FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Journalize the entries to record the following summarized operations related to production for a company using a job order cost system: a. Materials purchased on account $176,000 b. Prepaid expenses incurred on account 12,200 c. Materials requisitioned: For production orders 153,700 For general factory use 2,700 d. Factory labor used: On production orders 141,300 For general factory purposes 12,000 e. Depreciation on factory equipment 37,000 f. Expiration of prepaid expenses, chargeable to factory 6,100 g. Factory overhead costs incurred on account 76,000 h. Factory overhead applied, based on machine hours 105,300 i. Jobs finished 415,300 j. Jobs shipped to customers: Cost 412,000 Selling price (assume all sold on account) 638,000arrow_forwardThe following information is from the materials requisitions and time tickets for Job 9 completed by Great Bay Boats. Materials requisitions are identified by code numbers starting with the letter M, and the time tickets start with T. Estimated (applied) overhead for Job 9 is $1,400. Date July 1 July 1 July 5 July 5 July 10 Date Document M-46 T-33 M-47 T-34 T-35 Prepare a job cost sheet for Job 9, which includes costs for direct materials, direct labor, overhead, and total cost. July 1 July 5 July 10 Amount $ 1,700 1,050 1,450 900 750 Direct Materials Requisition Number Cost JOB COST SHEET: Job 9 Direct Labor Time-Ticket Number Cost Overhead Date July Cost Total Costarrow_forwardThe journal entry to record the issuance of direct materials represented by the following materials requisitions for the month includes: Requisition Number Description Amount 372 Job Number 179 $ 5,650 373 Job Number 184 $ 4,100 374 Job Number 180 $ 4,925 375 General factory use $ 765 376 Job Number 182 $ 2,870 A debit and credit to which accounts?arrow_forward
- A summary of the time tickets for October follows: Description Amount Description Amount Job No. 319 $10,000 Job No. 344 $8,500 Job No. 330 9,700 Job No. 346 5,800 Job No. 335 3,000 Indirect labor 8,600 (a) Present the journal entry to record the labor costs incurred. Account DR CR (b) Record the application of factory overhead to production for October. The factory overhead rate is 65% of direct labor cost. Please also show your calculation to maximize your points. Calculation: Account DR CRarrow_forwardA summary of material requisition slips and time tickets, along with the overhead allocation, show the following costs: Job No. MaterialRequisitionSlips FactoryLaborTimeTickets OverheadApplied 131 $505 $200 $80 132 235 260 104 133 380 160 64 134 325 320 128 Not job specific 60 160 0 $1,505 $1,100 $376 A. Prepare an entry to record the assignment of direct material to work in process. If an amount box does not require an entry, leave it blank. fill in the blank d3b310090003fc9_2 fill in the blank d3b310090003fc9_3 fill in the blank d3b310090003fc9_5 fill in the blank d3b310090003fc9_6 B. Prepare an entry to record the assignment of direct labor to work in process. If an amount box does not require an entry, leave it blank. fill in the blank 26a436ff9fa5f86_2 fill in the blank 26a436ff9fa5f86_3 fill in the blank 26a436ff9fa5f86_5 fill in the…arrow_forwardEntry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $3,450 101 2,860 104 5,240 108 5,900 Indirect labor 18,390 111 3,600 115 2,360 117 15,990 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.arrow_forward
- A firm uses job costing. Details of the three jobs worked on during a period are: JOB 11 Job 22 Job 33 $ $ Opening work in progress Direct materials in the period Direct labour in the period 22,760 O a. $61,894 O b. $65,084 O c. $66,360 O d. $68,952 4,620 12,125 3,190 11,660 10,520 14,335 7,695 Overheads are absorbed at 40% of prime cost in each period. Jobs 22 and 33 remained incomplete at the end of the period. What is the value of the closing Work in progress?arrow_forwardEntry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Job 301 17 12 10 Job 302 13 17 Hours Landon Vincent Fahad Hamad Ivory Argo The direct labor rate earned per hour by the three employees is as follows: $20 22 18 12 Job 303 7 13 Process Improvement 2 4 6 8 Landon Vincent Fahad Hamad Ivory Argo 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.arrow_forwardThe journal entry to record the issuance of direct materials represented by the following materials requisitions for the month includes: Requisition No. Description Amount 372 Job No. 179 $ 5,950 373 Job No. 184 $4,400 374 Job No. 180 $ 5,225 375 General factory use $ 795 376 Job No. 182 $3,170 Multiple Choice a debit to Materials Inventory, $18,745. a debit to Materials Inventory, $19,540. a debit to Work - in - Process Inventory, $18,745. a credit to Work-in- Process Inventory, $19,540.arrow_forward
- Entry for Factory Labor Costs A summary of the time tickets for the current month follows: Job No. Amount 100 $2,080 101 1,730 104 3,160 108 3,560 Indirect labor 11,090 111 2,170 115 1,420 117 9,650 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.arrow_forwardanswer with must explanation , computation , narrations for each steps and parts answer in text formarrow_forwardEntry for Factory Labor Costs A summary of the time tickets is as follows: Job No. 55 57 58 60 Indirect 66 67 70 Amount $2,570 2,130 3,910 4,390 13,700 2,680 1,760 11,900 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.arrow_forward
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