When a job costing $2,000 is sold, one of the journal entries would be:   Group of answer choices A. Debit Finished Goods 2,000; Credot COGS 2,000 B. Debit Finished Goods 2,000; Credit WIP 2,000 C. Debit COGS 2,000; Credit FG 2,000 D. Debit WIP 2,000; Credit FG 2,000

Jane Neff believes that the cost of good manufactured schedule in job order cost accounting is the same as below. Is Jane correct ?

Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of operation, were as follows: Information State University On-the-Go Home Precious Pre-school Direct Materials Cost (food) $56,000 $37,600 $80,900 Direct Labor Cost $46,600 $39,000 $53,200 Labor Hours 3,300 3,600 3,830   The company applies overhead at a rate of $19.50 per labor hour. It completed all of its jobs in November. Total revenue for the three jobs amounted to $407,200. The allocated overhead for the month was $148,700, of which $123,900 should be credited to accounts payable and $41,300 should be credited to Accumulated Depreciation.

Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of operation, were as follows: Information State University On-the-Go Home Precious Pre-school Direct Materials Cost (food) $54,200 $34,800 $81,300 Direct Labor Cost $43,600 $40,000 $55,900 Labor Hours 3,050 3,630 4,000   The company applies overhead at a rate of $17.50 per labor hour. It completed all of its jobs in November. Total revenue for the three jobs amounted to $396,600. The allocated overhead for the month was $146,800, of which $122,000 should be credited to accounts payable and $40,400 should be credited to Accumulated Depreciation.1. Determine the costs that should be assigned to each of the jobs.   State University On-the-Go Home Precious Pre-school TOTAL Direct Materials         Direct Labor         Actual Overhead         Total Job Cost         Manufacturing Overhead Debit Credit                 2. Do the adjustment for…

Pidris Drop Anchor takes special orders to manufacture sail boats for high-end customers. Prepare journal entries to record the transactions below and prepare job cost sheets for September. a. Purchased raw materials on credit, $145,000. b. Materials requisitions: Job 240, $48,000; Job 241, $36,000; Job 242, $42,000; indirect materials were $12,000. c. Time tickets used to charge labor to jobs: Job 240, $40,000; Job 241, $30,000; Job 242, $35,000, indirect labor is $25,000. d. The company incurred the following additional overhead costs: depreciation of factory building, $70,000; depreciation of factory equipment, $60,000; expired factory insurance, $10,000; utilities and maintenance cost of $20,000 were paid in cash. e. Applied overhead to all three jobs. The predetermined overhead rate is 190% of direct labor cost. f. Transferred jobs 240 and 242 to Finished Goods Inventory. g. Sold job 240 for $300,000 for cash. h. Closed the under- or over-applied overhead account balance. Job Cost…

Job 113 was completed at a cost of $4,800, and Job 85 was completed at a cost of $3,300 and sold on account for $4,500. Prepare journal entries for the following: If an amount box does not require an entry, leave it blank. A. Completion of Job 113.     fill in the blank ec5974fe0f8f04b_2 fill in the blank ec5974fe0f8f04b_3     fill in the blank ec5974fe0f8f04b_5 fill in the blank ec5974fe0f8f04b_6 B. Completion and sale of Job 85.     fill in the blank ac9efe072f91fff_2 fill in the blank ac9efe072f91fff_3     fill in the blank ac9efe072f91fff_5 fill in the blank ac9efe072f91fff_6     fill in the blank ac9efe072f91fff_8 fill in the blank ac9efe072f91fff_9     fill in the blank ac9efe072f91fff_11 fill in the blank ac9efe072f91fff_12     fill in the blank ac9efe072f91fff_14 fill in the blank ac9efe072f91fff_15     fill in the blank ac9efe072f91fff_17 fill in the blank ac9efe072f91fff_18

Fill in the blanks: Lapuz Company uses the Job order costing. On January 1, 2020, Job no. 101 was the only job in process last year having costs of P78,750.00. Direct Materials Used and Direct Labor incurred during the month of January were: Job DM DL 101 97,000.00 P21,000.00 102 31,500.00 35,000.00 103 49,000.00 28,000.00 Job no. 103 was the only job in production as of January 31. Required: Assume the company uses Direct Labor cost as its cost driver to determine its factory overhead rate. If the budgeted amounts of direct labor and factory overhead are estimated to be P700,000.00 and P1,050,000.0o. (XX.XX%) a b Compute the work in process end Compute the cost of Goods Manufactured d Suppose that the company sold all of its completed jobs, adding 40% mark up on its cost. How much is the sales revenue? vpe here to search 28°C Mostly sunny

ssume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. Overhead is based on direct labor cost. If Job 265 incurs direct material costs of $963, direct labor of $1,750, and is sold for $7,200. **Use the following format for the journal entries: Dr. Raw Materials Inventory 500 Cr. Accounts Payable 500**** 1. What is the overhead rate? % 2. What is the journal entry to apply overhead to Job 5265? 3. What is total cost of Job? $ 4. What is gross profit? $ 5. At the end of the period it was determined that actual overhead incurred was $4,468,000. What is the adjusting entry to record the over/under applied OH?

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