Milner Manufacturing uses a job order cost accounting system. On May 1, thecompany has a balance in Work in Process Inventory of $3,200 and two jobs in process: JobNo. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents revealsthe following.Job Number429430431General useAssignment 3ACCT 232MaterialsRequisition Slips$2,5003,5004,400$10,400800$11,200LaborTime Tickets$1,9003,0007,600$12,5001,200$13,700Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 80% ofdirect labor cost. Job No. 429 is completed during the month.Instructions(a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) thetime tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple-tion of Job No. 429.(b) Post the entries to Work in Process Inventory, and prove the agreement of the controlaccount with the job cost sheets of the unfinished jobs.

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Instructions (a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple- tion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets of the unfinished jobs.

Instructions (a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple- tion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets of the unfinished jobs.

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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In job-order costing, all of the following statements are correct with respect to labor time and cost except: Multiple Choice time tickets are kept by employees showing the amount of work on specific jobs. the job cost sheet for a job will contain all direct labor charges to that particular job. labor cost that can be traced to a job only with a great deal of effort is treated as part of manufacturing overhead. a machine operator performing routine annual maintenance work on a piece of equipment would charge the maintenance time to a specific job.
Michael Jones and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Direct materials Auditor labor costs Auditor hours Ivanhoe Inc. $700 $5,700 76 Oriole Inc. $440 $7,500 89 Pharoah Inc. $250 $4,475 49 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $51 per auditor hour. The Ivanhoe Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $12.900
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 Direct materials Direct labor Factory overhead Jobs finished during January are summarized as follows: Job 210 $69,290 Job 224 $80,830 42,340 Job 230 142,420 Job 216 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. Finished Goods Work in Process $17,100 139,020 149,970 78,830 Feedback LA Check My Work a. Move the cost of completed jobs out of work in process and into finished goods. b. Determine the cost of the unfinished jobs at January 31.
The predetermined overhead allocation rate for a given accounting period is calculated ________ Group of answer choices before the accounting period begins before the commencement of each job during the accounting period at the end of the accounting period after the completion of each job during the accounting period
a) Compute Exclusive Souvenirs predetermined manufacturing overhead rate for 2020. b) State the journal entries necessary to record the following transactions in the general journal: (i) Totalmaterialsissuedtoproduction(ii) Manufacturing labour incurred(iii)Assign manufacturing labour to the appropriate accounts (iv)Other manufacturing overhead incurred(v) Manufacturing overhead applied to production (vi)Move completed jobs to finished goods(vii) Account for jobs completed and sold
XYZ Company uses a job costing system. The direct materials for Job Y were purchased in September and put into production in October. The job was not completed by the end of October. At the end of October, in what account would the direct materials cost assigned to Job Y be located? Select one: O a Work-in-Process Inventory. Ob. None of the given is correct. ON Finished Goods Inventory. Od. Raw Materials Inventory. O e. Cost of Goods Sold.
Pharoah Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $18,000, direct labor $10,800, and manufacturing overhead $14,400. As of January 1, Job 49 had been completed at a cost of $81,000 and was part of finished goods inventory. There was a $13,500 balance in the Raw Materials Inventory account on January 1. During the month of January, Pharoah Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $109,800 and $142,200, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $81,000 on account. 2. Incurred factory labor costs of $63,000. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,800; and various other…
explain why the factory overhead balance must be disposed of at year end?
Can anyone do an example journal ledger for this problem?
State the journal entries necessary to record the above transactions in the general journal:- For direct materials used and for indirect material issued to production in February- For total manufacturing labour incurred in February and other manufacuring overhead incurred-To assign manufacturing labour to the appropriate accounts-For manufacturing overhead applied to production for February, given that Finemanufacturing company worked 2,750 machine hours.
Journalize the entries for the completion of the two jobs and the sale of Job 10.
In job costing, the journal entry to record $200 of depreciation expense on factory equipment for the current period involves which of the following? credit to manufacturing overhead for $200 debit to depreciation expense-factory equipment for $200 debit to manufacturing overhead for $200 debit to accumulated depreciation-factory equipment for $200