Q.2. The following information has been jaken from the job order cost system used byAADIL & CO.JOB #BALANCE JULY 1, 2006 PRODUCTION COST IN JULY21Rs.140,000108,00030,00050,000--- --2223Rs.166,00024130,000200,000121,00080,000252627OTHER INFORMATION:During July Job # 23, 24 and 25 were completed and Job # 21, 22 and 23 were sold onaccount at 25% above cost.REQUIRED:A- COMPUTE1. Cost of finished goods inventory - beginning2. Cost of gouds in proce:s inventory-beginning3. Cost of finished goods inventory- ending4. Cost of goods in process inventory-ending5. Cost of goods manufactured6. Cost of goods sold7. Sales revenue

Name: Q.2. The following information has been jaken from the job order cost
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Description: Q.2. The following information has been jaken from the job order cost system used byAADIL & CO.JOB #BALANCE JULY 1, 2006 PRODUCTION COST IN JULY21Rs.140,000108,00030,00050,000--- --2223Rs.166,00024130,000200,000121,00080,000252627OTHER INFORMATION:D

Meaning: Job Costing is a method of Cost accounting under which cost is determined as per job and…

Business

Accounting

Q.2. The following information has been jaken from the job order cost systeni used by AADIL & CO. JOB # BALANCE JULY 1, 2006 PRODUCTION COST IN.JULY 21 Rs.140,000 108,000 30,000 50,000 --- -- 22 23 Rs.166,000 24 130,000 200,000 121,000 80,000 25 26 -- 27 OTUED IN ROD

Q.2. The following information has been jaken from the job order cost systeni used by AADIL & CO. JOB # BALANCE JULY 1, 2006 PRODUCTION COST IN.JULY 21 Rs.140,000 108,000 30,000 50,000 --- -- 22 23 Rs.166,000 24 130,000 200,000 121,000 80,000 25 26 -- 27 OTUED IN ROD

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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BJ Manufacturing Company uses Job Order Costing system to accumulate production costs. At the beginning of the year, the balances of the inventory accounts are as follows:Raw Materials Inventory ..................... P168,000Work in Process Inventory ..................... 210,000 Job 101........................ P105,000 Job 102 ....................... 105,000Finished Goods Inventory ..................... 182,000 Job 005 ...................... P 85,000 Job 006 ...................... 97,000The summaries of transactions for the year are as follows:(a) Raw Materials costing P826,000 were purchased on account.(b) Materials issued to production, P785,000 distributed as follows:Job 101 P180,000 Job 103 P150,000Job 102 P125,000 Job 104 P205,000Indirect balance Job 105 P95,000(c) Heat, light and power, factory plant, for the year was P116,000.(d) Depreciation for factory plant for the year, P190,000(e) Marketing and administrative expenses, P250,000(f) Production wages for the year was…
E-LEARNING SYSTEM (ACADEMIC) SQU LIBRARIES SQU PORTAL SAMA ATTENDANCE Time left 1:09:40 Oman Marble Company has two processing departments, Cutting and Polishing. The company uses a multiple predetermined overhead rate in each processing department under job-order costing system. The Cutting Department's predetermined overhead rate is based on machine-hours and the Polishing Department's predetermined overhead rate is based on direct labor cost. At the beginning of the current period, the company records show the following estimated information: Cutting Polishing Direct Labor cost per hour $4 20 40 Direct labor-hours 5,000 10,000 Machine-hours 20,000 5,000 Total fixed manufacturing overhead cost $ 100,000 $ 40,000 Variable manufacturing overhead per mac e-hour 24 $4 20 Variable manufacturing overhead per direct labor-hour During the current period the company started and finished a job order number 3122. The job cost sheet shows the following data for this job: Ps NG O A II
Q.3. A job cost sheet of Na'aba Corporation is given below: (Amounts are given in OMR) Job Cost sheet (All amounts are in OMR) Quantity: 2,500 Date requested : 31/7 Date completed: 31/7 Date Direct material Direct labor Manufacturing Overhead Job No. 469 Item: White lion cages For: Tesla company 7/7 35,250 12 42,930 15 18,000 23,400 22 38,000 49,400 24 36,110 26 21,320 27 39,730 29 25,000 32,500 31 54,000 70,200 Cost of Completed Job Direct Material Direct labour Manufacturing overhead Total Cost Unit Cost XXX XXX XXX Instructions: Answer the following questions (i) What are the source of documents for direct material, direct labor, and manufacturing overhead costs assigned to this job? (ii) What is the predetermined manufacturing overhead rate? (iii) What are the total cost and unit cost of the completed job?
Exercise 15-18 (Algo) Recording transactions in job order costing LO P1, P2, P3, P4 Prepare journal entries to record transactions a through h. Raw materials purchased on credit, $100,000. Direct materials used, $42,000. Indirect materials used, $15,000. Direct labor used, $36,000. Indirect labor used, $14,000. (Record using Factory Wages Payable.) Paid cash for other actual overhead costs, $8,250. Applied overhead at the rate of 120% of direct labor cost. Transferred cost of jobs completed to finished goods, $68,175. Sales of jobs on credit was $97,000. Cost of jobs sold was $68,175.
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Su ject: accounting
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2
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ob cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2 February fill in the blank 3 fill in the blank 4 $fill in the blank 5 March fill in the blank 6 fill in the blank 7 fill in the blank 8
Looking to get assistance solving the required steps for Problem 19-1B. Any help is appreciated!
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,400 February Not sold AA4 4,840 January February AA5 3,230 February March ААЗ 3,408 $2,321 April Not sold Total $7,440 $8,038 $2,321 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 Finished Process Goods COGS January $ February $ March
ZZ The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $211,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,300 machine-hours were used in October. g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% above cost. Required: 1. Prepare journal entries to record the…