A manufacturer uses job-order costing. On January 1, the company's inventory balances were as follow Raw materials Work in process Finished goods $50,500 $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level o 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $592,000. b. Raw materials used in production, $557,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $442,000; indirect labor, $150,000; selling and administrative salaries, $295,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $381,000 e. Incurred various additional manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $320,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,399,450 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $2,914,000. The jobs cost $1,409,000 to manufacture according to their job cost sheets. The company closes any over- or under-applied manufacturing overhead to Cost of Goods Sold. What is the gross margin for the year?

Baginski Company uses a normal job costing system and allocates manufacturing overhead on the basis of direct labor hours. The predetermined manufacturing overhead rate is $18 per direct labor hour. Baginski Company's schedule of cost of goods manufactured showed the following amounts for the month ended November 30.   Cost of goods manufactured $124,000 Cost of direct materials used 42,000 Cost of direct labor ($32 per hour) 76,000 Work in process inventory, November 1 14,500   Actual manufacturing overhead costs for November amount to $44,000.   What is the amount of work in process inventory (before any adjustment for over-allocated or under-allocated manufacturing overhead) on November 30?   Select one: a. $162,000 b. $51,250 c. $50,000 d. $29,500 e. $52,500

What is the total amount of manufacturing overhead applied to production during the year? (Show complete calculations) What is the total manufacturing cost added to Work in Process during the year? What is the journal entry to record the transfer of completed jobs that is referred to above?

Midtown, Inc. uses a predetermined overhead allocation rate of $61 per direct labor hour. In January, the company completed Job A23 which utilized 24 direct labor hours. Which of the following correctly describes the journal entry to allocate overhead to the job? O A. debit Manufacturing Overhead $61 and credit Work - in - Process Inventory $61 O B. debit Finished Goods Inventory $1,464 and credit Manufacturing Overhead $1,464 OC. debit Work - in - Process Inventory $1,464 and credit Manufacturing Overhead $1,464 O D. debit Cost of Goods Sold $61 and credit Finished Goods Inventory $61

ces Cadbury Company uses a job order cost system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $120,080 for the year; direct labor was estimated to total $150,100. Additional information for the year is as follows: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Raw materials purchases Direct materials used Direct labor Indirect materials used Indirect labor Factory equipment depreciation Factory rent Factory utilities Other factory costs Beginning Inventory (1/1) $ 13,100 19,800 42,300 Required: a. Calculate the predetermined overhead rate. b. Calculate cost of goods manufactured. Ending Inventory (12/31) $ 101,000 93,800 125,800 11,700 16,300 $ 8,600 22,900 30,300 26,100 20,600 c. Calculate the over- or underapplied overhead. d. Calculate adjusted cost of goods sold. 8,300 7,600

Rogers Company uses a job-order costing system. During May, the following costs appeared in the Work in Process Inventory account: Beginning balance Direct material used Direct labor incurred Applied overhead $30,000 90,000 75,000 52,500 Cost of goods manufactured 225,000 Rogers Company applies overhead on the basis of direct labor cost. There was only one job left in Work in Process at the end of May which contained $6,300 of overhead. What amount of direct material was included in this job? Select one: O a. $9,000 O b. $7,200 c. $11,790 d. $11,160

Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows:   Raw materials $ 40,000 Work in process $ 18,000 Finished goods $ 35,000   The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year:   Raw materials were purchased on account, $510,000. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and…

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Bakersville Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year:   Beginning Balance Ending Balance Raw materials $14,000 $22,000 Work in process $27,000 $9,000 Finished goods $62,000 $77,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,000 machine-hours and incur $231,000 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were purchased, $315,000. Raw materials were requisitioned for use in production, $307,000 ($281,000 direct and $26,000 indirect). The following employee costs were incurred: direct labor, $377,000; indirect labor, $96,000; and administrative salaries, $172,000. Selling costs, $147,000. Factory utility costs, $10,000. Depreciation for the year was $127,000 of which $120,000 is related to…

The Polaris Company uses a job-order costing system. The following transactions occurred in October:   Raw materials purchased on account, $210,000. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $105,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,200 machine-hours were used in October. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 30% above cost.   Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare…