Required information   [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.     April 30   May 31   Inventories               Raw materials $ 43,000     $ 52,000   Work in process   10,200       21,300   Finished goods   63,000       35,600   Activities and information for May               Raw materials purchases (paid with cash)           210,000   Factory payroll (paid with cash)           345,000   Factory overhead               Indirect materials           15,000   Indirect labor           80,000   Other overhead costs           120,000   Sales (received in cash)           1,400,000   Predetermined overhead rate based on direct labor cost           70 %     Incurred other overhead costs (record credit to Other Accounts). Application of overhead to work in process.  Prepare journal entries for the above transactions for the month of May.

Required information [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 40,000 $ 18,000 $ 35,000 The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded this year: a. Raw materials were purchased on account, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. d. Incurred various selling and…

Solt Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Debit Balance 1/1 Debits Balance 12/31 Multiple Choice $453,000 $415,000 $403,000 Finished Goods The Cost of Goods Manufactured for the year was $415,000. The unadjusted Cost of Goods Sold for the year was: $503,000 38,000 Credits ? 50,000 Credit ?

Vico Inc. produces customized vans in a job order shop. On August 1, the following balances appear in the inventory records: Finished goods Php 159,000 Work in process 236,000 Materials 73,000 The amount in Finished Goods represents Php91,000 recorded for Van 10 and Php68,000 recorded for Van 11. The Work in Process account represents the three vans in process, as follows:                                                                    Van 12              Van 13               Van 14 Factory overhead                               Php65,000        Php40,000          Php 15,000 Direct labor                                                50,000               30,000                  10,000 Direct materials                                        16,000                 6,000                      4,000 The following transactions occurred during August: (a) Purchased materials on account, Php70,000. (b) Requisitioned Php50,000 of materials from inventory: Php14,000 applied to Van 13,…

Starbird Manufacturing makes accessories for kitchens and home offices. Their Work-In-Process Inventory account had a debit balance of $32,500 on February 1. Also on February 1, Starbird’s job cost sheets reported these amounts:   Customer/Job       Geller Thomas Easton Direct materials  $7300 $4100 $400 Direct labor 5500 3600 250 Mfg overhead 6500 4400 450 Totals: 19300 12100 1100 During the month of February, Starbird purchased $13,000 of raw materials on account, and on February 29 they paid all of their employees’ wages for hours worked in February. They also incurred miscellaneous overhead costs of (meaning they received the bills for) $8,400 on account.   Their February materials requisition slips and employee time tickets showed:   Materials   Customer/Job Requisition Slips Time tickets Thomas $900 $1100 Macintosh 2200 1400 Easton 500 750 Geller 3500 2800 Total direct 7100 6050 Total indirect  1750 1400   $8850 $7450 Starbird applied…

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Required information   [The following information applies to the questions displayed below.]  The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.    April 30   May 31   Inventories               Raw materials $ 48,000     $ 45,000   Work in process   9,600       18,600   Finished goods   60,000       34,500   Activities and information for May               Raw materials purchases (paid with cash)           185,000   Factory payroll (paid with cash)           250,000   Factory overhead               Indirect materials           16,000   Indirect labor           57,500   Other overhead costs           113,000   Sales (received in cash)           1,200,000   Predetermined overhead rate based on direct labor cost           55 %     Incurred other overhead costs (record credit to Other Accounts). Applied overhead to work in process.  Prepare journal entries…

Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations:   a. Materials purchased on account, $28,790.   b. Materials requisitioned and factory labor used:   Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180     c. Factory overhead costs incurred on account, $5,600.   d. Depreciation of machinery and equipment, $1,970.   e. The factory overhead rate is $53 per machine hour. Machine hours used:   Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228     f. Jobs completed: 301, 302, 303 and 305.   g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730.     Required: 1. Journalize the entries to record the summarized…

Sheridan Manufacturing uses a job order cost system. On April 1, the company has Work in Process Inventory of $8,630 and two jobs in process: Job No. 221, $4,070, and Job No. 222, $4,560. During April, a summary of source documents reveals the following: For Job No. 221 Totals 222 223 General use (a) 224 Materials Requisition Slips $1,300 1,870 2,770 2,930 650 $9,520 Labor Time Tickets $2,360 2,440 3,340 3,260 490 $11,890 Sheridan applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month. Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October 1 Materials purchased on account, $663,320.   2 Materials requisitioned, $618,780, of which $71,310 was for general factory use.   31 Factory labor used, $640,350, of which $88,200 was indirect.   31 Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; and administrative expenses, $145,440.   31 Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590.   31 Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment, $30,880.   31 Factory overhead costs applied to jobs, $365,760.   31 Jobs completed, $1,017,410.   31 Cost of goods sold, $911,220.     Required:           CHART OF ACCOUNTS     Barnes Co.     General Ledger       ASSETS 110 Cash 121…