FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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CH 19 Q7
During August, Jernigan Company incurred factory overhead costs as follows: indirect materials, $1,330; indirect labor, $4,560; utilities cost, $2,840; and factory
For a compound transaction, if an amount box does not require an entry, leave it blank.
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- EXERCISE 2-4 Computing Total Job Costs and Unit Product Costs Using Multiple Predetermined Overhead Rates LO2-4 Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $16.00 per direct labor- hour and $12.00 per direct labor-hour, respectively. The company's direct labor wage rate is $20.00 per hour. The following information pertains to Job N-60: Testing Assembly & Packaging $340 $180 Direct materials. $25 Direct labor $40 Required: 1. What is the total manufacturing cost assigned to Job N-60? 2. If Job N-60 consists of 10 units, what is the unit product cost for this job?arrow_forwardQ3 Ex. 184 Landis Company uses a job order cost system in each of its two manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A and machine hours in Department B. In establishing the predetermined overhead rates for 2013, the following estimates were made for the year: Department Manufacturing overhead Direct labor cost Direct labor hours Machine hours Direct materials used Direct labor cost A $2,100,000 1,400,000 Manufacturing overhead incurred Direct labor hours Machine hours 100,000 200,000 During January, the job cost sheet showed the following costs and production data: Department A $195,000 100,000 155,000 B $1,600,000 1,200,000 8,000 16,000 100,000 400,000 B $128,000 110,000 135,000 8,400 34,000 Instructions (a) Compute the predetermined overhead rate for each department. (b) Compute the total manufacturing cost assigned to jobs in January in each department. (c) Compute the balance in the Manufacturing Overhead…arrow_forwardProblem 2 The Antipolo company operates three departments. Product costs are tracked by department and assigned process costing system. Overhead is applied to production in each department at a rate of 80 percent of direct labor cost. The hereunder T-account information pertains to the department operations submitted by the cost accountant. Work in process - Stripping Dept. 1 20,000 Cost Transf. 90,000 80,000 ? Work in process - Adhesion Dept. 2 70,000 Cost Transf. 480,000 Beg. ? Beg. DM Trans. In ? DL DM 22,600 FO DL |Ending 17,000 FO ? Ending 20,600 Work in Process - Packing Dept. 3 150,00 Transf. Fgoods ? ? Finished Goods 185,000 Cost of sales 770,000 Beg. Beg. CoGmf 880,000 DM DL Fo Ending 90,000 Ending 40,000arrow_forward
- eBookHintReferences Item2 Exercise 2-8 (Algo) Applying Overhead Cost; Computing Unit Product Cost [LO2-2, LO2-3] Newhard Company assigns overhead cost to jobs on the basis of 114% of direct labor cost. The job cost sheet for Job 313 includes $9,602 in direct materials cost and $10,700 in direct labor cost. A total of 1,250 units were produced in Job 313. Required: a. What is the total manufacturing cost assigned to Job 313? b. What is the unit product cost for Job 313? Brewer 9e Rechecks 2021-09-29arrow_forwardtab es lock esc QUESTION 8 Deja Brew Company reported the following for the most recently completed fiscal year: Raw Materials Purchased Direct Labor Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Calculate cost of goods sold for the year. ! Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A @ 2 W S # M $63,500 58,200 31,600 31,500 3 E Manufacturing Overhead Cost of Goods Manufactured $ 4 R % 07 dº 5 MacBook Pro D F $109,600 180,800 95,900 391,200 T 6 G 7 Y * 00 O H 8 Uarrow_forwardPlease do not give solution in image format thankuarrow_forward
- QS 19-17 (Algo) Preparing a schedule of cost of goods manufactured LO P3 Shen Company reports the costs incurred below for the month ended May 31 The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of directmaterials co is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. 4 was completed and Job 5 Direct materials used Direct labor used Job 4 $ 2,400 3,000 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Job 5 $ 1,900 290 Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 4,300 3,200 7,590 0 7,590 7,590arrow_forward7arrow_forwardQUESTION 28 Rotel has 2 jobs completed at the end of the year. There is 1 factory-wide POHR used at Rotel based on direct material dollars. Job ABS1 has reported: $3,000 direct labor 54 direct labor hours $4500 direct materials $3,150 applied overhead Job #4C2 has reported: $6,100 in direct labor 108 direct labor hours $6,000 direct materials What is the amount of overhead applied to Job #4C2? $6,300 $1,260 $4,200 $6,500 QUESTION 29 During October, Dorinirl Corporation incurred $25,000 of direct material costs and $5,000 of indirect materials costs. The journal entry to record these materials would include a: O credit to Manufacturing Overhead $25,000 O credit to Work in Process of $25,000 O debit to Work in Process of $25,000 O debit to Manufacturing Overhead $25,000arrow_forward
- CH 19 Q10 Entry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $3,780 101 3,140 104 5,750 108 6,460 Indirect labor 20,150 111 3,940 115 2,580 117 17,510 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.arrow_forwardExercise 2-4 Computing Total Job Costs and Unit Product Costs Using Multiple Predetermined Overhead Rates [LO2-4] Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $14.00 per direct labor-hour and $10.00 per direct labor-hour, respectively. The company's direct labor wage rate is $17.00 per hour. The following information pertains to Job N-60: nts 02-28 58 Assembly $ 355 $102 Testing & Packaging $ 31 $ 34 eBook Direct materials Direct labor Ask Print Required: 1. What is the total manufacturing cost assigned to Job N-60? (Do not round intermediate calculations.) 2. If Job N-60 consists of 10 units, what is the unit product cost for this job? (Do not round intermediate calculations. Round your answer to 2 decimal places.) eferences 1. Total manufacturing cost 2. Unit product cost per unit Prev 4 of 4 Next -KK**KK***K*MN e here to searcharrow_forwardQuestion 11 Blue Corporation accumulates the following data relative to jobs started and finished during the month of June 2017. Costs and Production Data Actual Standard Raw materials unit cost $2.40 $2.20 Raw materials units used 11,000 10,100 Direct labor payroll $177,600 $173,280 Direct labor hours worked 14,800 15,200 Manufacturing overhead incurred $235,636 Manufacturing overhead applied $238,336 Machine hours expected to be used at normal capacity 41,500 Budgeted fixed overhead for June $70,550 Variable overhead rate per machine hour $3.20 Fixed overhead rate per machine hour $1.70 Overhead is applied on the basis of standard machine hours. 3.20 hours of machine time are required for each direct labor hour. The jobs were sold for $467,000. Selling and administrative expenses were $36,500. Assume that the amount of raw materials purchased equaled the amount used.arrow_forward
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