Information on Kwon Manufacturing’s activities for its first month of operations follows:     Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month.   Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520   Time tickets show the following labor used for the month.   Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100   Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month.   Depreciation of factory equipment $ 33,700 Rent on factory building (payable) 670 Factory utilities (payable) 970 Expired factory insurance 4,700 Total other factory overhead costs $ 40,040

Required information Skip to question [The following information applies to the questions displayed below.] Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $100,100 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 48,300 Job 202 23,700 Total direct materials 72,000 Indirect materials 8,720 Total materials used $ 80,720 Time tickets show the following labor used for the month. Job 201 $ 39,300 Job 202 12,700 Total direct labor 52,000 Indirect labor 24,300 Total labor used $ 76,300 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $164,060 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,100 Rent on factory building (payable) 510 Factory…

In July, Econo Company purchased materials costing $18,400 and incurred direct labor costs of $72,000. Overhead totaled $32,700 for the month. Information on inventories was as follows: July 1 July 31 Materials $5,400 $5,200 Work in process $ 700 $1,200 Finished goods $3,100 $2,700 What was the cost of direct materials used in July?

Job Costs At the end of April, Almerinda Company had completed Jobs 50 and 51. Job 50 is for 23,040 units, and Job 51 is for 26,000 units. The following data relate to these two jobs: On April 6, Almerinda Company purchased on account 60,000 units of raw materials at $12 per unit. On April 21, raw materials were requisitioned for production as follows: 25,000 units for Job 50 at $10 per unit and 27,000 units for Job 51 at $12 per unit. During April, Almerinda Company accumulated 20,000 hours of direct labor costs on Job 50 and 24,000 hours on Job 51. The total direct labor was incurred at a rate of $20.00 per direct labor hour for Job 50 and $22.00 per direct labor hour for Job 51. Almerinda Company estimates that total factory overhead costs will be $1,750,000 for the year. Direct labor hours are estimated to be 500,000. a. Determine the balance on the job cost sheets for Jobs 50 and 51 at the end of April. Job 50 Job 51 b. Determine the cost per unit for Jobs 50 and 51 at the end of…

During the month of July, Cambridge Company worked on three jobs. Data relating to these three jobs follow:     Job 60 Job 61 Job 62 Quantity  300 150 200 Units sold - 180 - Materials requisitioned $1,460 $1990 $2,000 Direct labour hour 200 220 400 Direct labour cost $3,000 $3,000 $3,300   Overhead is assigned on the basis of direct labour hours at a rate of $6.40 per direct labour hour. During July, Jobs 60 and 61 were completed and transferred to the Finished Goods Inventory. Job 61 was sold by the end of the month. Job 62 was the only unfinished job at the end of the month. Required:   1) Calculate the per-unit cost of Jobs 60 & 61 2)  Compute the ending balance in the work-in-process inventory account

The April Work in Process account for Coventry Co. contained the following: Beginning balance -- $19,000 debit Direct materials -- $11,000 debit Direct labor -- $8,000 debit Overhead -- $13,000 debit Transfer to finished goods -- $3,000 credit Overhead is applied at a rate of 125% of direct labor cost. The only job in process at April 30, Job #897, has been charged with direct labor cost of $4,000. What amount of direct materials cost has been charged to Job #897? $

The following is a summary of costs related to a month of manufacturing products: Direct Materials and Direct Labor = $225,000.00 Indirect Materials, Indirect Labor, and other actual FOH costs = $30,000.00 FOH costs applied to WIP during the month = $17,000.00 From the following, select the journal entry used to record the FOH applied to production during the month. Group of answer choices a) Debit FOH 17,000 and Credit WIP 17,000 b) Debit WIP 30,000 and Credit FOH 30,000 c) Debit FOH 30,000 and Credit Accounts Payable 30,000 d) Debit WIP 17,000 and Credit FOH 17,000

Required information [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 Additional Information Job 306 $ 28,000 21,000 10,500 132,000 102,000 Finished (sold) Job 307 $ 39,000 18,000 9,000 215,000 $ 115,000 152,000 104,000 P In process P Finished (unsold) Job 308 a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $570,000, and total factory payroll cost in April is $385,000. c. Actual overhead costs incurred in April are indirect materials, $58,000; indirect labor, $27,000; factory rent, $38,000; factory utilities, $22,000; and factory equipment depreciation, $60,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold…

Kelley Company shows the following costs for three jobs worked on in April Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Job 306 Job 387 Job 308 $31,000 22,080 11,000 $ 38,000 19,000 9,508 137,000 80,000 7 223,000 155,000 $ 101,000 105,000 7 Finished Finished (sold) (unsold) In process a. Raw Materials Inventory has a March 31 balance of $85,000. b. Raw materials purchases in April are $502,000, and total factory payroll cost in April is $374,000. c. Actual overhead costs incurred in April are Indirect materials, $51,000; Indirect labor. $24,000; factory rent, $33,000; factory utilities. $20,000; and factory equipment depreciation. $53,000. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $610,000 cash in April. Complete this question by entering your answers in the tabs below. Requirement…

Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end: Direct Materials Direct Labor Allocated Mfg. Overhead Job completed Job sold Jul 10 Revenues $25,000 What was the balance in Work-in-Process OA. $2,400 OB. $1,100 OC. $2,800 OD. $2,100 Job 1 $1,000 12,000 1,500 Click to select your answer Jun 30 Job 2 $7,500 20,000 6,000 Job 3 $4,000 13,000 2,500 Sep 1 Sep 12 $39,000 Inventory at year-end? Oct 15 Not sold N/A Job 4 $3,500 12,000 7,500 Job 5 $1,700 Not sold N/A 700 400 Not Nov 1 completed N/A N/A