16:28Job order costing-activity 2.docxFactory OverheadAfter reviewing the quantities on hand, endinginventories were:210,000Work in process inventoryFinished goods inventory280,000430,000What is the total cost of goods available for sale?4. JYD Manufacturing Company showed the followinginformation as of June 1, 2020;Raw materials inventoryWork in process inventoryFinished goods inventoryP320,000400,000350,000During the month of June, the following were incurredMaterials purchasedP170,000200,000400.000Materials usedDirect laborFactory OverheadAfter reviewing the quantities on hand, endinginventories were:Work in process inventoryFinished goods inventory210,000280,000430,000How much was the Cost of goods sold?5. Peter Senen Company has the following cost data as ofSept 1, 2020Materials purchasedP170,000200,000400,000210,00050,000Materials usedDirect laborFactory overheadOffice rentHow much is the total manufacturing costs?6. Peter Senen Company has the following cost data as ofSept 1, 2020Materials purchasedP170,000200,000400,000210,00050,000Materials usedDirect laborFactory overheadOffice rentWhat is the total prime costs?7. Peter Senen Company has the following cost data as ofSept 1, 2020Materials purchasedP170,0003000DashboardCalendarTo DoNotificationsInbox 16:28Job order costing-activity 2.docxActivity 2-Job Order Costing1. JYD Manufacturing Company showed the followinginformation as of June 1, 2020;Raw materials inventoryWork in process inventoryFinished goods inventoryP320,000400,000350,000During the month of June, the following were incurredMaterials purchasedP170,000200,000Materials usedDirect labor400.000Factory OverheadAfter reviewing the quantities on hand, endinginventories were:Work in process inventoryFinished goods inventory210,000280,000430,000What is the raw materials inventory as of June 30, 2020?2. .JYD Manufacturing Company showed the followinginformation as of June 1, 2020;Raw materials inventoryWork in process inventoryFinished goods inventoryP320,000400,000350,000During the month of June, the following were incurredMaterials purchasedP170,000200,000400.000Materials usedDirect laborFactory OverheadAfter reviewing the quantities on hand, endinginventories were:210,000Work in process inventoryFinished goods inventory280,000430,000What is the total cost of goods manufactured during themonth?3. JYD Manufacturing Company showed the followinginformation as of June 1, 2020;Raw materials inventoryWork in process inventoryFinished goods inventoryР20,000400,000350,000During the month of June, the following were incurredMaterials purchasedP170,000200,000Materials usedDirect labor400.0003000DashboardCalendarTo DoNotificationsInbox

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Description: 16:28Job order costing-activity 2.docxFactory OverheadAfter reviewing the quantities on hand, endinginventories were:210,000Work in process inventoryFinished goods inventory280,000430,000What is the total cost of goods available for sale?4. JYD Manu

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4. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory P320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 How much was the Cost of goods sold?

4. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory P320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 How much was the Cost of goods sold?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done 215 75 335 385 265 485 1,610 1,690 1,700 220 X ean thes ust.
ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Fixed manufacturing overhead (R81,000/2,550 units)R31.76Unit product cost for the month under absorption costingR100.26 Prepare an income statement for the month using the Marginal costing method
Required information Problem 19-1A (Static) Computing job costs and overhead rate; assigning costs to inventory LO C1, P3 [The following information applies to the questions displayed below) At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Job 5 $ 15,000 8,000 4,000 Job 6 $ 33,000 14,200 7,100 Job 7 $ 27,000 21,000 10,500 es Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,000; direct labor, $1,800; and applied overhead, $900. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Problem 19-1A (Static) Part 1 Required: 1. What is the total cost of direct materials…
ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Unit product cost for the month under marginal costingR68.50 Prepare an income statement for the month using the Marginal costing method.
expert assistance please Question _Job Costing I The Harriott manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400 machine 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/C November 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 amount represented 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 were sold on account at a margin of 33⅓% on sales. Required: i) Compute Harriott’s predetermined manufacturing overhead…
Problem 22: Cost of Goods Sold Statement Julius Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the Julius Inc. for the year ended December 31, 2020: Job No. 101 Job No. 102 Job No. 103 Job in Process, January 1, 2020: Direct Materials 40,000 30,000 0 Labor 60,000 40,000 0 Factory Overhead 30,000 20,000 0 Costs added during 2020 Materials 20,000 10,000 100,000 Labor 100,000…
napters 1,2, & 2 Beginning WIP Direct materials Direct labor Applied overhead The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. To finished goods Ending WIP # "* 3 Multiple Choice ✔ J The cost of jobs transferred to finished goods is: E D Debit $91,700. $102,400. $ 4 101 R תו F % 1/ Work in Process Inventory 5 6,300 48,900 T A 31,400 17,600 12,500 16 A 40 6 Y D G H & 4- Q Search 7 ) O O L fu AAI P 112 + [ ins prt sc 4 Help 1 delete backspa
Problem#5 Oitawa Manufacturing uses a normal cost system and had the following data available for 2022: Direct materials purchased on account Direct materials used Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory P 74,000 41,000 65,000 73,000 146,000 128,000 13,000 32,000 29,000 Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent A. The ending balance of work-in-process inventory is: B. How much is the over or underapplied overhead? C. How much is the adjusted Cost of Goods Sold assuming that over or underapplication is disposed in COGS?
S Raw materials Work in process Finished goods Beginning Inventory $ 28,100 22,200 79,400 Raw materials purchases Indirect materials used Direct labor Additional information for the month of March follows: Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Required 1 Required 2 Inventory Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. $ 25,300 45,600 68,900 Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Based on the above information, prepare an income statement for the month of March. Stor Smart Company Income Statement For the Month of March Net Income (Loss) from Operations $ 41,300 1,800 63,900 36,000 24,900 237,600
Midterm Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production What is the ending work in process inventory? Multiple Choice O $118,300 O $98,300 $68,300 O $158,300 $ 158,000 $ 26,300 $ 50,000 $ 90,000 $ 200,000
Exercise 5.19Journal Entries, T-AccountsObjective 4 - Describe the cost flows associated with job-order costing, andprepare the joumal entries.Kapoor Company uses job-order costing. During January, the following datawere reported:a. Materials purchased on account: direct materials, $98,500; indirectmaterials, S14,800.b. Materials issued: direct materials, S82,500; indirect materials, S8,800.c. Labor cost incurred: direct labor, $67,000; indirect labor, $18,750.d. Other manufacturing costs incurred ( all payables), S46,200.e, Overhead is applied on the basis of 110 percent of direct labor cost.f. Wark finished and transferred to Finished Goods Inventory cost$230,000.g. Finished goods costing S215,000 were sold on account for 140 percentof cost.h. Any over- or underapplied overhead is closed to Cost of Goods Sold.Required:1, Prepare journal entries to record these transactions.2. Prepare a T-account for Overhead Control. Post all relevant information to thisaccount. What is the ending…
16. Work in Process inventory, Feb. 28 1. 20 Summarized data for jobs worked on during 20. Cost of Goods Sold for February O a. P1.500 О а. Рб,500 COSTS INCURRED O b. P19,900 O b. P7,500 JOBS January February March O. P7,500 O. P20,000 A P5,000 O d. P15,300 O d. P7.000 В 3,000 2,500 17. Finished Goods inventory, Feb. 28 D 1,500 4,000 3,500 O a. P7,500 F 5,800 6,500 о b. Р3,000 G 9,600 3,800 O. P7,000 4,500 4,200 O d. P5,500 3,000 7,000 18. Finished Goods inventory, March 31 O a. P7,000 Jobs Completed Jobs Sold January А В A, C O b. P7,500 February DE B О с. Р5,500 March GH J GH O d. P3,000 Work in Process inventory, Jan. 31 19. Cost of Goods Sold for January O a. P15,300 O a. P7.000 O b. P7,500 O b. P7,500 O. P1,500 O. P20,000 O d. P19,900 O d. P10,500