8:05←Costing Booklet.pdfreturned back to stores as being not suitable. A material transfer note issued in Octoberindicated that material issued under Requisition No. 55 for Job 118 was directed to Job 124.The hourly rate in shop A per labour hour is Rs. 3 per hour while at shop B, it is Rs. 2 perhour. The factory overhead is applied at the same rate as in September. Job 115, 118 and120 were completed in October.You are asked to compute the factory cost of the completed jobs. It is the practice of themanagement to put a 10% on the factory cost to co administration and selling overheadsand invoice the job to the customer on a total cost plus 20% basis. What would be theinvoice price of these three jobs?ModuleBlankingMachiningWeldingAssemblingC.A.INTERMEDIATEENKAY'S® CLASSESCOSTINGQ.4 A company manufactures small assemblies to order and has the following budgetedoverheads for the year, based on normal activity levels.Budgeted Overheads Overhead Absorption BaseDepartment174Rs.Vo))LTE+LTE 1.1 LTE2 477,500 1,500 labour hours22,500 2,500 machines hours9,000 1,800 labour hours5,000 1,000 labour hoursSelling and administrative overheads are 20% of Factory Cost.An order for 250 assemblies type X 128 made as batch 5931 incurred the following costs:Materials Rs.5,702Labour128 hours Blanking Shop at Rs.4.5/hour452 hours machining shop at 5.0 per hour90 hours Welding shop at 4.5 per hour175 hours Assembly Shop at RS. 3.6/hourRs. 525 was paid for the hire of special X-ray equipment for testing the welds. The time booking in.the machine shop was 643 machine hours.Calculate the total cost of the batch, the unit cost and profit per sembly if the selling price wasRs. 100 assembly.Q.5 A company has been asked to quote for a job. The company aims to make a net profit of 30%on sales. The estimated cost for the job is as follows:Direct materials 10 kg @ Rs. 10 per kgDirect labour 20 hours @ Rs.5 per hourVariable production overheads are recovered at the rate of Rs. 2 per labour hour.ClassesFixed production overheads for the company are budgeted to be Rs. 1,00,000 each year and arerecovered on the basis of labour hours.There are 10,000 budgeted labour hours each year. Other costs in relation to selling, distributionand administration are recovered at the rate of Rs.50 per job.DETERMINE quote for the job by the Company.C.A.INTERMEDIATEQ.6 Ispat Engineers Limited (IEL) undertook a plant manufacturing work for a client. It will chargea profit mark up of 20% on the full cost of the jobs. The following are the information related tothe job:RTP Nov 2018Direct materials utilised - Rs. 1,87,00,000Direct labour utilised - 2,400 hours at Rs.80 per hourBudgeted production overheads are Rs. 48,00,000 for the period and are recovered on the basis of24,000 labour hours.and 756-198onBudgeted selling and administration overheads are Rs. 18,00,000 for the period and recovered onthe basis of total budgeted total production cost of Rs.36,00,00,000.Required:CALCULATE the price to be charged for the job.175RTP NovENKAY'S® CLASSESOQ.7 Arnav Confectioners (AC) owns a bakery which is used to make bakery items like pastries,cakes and muffins. AC use to bake at least 50 units of any item at a time.COSTING

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Description: 8:05←Costing Booklet.pdfreturned back to stores as being not suitable. A material transfer note issued in Octoberindicated that material issued under Requisition No. 55 for Job 118 was directed to Job 124.The hourly rate in shop A per labour hour is

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Costing Booklet.pdf returned back to stores as being not suitable. A material transfer note issued in October indicated that material issued under Requisition No. 55 for Job 118 was directed to Job 124. The hourly rate in shop A per labour hour is Rs. 3 per hour while at shop B, it is Rs. 2 per hour. The factory overhead is applied at the same rate as in September. Job 115, 118 and 120 were completed in October.

Costing Booklet.pdf returned back to stores as being not suitable. A material transfer note issued in October indicated that material issued under Requisition No. 55 for Job 118 was directed to Job 124. The hourly rate in shop A per labour hour is Rs. 3 per hour while at shop B, it is Rs. 2 per hour. The factory overhead is applied at the same rate as in September. Job 115, 118 and 120 were completed in October.

