FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Complete all requirementsarrow_forwardJenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was started during April, but not completed. The job cost sheets revealed the following costs for April: Job A Job B $1,200 8,400 8,400 Job C $12,200 2,200 10,400 Cost of Jobs in Process, 4/1/2016 Direct Materials Used 9,600 3,200 Direct Labor Applied Manufacturing Overhead Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April: a. Work in Process b. Finished Goods c. Cost of Goods Soldarrow_forwardAt the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assigned from previous months. Job Number SY-400 SY-403 Direct Labor Applied Overhead $23,440 15,520 ? ? During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $26,000 in direct labor. For SY-403, $76,000 in labor was used. During the month, the only new job, SY-404, was started but not finished. Total direct labor costs for all jobs amounted to $149,520 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying, printing, and travel costs to meet with clients. Overhead is applied at a rate of 60 percent of direct labor costs for this and previous periods. Actual overhead for the month was $93,000. Required: a. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? b. What is the cost…arrow_forward
- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was started during April, but not completed. The job cost sheets revealed the following costs for April: Cost of Jobs in Process, 4/1/2018 Direct Materials Used Direct Labor Applied Manufacturing Overhead Job A a. Work in Process b. Finished Goods c. Cost of Goods Sold $11,100 1,100 8,200 ? Job B $1,100 6,200 6,200 ? Job C $ - 6,300 2,100 ? Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April:arrow_forwardSweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production. Sweeten also estimated $26,200 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.00 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Molding Fabrication 2,500 Estimated total fixed manufacturing overhead 1,500 $ 15,450 $ 2.50 $ 10,750 $ 1.70…arrow_forwardJob A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,700 of direct materials and used $4,200 of direct labor. The job was not finished by the end of September, but needed an additional $3,200 of direct materials and additional direct labor of $6,900 to finish the job in October. The company applies overhead at the end of each month at a rate of 150% of the direct labor cost incurred. What is the balance in the Work in Process account at the end of September relative to Job A3B? Multiple Choice $6,900 $5,900 $11,100 $13,200 $10,100arrow_forward
- Hansabenarrow_forwardSweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production. Sweeten also estimated $25,400 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $1.80 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Molding Fabrication 2,500 1,500 Estimated total fixed manufacturing overhead Estimated variable manufacturing…arrow_forwardAt the end of August, Carrothers Company had completed Jobs 50 and 56. Job 50 is for 200 units, and Job 56 is for 500 units. The following data relate to these two jobs: On August 4, raw materials were requisitioned for production as follows: 400 units for Job 50 at $12 per unit and 900 units for Job 56 at $24 per unit. During August, Carrothers Company accumulated 500 hours of direct labor costs on Job 50 and 1,100 hours on Job 56. The total direct labor was incurred at a rate of $22 per direct labor hour for Job 50 and $22 per direct labor hour for Job 56. The predetermined factory overhead rate is $11.00 per direct labor hour. a. Determine the balance on the job cost sheets for Jobs 50 and 56 at the end of August. Job 50 $fill in the blank 1 Job 56 $fill in the blank 2 b. Determine the cost per unit for Jobs 50 and 52 at the end of August. If required, round your answers to the nearest cent. Job 50 $fill in the blank 3 Job 56 $fill in the blank 4arrow_forward
- At the end of August, Carrothers Company had completed Jobs 50 and 56. Job 50 is for 200 units, and Job 56 is for 2,000 units. The following data relate to these two jobs: On August 4, raw materials were requisitioned for production as follows: 200 units for Job 50 at $12 per unit and 1,200 units for Job 56 at $10 per unit. During August, Carrothers Company accumulated 600 hours of direct labor costs on Job 50 and 1,100 hours on Job 56. The total direct labor was incurred at a rate of $12 per direct labor hour for Job 50 and $10 per direct labor hour for Job 56. The predetermined factory overhead rate is $15.00 per direct labor hour. a. Determine the balance on the job cost sheets for Jobs 50 and 56 at the end of August. Job 50 $fill in the blank 1 Job 56 $fill in the blank 2 b. Determine the cost per unit for Jobs 50 and 52 at the end of August. If required, round your answers to the nearest cent. Job 50 $fill in the blank 3 Job 56 $fill in the blank 4arrow_forwardAshvinbhaiarrow_forwardSweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production. Sweeten also estimated $29,800 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.90 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Estimated total fixed manufacturing overhead Molding Fabrication 2,500 1,500 $ 16,800 $ 3.40 Estimated variable…arrow_forward
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