Job cost sheets show the following information:JobJanuaryFebruaryMarchAA2$2,600$1,100AA44,840AA5AA33,2403,410$7,750JanuaryFebruaryMarchCompletedFebruaryJanuaryFebruary2,6003,410$2,319 April$2,319Total $7,440What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March?Work inProcessSoldNot soldFebruaryMarchNot soldFinishedGoodsCOGS

Name: Job cost sheets show the following information:JobJanuaryFebruaryMarc
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Job cost sheets show the following information:JobJanuaryFebruaryMarchAA2$2,600$1,100AA44,840AA5AA33,2403,410$7,750JanuaryFebruaryMarchCompletedFebruaryJanuaryFebruary2,6003,410$2,319 April$2,319Total $7,440What are the balances in the work in proce

"Work in process" refers to the total price of the unfinished products that are currently being…

Business

Accounting

Job cost sheets show the following information: Job AA2 AA4 AA5 3,240 AA3 3,410 Total $7,440 $7,750 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Process January February March Completed $1,100 January February March $2,600 4,840 2,600 3,410 ✔ February January February $2,319 April $2,319 Finished Goods Sold Not sold February March Not sold COGS

Job cost sheets show the following information: Job AA2 AA4 AA5 3,240 AA3 3,410 Total $7,440 $7,750 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Process January February March Completed $1,100 January February March $2,600 4,840 2,600 3,410 ✔ February January February $2,319 April $2,319 Finished Goods Sold Not sold February March Not sold COGS

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A summary of the time tickets for August follows: Description Job 321 Job 329 Job 336 Job 342 Job 346 Indirect labor a. Amount Journalize the entries for (a) the labor cost incurred and (b) the application of factory overhead to production for August. The predetermined factory overhead rate is 70% of direct labor cost. If an amount box does not require an entry, leave it blank. b. $11,000 9,200 5,000 8,300 5,700 8,000
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 15,800 8,800 4,400 Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 Total transferred cost 21,800 10,900 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 4. What is the total cost transferred to Finished Goods Inventory in June?
Job Costs Using Activity-Based Costing Heitger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three overhead activities and related drivers. Budgeted information for the year is as follows: Activity Cost Driver Amount of Driver Materials handling $ 72,000 Number of moves 3,000 Engineering 165,000 Number of change orders 10,000 Other overhead 280,000 Direct labor hours 50,000 Heitger worked on four jobs in July. Data are as follows: Job 13-43 Job 13-44 Job 13-45 Job 13-46 Beginning balance $20,300 $19,800 $2,300 $0 Direct materials $6,500 $8,900 $12,700 $9,800 Direct labor cost $18,000 $20,000 $32,000 $2,400 Job 13-43 Job 13-44 Job 13-45 Job 13-46 Number of moves 44 52 29 5 Number of change orders 30 40 20 20 Direct labor hours 900 1,000 1,600 120 By July 31, Jobs 13-43 and 13-44 were completed and sold. Jobs 13-45 and 13-46 were still in process.…
Basil and Ben are in partnership sharing profits and losses in the ratio 3 : 2. Basil receives an annual salary of $12 000. The firm’s net profit for the year was $52 000. How much would be credited to the current account of each partner after all appropriations? Basil current account Ben current account $ $ A 26 000 26 000 B 31 200 20 800 C 36 000 16 000 D 24 000 16 000
Job Costs Using Activity-Based Costing Heitger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three overhead activities and related drivers. Budgeted information for the year is as follows: Activity Cost Driver Amount of Driver Materials handling $ 72,000 Number of moves 3,000 Engineering 165,000 Number of change orders 10,000 Other overhead 280,000 Direct labor hours 50,000 Heitger worked on four jobs in July. Data are as follows: Job 13-43 Job 13-44 Job 13-45 Job 13-46 Beginning balance $20,300 $19,800 $2,300 $0 Direct materials $6,500 $8,900 $12,700 $9,800 Direct labor cost $18,000 $20,000 $32,000 $2,400 Job 13-43 Job 13-44 Job 13-45 Job 13-46 Number of moves 44 52 29 5 Number of change orders 30 40 20 20 Direct labor hours 900 1,000 1,600 120 By July 31, Jobs 13-43 and 13-44 were completed and sold. Jobs 13-45 and 13-46 were still in process.…
The journal entry to record the Labor Time Tickets includes a debit to the Manufacturing Overhead account of what dollar amount? Materials Labor Requisition Time For Slips Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000 Sub-Total 12,500 16,000 General Use 1,000 1,500 Total Cost $ 13,500 17,500 $17,500 $1,500 $16,000 $13,500
How much is total cost of goods manufactured? A company uses job order costing. At the beginning of February, two jobs were in process: Job 769 Job 772 Materials P4,000 P1,400 2,000 3,000 There was no inventory of finished goods on February 1. During the month, Jobs 773, 774, 776, 778 and 779 were started. Materials requisitions for February totaled P26,000, direct labor cost, P20,000 and actual factory overhead, P32,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of February is job 779, with a materials cost of P2,800 and direct labor cost of P1,800. Job 776, the only finished job on hand at the end of the Direct Labor 600 Applied Factory Overhead 900 month, has a total cost of P4,000.
Compute the ending balance of the Work-in-Process Inventory account for July. Job X14 Job X15 Total Direct materials $35,420 $14,700 $50,120 Direct labor 105,000 69,000 174,000 Applied overhead
Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Job 301 Job 302 Job 303 ProcessImprovement Tom Couro 23 10 9 5 David Clancy 13 13 13 3 Jose Cano 13 17 10 4 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $18 David Clancy 25 Jose Cano 21 The process improvement category includes training, quality improvement, and other indirect tasks. a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank. Work in Process Work in Process Factory Overhead Factory Overhead Wages Payable Wages Payable Feedback b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be…
Predetermined Factory Overhead Rate Turbo Shop uses job order costing to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $400,000 Shop direct labor 1,992,000 Shop and repair equipment depreciation 64,220 Shop supervisor salaries 210,000 Shop property taxes 57,390 Shop supplies 14,500 32,000 230,000 12,000 $3,012,110 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $40.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.
The following information has been taken from the job order cost system, used by SALEEM CORPORATION: Job No. Balance March 1 Production Cost in March 15 Rs. 150,000 --- 16 170,000 --- 17 50,000 Rs. 130,000 18 70,000 150,000 19 ---- 240,000 20 ---- 150,000 21 ---- 90,000 During March Job No. 17, 18 & 19 were completed, and job No. 15, 16 and 17 were sold on account at 40% above cost. REQUIRED: i) Cost of finished goods inventory – beginning ii) Cost of goods in process inventory – beginning iii) Cost of finished goods inventory – ending iv) Cost of goods in process inventory – ending v) Cost of goods manufactured vi) Cost of Goods sold vii) Sales
! Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. Job 7 $ 27,800 22,600 11,300 At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 16,600 9,600 4,800 Job 6 $ 33,800 15,800 7,900 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,800; direct labor, $2,600; and applied overhead, $1,700. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Direct labor used in June 2. What is the total cost of direct labor used in June?