FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 201 $4,860 Job 202 2,430 Job 203 1,920 Job 204 3,570 Factory supervision 1,660 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $28 per direct labor hour. The direct labor rate is $18 per hour. If required, round final answers to the nearest dollar. Question Content Area a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select -arrow_forwardEntries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as fllows: Job 201 $3,650 Job 202 1,820 Job 203 1,440 Job 204 2,690 Factory supervision 1,250 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $20 per direct labor hour. The direct labor rate is $15 per hour. If required, round final answers to the nearest dollar. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payablearrow_forwardJournalize the entry to record the factory labor costs Journalize the entry to apply factory overhead to production for November.arrow_forward
- Badour Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours were 114,000 and estimated factory overhead was $695,400. The following information was for September. Job X was completed during September, while Job Y was started but not finished. September 1, inventories: Materials $ 9,000 Work-in-process (All Job X) 37,400 Finished goods 80,400 Materials purchases $ 125,000 Direct materials requisitioned: Job X $ 54,500 Job Y 40,000 Direct labor hours: Job X 5,000 Job Y 4,500 Labor costs incurred: Direct labor ($6.00 per hour) $ 57,000 Indirect labor 16,200 Factory supervisory salaries 7,200 Rental costs: Factory $ 8,400 Administrative offices 2,200 Total equipment depreciation costs:…arrow_forwardKaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $22,280. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,230 $1,860 302 2,720 2,510 303 1,810 1,230 304 6,110 4,610 305 3,880 3,520 306 2,830 2,230 For general factory use 760 2,750 Factory overhead costs incurred on account, $4,260. Depreciation of factory machinery and equipment, $1,320. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 16 302 26 303 43 304 84 305 42 306 25 Total 236 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $5,960; Job 302, $7,990; Job 303, $15,670. Required: 1. Journalize the entries to record the summarized operations. If an amount box…arrow_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_forward
- Johnson Incorporated is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 93,000 and estimated factory overhead is $511,500. The following information is for September of the current year. Job A was completed during September, and Job B was started but not finished. September 1, inventories Materials inventory Work-in-process inventory (All Job A) Finished goods inventory Material purchases Direct materials requisitioned Job A Job B Direct labor hours Job A Job B Labor costs incurred Direct labor ($7.50/hour) Indirect labor Supervisory salaries Rental costs Factory Administrative offices Total equipment depreciation costs Factory Administrative offices Indirect materials used Required: 1. What is the total cost of Job A? Required 1 $ 8,400 33,000 71,500 117,500 Required 2 74,000 38,000 Required 3 5,100 4,400 71,250 14,400 6,900 2. What is the…arrow_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: 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_forwardTownsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 201 $2,270 Job 202 1,140 Job 203 900 Job 204 1,670 Factory supervision 780 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $28 per direct labor hour. The direct labor rate is $13 per hour. If required, round final answers to the nearest dollar. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable v Feedback b. Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank. Work in Process Factory Overheadarrow_forward
- Harper Company uses a job order cost system. Journalize the entries for materials and labor, based on the following data:Raw materials issued: Job No. 609, $850; for general use in factory, $600Labor time tickets: Job No. 609, $1,600; $400 for supervision If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18arrow_forwardOak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Source documents revealed the following during March: Materials Requisitions Forms $3,000 2,500 5,000 1,000 $ 11,500 Job 33 Job 34 Job 35 Indirect Balance on 3/1 $ 5,400 3,900 $ 9,300 Labor Time Tickets $ 5,500 3,100 2,600 2,000 $ 13,200 The company applies overhead to products at a rate of 65 percent of direct labor cost. Status of Job at Month-End Completed and sold Completed, but not sold In process Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Job 33 Job 34 Job 35 Compute the cost of Jobs 33, 34, and 35 at…arrow_forwardDon't give solution in image format..arrow_forward
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