Telstar uses job order costing. The T-accounts below summarize its production activity for the year.Raw Materials InventoryDebitCredit45,500Work in Process InventoryDebitCredit24,7508,50024,750 170,82086,250103,184b. Indirect materials usedc. Direct labor usedRequired 11. Compute the amount for each of the following.a. Direct materials usedRequired 2Factory Wages PayableDebitCompute the amount for each of the following.a. Direct materials usedb. Indirect materials usedc. Direct labor used126,500Finished Goods InventoryDebitCredit170,820d. Indirect labor usede. Cost of goods manufacturedf. Cost of goods sold (before closing over- or underapplied overhead)2. Compute the amount that overhead is overapplied or underapplied.CreditComplete this question by entering your answers in the tabs below.86,25040,750d. Indirect labor usede. Cost of goods manufacturedf. Cost of goods sold (before closing over- or underapplied overhead)Compute the amount that overhead is overapplied or underapplied.Underapplied overhead153,790DebitFactory Overhead8,50040,75061,870Credit103,184

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Description: Telstar uses job order costing. The T-accounts below summarize its production activity for the year.Raw Materials InventoryDebitCredit45,500Work in Process InventoryDebitCredit24,7508,50024,750 170,82086,250103,184b. Indirect materials usedc. Direct

Cost of goods manufactured is the total cost of completed finished goods transferred from work in…

Business

Accounting

Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Factory Wages Payable Debit Credit 45,500 126,500 24,750 8,500 Work in Process Inventory Debit Credit 24,750 170,820 86,250 103, 184 Debit Required 1 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used Required 2 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured 1. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Credit Finished Goods Inventory. Debit Credit 170,820 153,790 Complete this question by entering your answers in the tabs below. 86,250 40,750 c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) Compute the amount that overhead is overapplied or underapplied. Underapplied overhead Debit Factory Overhead 8,500 40,750 61,870 Credit 103,184

Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Factory Wages Payable Debit Credit 45,500 126,500 24,750 8,500 Work in Process Inventory Debit Credit 24,750 170,820 86,250 103, 184 Debit Required 1 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used Required 2 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured 1. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Credit Finished Goods Inventory. Debit Credit 170,820 153,790 Complete this question by entering your answers in the tabs below. 86,250 40,750 c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) Compute the amount that overhead is overapplied or underapplied. Underapplied overhead Debit Factory Overhead 8,500 40,750 61,870 Credit 103,184

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12PA: The following data summarize the operations during the year. Prepare a journal entry for each...

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Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.
Cushing, Inc., costs products using a normal costing system. The following data are available for last year: Overhead is applied on the basis of direct labor hours. What was last years per unit product cost? a. 1.39 b. 4.40 c. 4.43 d. 3.01
A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Using the Information provided. A. What Is the balance in work in process? B. What Is the balance in finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
Ripley, Inc., costs products using a normal costing system. The following data are available for last year: Overhead is applied on the basis of direct labor hours. Required: 1. What was the predetermined overhead rate? 2. What was the applied overhead for last year? 3. Was overhead over- or underapplied, and by how much? 4. What was the total cost per unit produced (carry your answer to four significant digits)?
The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Rich Manufacturing Corporation had the following transactions for its job order costing operation. Prepare general journal entries to record these transactions. Jan. 1 Purchased materials on account, 22,000. 15 Issued direct materials to Job No. 1, 18,000. 20 Issued indirect materials (factory overhead), 3,000. 31 Incurred direct labor, Job No. 1, 11,000. 31 Incurred indirect labor (factory overhead), 4,000. 31 Incurred other indirect costs (factory overhead; credit Accounts Payable), 1,500.
Job order cost sheets show the following costs assigned to each job: The company assigns overhead at $1.25 for each direct labor dollar spent. What is the total cost for each of the jobs?
Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
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?
JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Hilburn Manufacturing Corporation had the following transactions for its job order costing operation. Prepare general journal entries to record these transactions. Jan.1 Purchased materials on account, 17,000. 15 Issued direct materials to Job No. 104, 11,000. 20 Issued indirect materials (factory overhead), 5,000. 31 Incurred direct labor, Job No. 104, 9,000. 31 Incurred indirect labor (factory overhead), 2,500. 31 Incurred other indirect costs (factory overhead; credit Accounts Payable), 2,000.
A company has the following information relating to its production costs: Compute the actual and applied overhead using the companys predetermined overhead rate of $23.92 per machine hour. Was the overhead over applied or under applied, and by how much?
Channel Products Inc. uses the job order cost system of accounting. The following is a list of the jobs completed during March, showing the charges for materials issued to production and for direct labor. Assume that factory overhead is applied on the basis of direct labor costs and that the predetermined rate is 200%. Required: Compute the amount of overhead to be added to the cost of each job completed during the month. Compute the total cost of each job completed during the month. Compute the total cost of producing all the jobs finished during the month.