8. John Morris Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Aaron Sharon Daron Direct materials $550 $440 $220 Auditor labor costs $5,500 $6,800 $3,400 Auditor hours 74 90 42 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $53 per auditor hour. The Aaron job is the only incomplete job at the end of November. Actual overhead for the month was $11,000. Instructions (a) Determine the cost of each job. (b) Indicate the balance of the Work in Process account at the end of November. (c) Calculate the ending balance of the Manufacturing Overhead account for November.

8. John Morris Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Aaron Sharon Daron Direct materials $550 $440 $220 Auditor labor costs $5,500 $6,800 $3,400 Auditor hours 74 90 42 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $53 per auditor hour. The Aaron job is the only incomplete job at the end of November. Actual overhead for the month was $11,000. Instructions (a) Determine the cost of each job. (b) Indicate the balance of the Work in Process account at the end of November. (c) Calculate the ending balance of the Manufacturing Overhead account for November.

Name: 8. John Morris Associates, a C.P.A. firm, uses job order costing to ca
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: 8. John Morris Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Khan Inc. has provided the following data for the month of April. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work in Process Finished Goods Cost of Goods Sold Total Direct materials 5,640 7,540 72,460 85,640 Direct labor 5,430 13,780 80,220 99,430 Manufacturing overhead applied 4,990 8,400 56,700 70,000 Total 16,060 29,720 209,380 255,070 Manufacturing overhead for the month was overapplied by Rs. 6,000.The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.The cost of goods sold for April after allocation of overapplied manufacturing is?
A
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March- Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Job Job. 0 $0,000 $7,500 $13,000 $ 21,000 1,700 600 2,300 000 900 1,700 Holding Fabrication Total 2,500 1,500 4,000 $10,000 $15,000 $25,000 $2.20 $ 1.40 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. A Required: For questions 1 to 9, assume that Sweeten Company uses departmental predetermined overhead rates with machine-…
[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March). Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Job 306 $ 34,200 25,200 15,200 Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. 148,000 90,200 ? Finished (sold) Predetermined overhead rate Overhead applied 306 Job 307 b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. $ 40,200 23, 200 14, 200 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. 307 233,000…
The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Job 306 $ 34,200 25,200 15, 200 148,000 90,200 ? Finished (sold) Job 307 $ 40,200 23, 200 14, 200 233,000 163,000 ? Finished (unsold) Additional Information 3. Raw Materials Inventory has a March 31 balance of $85,200. >. Raw materials purchases in April are $513,000, and total actory payroll cost in April is $376,000. >. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. 1. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. aterials purchases (on…
Please help me with correct answer thanku
At the beginning of the month, Daniel's Business Services had two Incomplete consulting engagements (Jobs) that had the following costs assigned from previous months. Job Number DBS-32 DBS-35 Associate Labor $ 38,920 28,880 Applied Overhead ? ? During the month, Jobs DBS-32 and DBS-35 were completed but not billed to customers. Completion of DBS-32 required an additional $33,500 in associate labor. For DBS-35, an additional $103,000 in associate labor was incurred. During the month, the only new job, DBS-36, was started but not finished. Total direct labor costs for all jobs amounted to $187,800 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular Jobs, Including supplies, copying, printing, and travel costs to meet with clients. Overhead is applied at a rate of 75 percent of associate labor costs. This rate has not changed for many months. Actual overhead for the month was $137,660. Required: a. What are the costs of Jobs DBS-32…
larco Company shows the following costs for three jobs orked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March). Costs during April Direct materials used. Direct labor used Overhead applied Status on April 30 dditional Information Raw Materials Inventory has a March 31 balance of 85,200. Job 306 $ 34,200 25,200 15,200 5A 148,000 90,200 ? Finished (sold) Raw materials purchases in April are $513,000, and total actory payroll cost in April is $376,000. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, 35,250; factory utilities, $22,250; and factory equipment epreciation, $54,250. Req 5B iterials process 1 goods 'entories Job 307 $ 40,200 23, 200 14,200 Predetermined overhead rate is 50% of direct labor cost. . Job 306 is sold for $648,000 cash in April. Inventories 233,000 163,000 ? Finished (unsold) Compute gross profit for April. how how the three…
Please I want to learn how to make this problem with a good explanation. One of those there is the possible answer. Thank you
Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. None of the given answer is correct O b. Work in Process to be understated by ON 12,000 at year end. O c. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O d. Finished Goods to be understated by OMR 12,000 at the end of the year. O e. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year.