account with the job cost sheets. (Use a T-account.)ce a job cost sheetepare entries foracturing costs.E2-3 A job order cost sheet for Lowry Company is shown below.3, 4, 5), APJob No. 92For 2,000 UnitsDirectMaterialsDirectLaborManufacturingOverheadDateBeg. bal. Jan. 15,1005,0006,0006,0008128,0006,400252,000274,0003,20013,00018,00014,700Cost of completed job:Direct materialsDirect laborManufacturing overhead$13,00018,00014,700Total cost$45,700Unit cost ($45,700 2,000)$22.85Instructions(a) D On the basis of the foregoing data, answer the following questions.(1) What was the balance in Work in Process Inventory on January 1 if this was theonly unfinished job?(2) If manufacturing overhead is applied on the basis of direct labor cost, what over-head rate was used in each year?(b) Prepare summary entries at January 31 to record the current year's transactions per-taining to Job No. 92.focturing cost data for Orlando Company, which uses a job order cost system,

1. Work in process inventory on January 1 2. Overhead rate on the basis of direct labor cost 3.…

Instructions On the basis of the foregoing data, answer the following questions. (a) DE (1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? (2) If manufacturing overhead is applied on the basis of direct labor cost, what over- head rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions per- taining to Job No. 92.

Instructions On the basis of the foregoing data, answer the following questions. (a) DE (1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? (2) If manufacturing overhead is applied on the basis of direct labor cost, what over- head rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions per- taining to Job No. 92.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 11E: Leen Production Co. uses the job order cost system of accounting. The following information was...

See similar textbooks

Similar questions

Built-Tite uses job order costing. The T-account below summarizes Factory overhead activity for the current year. Factory Overhead Debit Credit 17,500 111,800 26,500 61, 500 1. Compute total applied overhead cost. 2. Compute total actual overhead cost. 3. Compute the underapplied or overapplied overhead. 1. Total applied overhead cost 2. Total actual overhead cost 3.
need answers for E2-4B & E2-5B! E2-4B Manufacturing cost data for Olsen Company, which uses a job order cost system, are presented below. Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Work in process 1/1/14 Total cost of work in process Work in process 12/31/14 Cost of goods manufactured Case A $ (a) 50,000 37,500 135,650 (b) 213,300 (c) 193,200 Case B $ 78,000 120,000 (d) (e) 15,500 11,800 (g) Case C $ 72,600 (h) (i) 212,600 25,050 (j) (k) 222,000 Instructions Indicate the missing amount for each letter. Assume that in all cases manufacturing over- head is applied on the basis of direct labor cost and the rate is the same. E2-5B Pronto Kopy Company applies operating overhead to photocopying jobs on the basis of machine hours used. Overhead costs are expected to total $320,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $308,000 of overhead costs are incurred and 130,000 hours are used.
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…
E COST ACCOUNTING AND CONT x + To * pook i forms.office.com/Pages/ResponsePage.aspx?id=cYWpTercOUIPsQvdXclp-WXyu19p0dpljDbGCXgjKqpUMKISRjcOSUUyWkgwUERKSzczT0tETUhGQi4u&fbclid. ☆ 49 Determine the costs of jobs completed in January. January 1, there were two jobs in process at the Fortune Manufacturing Company. Details of the jobs are: Job No. Direct Materials Direct Labor A-9 A-10 P 34,800 6,400 P12,800 16,800 Materials inventory at January 1 totaled P 184,000 and P 23,200 in materials were purchased during the month. A requisition for P16,00 in supplies was filled. On January 1, finished goods inventory consisted of two Jobs: Job No. A-7 costing P78,400 and Job No. 8 with a cost of P31,600. Both these Jobs were sold during the month. Also during January, Job Nos. A-9 and A-10 were completed. Completing Job No, A-9 required additional P13,600 in direct labor and P6,000 in direct materials. The completion costs for Job No. A-10 included P21,600 in direct materials and P 40,000 in direct…
mazon.com - Onli... Homework i es Booking.com McAfee Security Debit Credit Built-Tite uses job order costing. The T-account below summarizes Factory overhead activity for the current year. Factory Overhead 16,200 106,600 25,200 60,200 Amazon.com - Onli... 1. Compute total applied overhead cost. 2. Compute total actual overhead cost. 3. Compute the underapplied or overapplied overhead. 1. Total applied overhead cost 2. Total actual overhead cost 3. 252Felearning.kctcs.es Content G Image result for cur... 360 360 Instructions Q Search Saved
Blossom Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 ASE $7,250 3,950 Job 202 Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) $8,900 8,250 (To assign materials to jobs) Account Titles and Explanation Debit Credit
Pratice Problem 2: A company's individual job sheets show these costs: A chart showing costs for Jobs 131, 132, and 133. Direct materials is RO 4585, RO 8723, and RO 1575 respectively. Direct labor is RO2385, RO 2498, and RO 2874, respectively. Overhead is applied at 1.25 times the direct labor cost. You are required to : Prepare an entry to record the assignment of direct materials to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.
omplete the job cost sheet for Job Alpha. (Round your intermediate calculations to 2 decimal places.) Direct materials Direct labor Manufacturing overhead applied Total job cost
PROBLEMS: Job Order Costing Leen Production Co. uses the job order cost system of accounting. The following information was taken from the company’s books after all posting had been completed at the end of May: Jobs Direct Materials Direct Labor Factory No. of units Completed Cost Cost Overhead Completed 1040 P 3,600 P 4,000 P 1,600 400 1065 2,380 2,500 1,000 240 1120 1,800 1,700 680 200 Required: Compute the total production cost of each job. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. Compute the cost per unit for each job. Compute the selling price per unit for each job, assuming a mark-up percentage of 40%. Prepare the journal entries to record the sale on account of Job 1065.
B AliExpress... https://ww... Ch. 15 IT (Interactive Tutorial) Question 5 of 13 Current Attempt in Progress Direct materials Direct labor Job 201 Blossom Company is working on two job orders. The job cost sheets show the following. $7,000 3,800 https://ww... Work in Process Inventory Work in Process Inventory Account Titles and Explanation (To assign materials to jobs) (To assign labor to jobs) Job 202 $8,800 (6284) Ho... 7,800 Start and... Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) DZL Homepag... Debit ACCT 210... Credit W Ch. 15 IT (... -/0.77 : WP Question... DEL Homepag... Question List Question 1 Accounting Multistep Question 2 Accounting Multistep Question 3 Accounting Dropdown Question 4 Accounting Multistep Viewing Question 5 Accounting Dropdown Question 6…
ITie following iniom ToT is dvdlldble TOr LOCK FILY produCIS job order costing system. April 30 May 31 Inventories Raw materials work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor $32,000 9,500 56, 000 $. 35,000 20,800 33,500 190,000 150,000 other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 9,000 34,500 109,000 1,100,000 55% 1. Raw materials purchases for cash. 2. Direct materlals usage. 3. Indirect materlals usage. Prepare Journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet B C Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Hager Inc. applies overhead based on direct labor cost using a job-order costing system. The company provided you with the following information: Estimated manufacturing overhead Estimated direct labor cost $42,000 $24,000 $45,500 $24,800 Actual manufacturing overhead Actual direct labor cost How much is the underapplied overhead?