled $146,400,

For the year ended December 31, 2022, the job cost sheets of Wildhorse Con Job Number 7640 7642 7641 Other data: 1. 2 3. 4. 5. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials Direct Labor $29,280 43,920 13,420 21,960 52,460 58,560 70,760 67,100 $30,500 36,600 Manufacturing Overhead $35,136 52,704 Total Costs $94,916 133,224 26,352 61,732 70,276 181,292 80,520 218,380 Raw materials inventory totaled $18,300 on January 1. During the year, $170,800 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $106,140 and Job No. 7639 for $112,240. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $646,600. Manufacturing overhead incurred on account totaled $146,400,

Name: Vaibh For the year ended December 31, 2022, the job cost sheets of Wil
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Description: Vaibh For the year ended December 31, 2022, the job cost sheets of Wildhorse Company contained the following data.JobNumber764076417642Other data:2.1.3.4.5.ExplanationBalance 1/1Current year's costsBalance 1/1Current year's costsCurrent year's costsD

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 10EB: Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct...

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Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the predetermined overhead rate using the labor rate of $17 per hour?
For the year ended December 31, 2022, the job cost sheets of Blossom Company contained the following data. JobNumber Explanation DirectMaterials DirectLabor ManufacturingOverhead TotalCosts 7640 Balance 1/1 $20,000 $19,200 $23,040 $62,240 Current year’s costs 24,000 28,800 34,560 87,360 7641 Balance 1/1 8,800 14,400 17,280 40,480 Current year’s costs 34,400 38,400 46,080 118,880 7642 Current year’s costs 46,400 44,000 52,800 143,200 Other data: 1. Raw materials inventory totaled $12,000 on January 1. During the year, $112,000 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $69,600 and Job No. 7639 for $73,600. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for $424,000. 5. Manufacturing overhead incurred on account totaled…
For the year ended December 31, 2022, the job cost sheets of Cullumber Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. Explanation 4. Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $32,000 38,400 14,080 Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $678,400. 5. Manufacturing overhead incurred on account totaled $153,600. 6. Incurred depreciation on factory machinery $10,240. 7. Assigned indirect materials of $17,920 and indirect labor of $23,040. 55,040 74,240 Direct Manufacturing Labor Overhead $30,720 46,080 23,040 61,440 70,400 Total Costs $36,864 $99,584 55,296 139,776 27,648 64,768 73,728 190,208…
Discussion Question _Job Costing IThe Fielder manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February:WIP Inventory A/CFebruary 1 Bal. b/f 51,250Direct Materials Used 256,400Other transactions incurred:▪ Indirect material issued to production was $38,000▪ Total manufacturing labour incurred in February was $345,000, 80% of this amountrepresented direct labour.▪ Other manufacturing overhead costs incurred for February amounted to $340,750.▪ Two jobs were completed with total costs of $324,000 & $240,000 respectively. They weresold on account at a margin of 40% on sales.Required:i) Compute Fielder’s predetermined manufacturing overhead rate for 2020.ii) State the journal entries necessary to record…
does thi s balance consist of? (h) What is the amount of over- or underapplied overhead? P2-2A For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data. Prepare entries in a job order cost system and partial income statement. Job Direct Manufacturing Overhead Direct Total (LO 2, 3, 4, 5, 6), AN Number Explanation Materials Labor Costs $ 77,800 109,200 50,600 7640 Balance 1/1 $25,000 30,000 11,000 43,000 58,000 $24,000 36,000 $28,800 43,200 21,600 57,600 66,000 Current year's costs Balance 1/1 7641 Current year's costs Current year's costs 18,000 48,000 55,000 148,600 7642 179,000 Other data: 1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,000 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 7639 for $92,000. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for…
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Selected cost data for Classic Print Co. are as follows: Estimated manufacturing overhead cost for the year $ 125,000 Estimated direct labor cost for the year 78,125 Actual manufacturing overhead cost for the year 116,000 Actual direct labor cost for the year 67,000 Requirements4 Marks 1.Compute the predetermined overhead allocation rate per direct labor dollar. 2.Prepare the journal entry to allocate overhead costs for the year. 3.Use a T-account to determine the amount of underallocated or overallocated manufacturing overhead. 4.Prepare the journal entry to adjust for the underallocatedor overallocated manufacturing overhead.
Discussion Question _Job Costing IThe Harriott manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CNovember 1 Bal. b/f $51,250Direct Materials Used $256,400Other transactions incurred:▪ Indirect material issued to production was $40,360▪ Total manufacturing labour incurred in November was $368,000, 75% of this amountrepresented direct labour.▪ Other manufacturing overhead costs incurred for November amounted to $340,490.▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They weresold on account at a margin of 33⅓% on sales.Required:i) Compute Harriott’s predetermined manufacturing overhead rate for 2020.ii) State…
Discussion Question _Job Costing IThe Harriott manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CNovember 1 Bal. b/f $51,250Direct Materials Used $256,400Other transactions incurred:▪ Indirect material issued to production was $40,360▪ Total manufacturing labour incurred in November was $368,000, 75% of this amountrepresented direct labour.▪ Other manufacturing overhead costs incurred for November amounted to $340,490.▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They weresold on account at a margin of 33⅓% on sales.Required:ii) State the journal entries necessary to…
Discussion Question _Job Costing IThe Harriott manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CNovember 1 Bal. b/f $51,250Direct Materials Used $256,400Other transactions incurred:▪ Indirect material issued to production was $40,360▪ Total manufacturing labour incurred in November was $368,000, 75% of this amountrepresented direct labour.▪ Other manufacturing overhead costs incurred for November amounted to $340,490.▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They weresold on account at a margin of 33⅓% on sales.Required: iii) Calculate the manufacturing overhead…