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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Current Attempt in Progress During January, time tickets show that the factory labor of $5,040 was used as follows: Job 1 $1,840, Job 2 $1,340, Job 3 $1,180, and general factory use $680. Prepare a summary journal entry to record factory labor used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 31 Account Titles and Explanation Work in progress inventory Manufacturing Overhead Factory Labor Debit Credit
Journal Entries, T-Accounts Lincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred: a. Materials were purchased on account for $45,760. b. Materials totaling $40,880 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. d. Actual overhead of $8,860 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. f. Completed jobs costing $59,000 were transferred to Finished Goods. g. Jobs costing $58,000 were sold on account for $ 73,850. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of May 1 were: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Required: $1,300 3,400 2,640 1 more notification 1. Prepare the journal entries for the preceding events.
8. The following information is for Punta Company for July: Factory overhead costs were applied to jobs at the predetermined rate of $42.50 per labor hour. Job S incurred 6,175 labor hours; Job T used 4,275 labor hours. Job S was shipped to customers during July. Job T was still in process at the end of July. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: Utilities $ 14,250 Depreciation 45,000 Insurance 18,000 Total $ 77,250 f. Direct materials and indirect materials used are as follows: Job S Job T Total Material A $ 28,500 $ 71,250 $ 99,750 Material B 12,000 35,000 47,000 Subtotal $ 40,500 $ 106,250 $ 146,750 Indirect materials 211,000 Total $ 357,750 g. Direct labor incurred for the two jobs and indirect labor…
In January, Pharoah Company requisitions raw materials for production as follows: Job 1$1,040, Job 2$1,280, Job 3720, and general factory use $640. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31
15. During January, Ark employees worked on Job #479. At the end of the month, $714 of overhead had been applied to this job. Total Work in Process Inventory at the end of the month was $6,800 and all other jobs had a total cost of $3,981. What amount of direct material is included in Job #479? a. $677 b. $1,391 c. $2,142 d. $4,658
Penn Company uses a job order cost accounting system. In the last month, the system accumulated labor time tickets totaling $32,000 for direct labor and $6,400 for indirect labor. These costs were accumulated in Factory Payroll as they were paid. Which entry should Penn make to assign the Factory Payroll? General Journal Debit Credit (A) Payroll Expense 38,400 Cash 38,400 (B) Payroll Expense 32,000 Factory Overhead 6,400 Factory Payroll 38,400 Goods in Process Inventory 32,000 Factory Overhead 6,400 Factory Payroll 38,400 32,000 Goods in Process Inventory Factory Overhead 6,400 Accrued Wages Payable 38,400 38,400 Goods in Process Inventory Factory Payroll 38,400 F6 (C) (D) E) Option A F2 F3 :0+ F4 63 F5 N % F7 다 F8 F9 El ★
In January, Cullumber Company requisitions raw materials for production as follows: Job 1 $1,200, Job 2 $1,440, Job 3 $800, and general factory use $720. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 Debit Credit
Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,500 of direct materials and used $4,000 of direct labor. The job was not finished by the enc of September, but needed an additional $3,000 of direct materials in October and additional direct labor of $6,500 to finish the job. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost. What is the amount of job costs added to Work in Process Inventory during October? Multiple Choice $16.000 $22.500 $37,000 $26.500 $32,000
A company prepares its accounts on monthly basis. A Company had no jobs in progress at the beginning of month and no beginning inventories. It started only 3 jobs during month Job 101, Job 102 and Job 103. Job 101 was completed and sol by the end of month and Job 103 was incomplete at the end of month and Job 102 is complete but not sold. The company uses a plant wide predetermined overhead based on direct labor hours. Job 101 Job 102 Job 103 Direct Materials $18,000 $11,000 $19,500 Direct Labor Cost $21.000 $7,500 $22,000 Actual Direct Labor hours 1,400 500 1,300 worked The following additional information is available for the company as a whole and for Job 101, Job 102 and Job 103 (all data relates to month) Estimated total fixed MOH $30,000 Estimated vanable MOH per direct labor hours Estimated total direct labor hours to be worked Total actual MOH cost incurred $2 3,000 $40,000 Requirements: - If Job 101 includes 250 units what is its unit product cost?
At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to increase or decase and by how much? check_circleAnswer Step 1 Underapplied overhead: When there is a debit balance in the manufacturing overhead account during the month end, it indicates that overheads applied to jobs are less than the actual overhead cost incurred by the business. Therefore, the debit balance in the manufacturing overhead account is referred to as underapplied overhead. Overapplied overhead: When there is a credit balance in the manufacturing overhead account during the month end, indicates that overheads applied to jobs is more than the actual overhead cost incurred by the business. Therefore, the credit balance in the manufacturing overhead account is referred to as overapplied overhead. Step 2 Calculate the overapplied or underapplied overhead. help_outlinefullscreen Step 3…
A company has the following transactions during the week. Purchase of $900 raw materials inventory Assignment of $400 of raw materials inventory to Job 5 Payroll for 15 hours with $600 assigned to Job 5 Factory utility bills of $740 Overhead applied at the rate of $9 per hour What is the cost assigned to Job 5 at the end of the week?
A debit to Factory and a credit to Factory Wages Payable $95,000 O None of the above Time tickets indicated 900 labor hours in the production of Job.115, out of which 600 were direct labor hours. The company pays $8 peach labor hour. The entry to record this transaction is: * A debit to Work in Process Inventory $4,800, a debit to manufacturing overhead $2,400, and a credit to Factory Labor $7,200 A debit to Work in Process Inventory $7,200 and a credit to Factory Labor $7,200 A debit to Factory Labor $4,800, a debit to manufacturing overhead $2,400, and a credit to Work in Process Inventory $7,200 None of the above POM C QH