Based on the following information. you are réquired to preparc the following a Journal entries T-account for work in process c Simple cost sheets d. b. Proof of work in process inventory. end The Reuben Appliances Corp. started its operations in 200B It uses the job order costung method and has adopted the voucher system to effectively control the flowof resources. inventories and payables. The transactions for the first quarter of the year are as follows: ) Materials purchases on account. P 50.000 2) Materials issued: Job Order No. B-001 P 7,500 13.000 B-002 B-003. 6.250 3) Indirect materials issued. P 5.250 4) Payroli charges include indirect labor of P7.800. Dircct labor costs are as follows P 5.300 Job Order No. B-001. B-002.: B-003. 8.000 4.750 5) Factory overhead is charged to production at P3 per machine hour. Machine hours utilized are as follows: Job Order No. B-901.... B-002... 1,200 machine hours 2.050 machie hours 1.400 machine hours B-003..

Based on the following information. you are réquired to preparc the following a Journal entries T-account for work in process c Simple cost sheets d. b. Proof of work in process inventory. end The Reuben Appliances Corp. started its operations in 200B It uses the job order costung method and has adopted the voucher system to effectively control the flowof resources. inventories and payables. The transactions for the first quarter of the year are as follows: ) Materials purchases on account. P 50.000 2) Materials issued: Job Order No. B-001 P 7,500 13.000 B-002 B-003. 6.250 3) Indirect materials issued. P 5.250 4) Payroli charges include indirect labor of P7.800. Dircct labor costs are as follows P 5.300 Job Order No. B-001. B-002.: B-003. 8.000 4.750 5) Factory overhead is charged to production at P3 per machine hour. Machine hours utilized are as follows: Job Order No. B-901.... B-002... 1,200 machine hours 2.050 machie hours 1.400 machine hours B-003..

Name: 56 Chapter II6) Jobs B-001 and B-003 are completed.7) Actual factory
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Description: 56 Chapter II6) Jobs B-001 and B-003 are completed.7) Actual factory overhead amounts.to P 14,200.8) Job Order No. B-001 is sold for cash with gross profit of 60% of selling price.9) Factory overhead variance is closed to cost of goods sold. ournal

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 8P: Premier Products Inc. has three departments and uses the process cost system of accounting. A...

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Gerken Fabrication Inc. 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 March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.
Sultan, Inc. manufactures goods to special order and uses a job order cost system. During its first month of operations, the following selected transactions took place: Required: 1. Prepare a schedule reflecting the cost of each of the four jobs. 2. Prepare journal entries to record the transactions. 3. Compute the ending balance in Work in Process. 4. Compute the ending balance in Finished Goods.
Alvarez Manufacturing Inc. is a job shop. The management of Alvarez Manufacturing Inc. uses the cost information from the job sheets to assess cost performance. Information on the total cost, product type, and quantity of items produced is as follows: a. Develop a graph for each product (three graphs), with Job Number (in date order) on the horizontal axis and Unit Cost on the vertical axis. Use this information to determine Alvarez Manufacturing Inc.s cost performance over time for the three products. b. What additional information would you require in order to investigate Alvarez Manufacturing Inc.s cost performance more precisely?
Use the space provided below to prepare six summary journal entries for the month of August. These entries record (1) cost of direct materials used, (2) cost of direct labor, (3) cost of applied overhead, (4) cost of jobs completed, (5) cost of goods sold, and (6) total sales on account. Then set up T-accounts for Work in Process, Finished Goods, Cost of Goods Sold, and Sales. Post the entries to the appropriate accounts and then balance each account. Finally, prepare a supporting schedule by job number showing the cost of ending work in process, finished goods, and cost of goods sold.
Summary information from a companys job cost sheets shows the following information: What are the balances in the work in process inventory, finished goods Inventory, and cost of goods sold for April, May, and June?
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.
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?
Premier Products Inc. has three departments and uses the process cost system of accounting. A portion of the departmental cost work sheet prepared by the cost accountant at the end of July is reproduced below. Using the data in P5-7: 1. Draft the necessary entries to charge the materials and labor costs to the appropriate work in process accounts, to apply factory overhead to work in process, and to record the transfer of costs from one department to another. 2. Prepare a statement of cost of goods manufactured for the month ended July 31.
A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from 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 the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
elearn.squ.edu.om/mod/quiz/at ng services SQU Libraries SQU Portal Attendance En An accountant recently debited Work-in-Process Inventory and credited Manufacturing Overhead at a company that uses job order costing. The accountant was: Select one: O a. recognizing the completion of production. O b. recognizing actual overhead incurred during the period. O c. recognizing receipt of the factory utilities bill. O d. recording a year-end adjustment for an insignificant amount of underapplied overhead. O e. applying a predetermined overhead amount to production.
Prepare a T-account for each account on the company’s balance sheet, and enter the beginning balances. Make entries directly into the T-accounts for the transactions given above. Create new T-accounts as needed. Determine an ending balance for each T-account. Was manufacturing overhead underapplied or overapplied for the year? Assume that the company allocates any overhead balance among the Work in Process, Finished Goods, and Cost of Goods Sold accounts, using the overall balances in each account. Prepare a journal entry to show the allocation. (Round allocation percentages to one decimal place.) Prepare an income statement for the year. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the T-accounts.)
Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $35,000. b. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $35,000. Manufacturing Overhead C. Beginning balance d. Complete this question by entering your answers in the tabs below. Required 1 Required 2 e. Debit Ending balance ✓ ✓ ✓ 38,200✔ 22,000✔ 106,000 ✓ 130,000✔ X Answer is not complete. Credit 380,000 X 83,800 Beginning balance b. C. f. Debit Ending balance Credit 512,000 X