Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information atyear-end:Direct MaterialsDirect LaborAllocated Mfg. OverheadJob completedJob soldJul 10Revenues$25,000What was the balance in Work-in-ProcessOA. $2,400OB. $1,100OC. $2,800OD. $2,100Job 1$1,00012,0001,500Click to select your answerJun 30Job 2$7,50020,0006,000Job 3$4,00013,0002,500Sep 1Sep 12$39,000Inventory at year-end?Oct 15Not soldN/AJob 4$3,50012,0007,500Job 5$1,700Not soldN/A700400NotNov 1 completedN/AN/A

Name: Jupiter Manufacturing began business on January 1. During its first y
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Description: Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information atyear-end:Direct MaterialsDirect LaborAllocated Mfg. OverheadJob completedJob soldJ

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Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end Direct Materials Direct Labor Allocated Mfg. Overhead Job completed Job sold Revenues Job 1 $1,000 12,000 1,500 A. $2,400 OB. $1,100 OC. $2,800 OD. $2,100 Jun 30 Jul 10 $25,000 Job 2 $7,500 20,000 6,000 Job 3 $4,000 13,000 2,500 Sep 1 Sep 12 $30,000 What was the balance in Work-in-Process Inventory at year-end? Oct 15 Not sold N/A Job 4 $3,500 12,000 7,500 Nov 1 Not sold N/A Job 5 $1,700 700 400 Not completed N/A N/A

Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end Direct Materials Direct Labor Allocated Mfg. Overhead Job completed Job sold Revenues Job 1 $1,000 12,000 1,500 A. $2,400 OB. $1,100 OC. $2,800 OD. $2,100 Jun 30 Jul 10 $25,000 Job 2 $7,500 20,000 6,000 Job 3 $4,000 13,000 2,500 Sep 1 Sep 12 $30,000 What was the balance in Work-in-Process Inventory at year-end? Oct 15 Not sold N/A Job 4 $3,500 12,000 7,500 Nov 1 Not sold N/A Job 5 $1,700 700 400 Not completed N/A N/A

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 8E: Argo Manufacturing Co. had 500 units, three-fifths completed, in process at the beginning of the...

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The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Eto Manufacturing had the following transactions during the month: (a) Purchased raw materials on account, 70,000. (b) Issued direct materials to Job No. 300, 25,000. (c) Issued indirect materials to production, 10,000. (d) Paid biweekly payroll and charged direct labor to Job No. 300, 8,000. (e) Paid biweekly payroll and charged indirect labor to production, 3,000. (f) Issued direct materials to Job No. 301, 20,000. (g) Issued indirect materials to production, 4,000. (h) Paid miscellaneous factory overhead charges, 6,000. (i) Paid biweekly payroll and charged direct labor to Job No. 301, 10,000. (j) Paid biweekly payroll and charged indirect labor to production, 2,000. REQUIRED Prepare general journal entries for transactions (a) through (j).
Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined overhead rate on 27,500 direct labor hours. At the end of the year, actual overhead was $106,000 and the total direct labor hours were 29,000. What is the entry to dispose of the over applied or under applied overhead?
A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?
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The Following events occurred during March for Ajax Company. Prepare a journal entry for each transaction. Materials were purchased on account for $5,429. Materials were requisitioned to begin work on Job C15 In the amount of $2,500. Direct labor expense for job C15 was $4,250. Actual overhead was incurred on account for $5,385. Factory overhead was charged w Job C15 at the rate of 200% direct labor. Job C15 was transferred to finished goods at $15,250. Job C15 was sold on account for $28,000.
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