Job No. Product Quantity Date Amount $16,120 Jan. 2 1 TT 520 1,610 Jan. 15 22 20,125 Feb. 3 30 1,420 25,560 Mar. 7 670 15,075 41 TT Mar. 24 SLK 2,210 49 22,100 SLK 31,875 May 19 58 2,550 June 12 65 TT 620 10,540 Aug. 18 Sept. 2 78 SLK 3,110 48,205 82 SS 1,210 16,940 750 Nov. 14 92 TT 8,250 52,650 Dec. 12 98 SLK 2,700

Clapton Guitar Company entered into the following transactions during the year. [The transactions were properly recorded in permanent (balance sheet) accounts unless otherwise indicated.] Date Transaction Jan. 25 Purchased $480 of office supplies. Feb. 1 Rented a warehouse from Hendrix Company, paying 1 year’s rent of $3,600 in advance. Recorded the $3,600 payment as rent expense. Mar. 1 Borrowed $10,000 from the bank, signing a 1-year note at an annual interest rate of 12%. The bank insisted on collecting the interest in advance, so it withheld the interest amount from the funds disbursed to Clapton. The company recorded the transaction as a debit to Cash, $8,800, a debit to Interest Expense, $1,200, and a credit to Notes Payable, $10,000. May 1 Purchased office equipment for $15,000, paying $3,000 down and signing a 2-year, 12% (annual rate) note payable for the balance. The office equipment is expected to have a useful life of 10 years and a residual value of $1,500. Straight-line…

1. How much overhead would have been charged to the company’s Work-in-Process account during the year? 2. Comment on the appropriateness of the company’s cost drivers (i.e., the use of machine hours in Machining and direct-labor cost in Assembly).

Jackson Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Requirements 1. 2. 3. Compute Jackson's predetermined overhead allocation rate. Prepare the journal entry to allocate manufacturing overhead. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold? Print Allocated overhead to WIP Done - X Data table At the beginning of 2024, the company expected to incur the following: Manufacturing overhead costs Direct labor costs $880,000 1,540,000 Machine hours 80,000 hours At the end of 2024, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant…

Which one of the following best describes a job cost sheet? A. It is a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job. B. It is used to track manufacturing overhead costs for specific jobs. C. It is used by management to understand how direct costs affect profitability. D. It is a daily form that management uses for tracking worker productivity on which employee raises are based.

Determine whether each of the following companies is best suited for a job order cost system or a process costing system, or both.  Explain why a. Delillo Construction Co. b. Dell Computer Co. (the big computer manufacturer in Texas) c. BP Gasoline Refinery d. Buzzeo & Co. CPAs (an accounting firm)

Care Company uses job costing and has assembled the following cost data for the production and assembly of item X: (Click the icon to view the cost data.) Based on the above cost data, the manufacturing overhead for item X is A. $1,590 underallocated. B. $350 overallocated. C. $350 underallocated. D. $1,590 overallocated. Cost Data Direct manufacturing labor wages Direct material used Indirect manufacturing labor Utilities Fire insurance Manufacturing overhead applied Indirect materials Depreciation on equipment $ 36,000 100,000 3,800 450 490 10,000 6,500 350 X

1. Which type of cost system, process or job order, would be best suited for each of the following: (a) TV assembler, (b) building contractor, (c) automobile repair shop, (d) paper manufacturer, (e) custom jewelry manufacturer? Give reasons for your answers.   2. In a job order cost system, direct labor and factory overhead applied are debited to individual jobs. How are these items treated in a process cost system and why?

The following figure depicts the complete system that Office Inc. uses to estimate the total cost of each office desk and office chair that it produces. How many cost pools does Office Inc.'s 2-stage costing system use for Office Chair objects?    A. 7 B. 0 C. 6 D. 5 E. 4 F. 2 G. 1 H. 3 I. 8

Need help with this question