Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead . Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account. Requirement-1: To calculate: Amount of raw material transferred to work in progress Inventory account.

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Answer 1

Question

Chapter 2, Problem 8ME

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-1:

To calculate:

Amount of raw material transferred to work in progress Inventory account.

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-2:

To calculate:

Amount of material transferred to manufacturing overhead account.

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-3:

To calculate:

Find out the balance in the raw material inventory account?

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Compute the cost of the company’s year-end work-in-process inventory.

Manor Painting is a commercial interior and exterior painting contractor specializing in commercial buildings. An inventory of materials and equipment is on hand at all times, so work can start as quickly as possible. Special equipment is ordered as required. On August 1, the Materials Inventory account had a balance of $55,300. The Work-in-Process Inventory account is maintained to record costs of work not yet complete. There were two such jobs on August 1 with the following costs: Materials and equipment Direct labor Overhead (applied) Overhead has been applied at 40 percent of the costs of direct labor using an annual rate. Materials and equipment Direct labor (wages payable) Job 84 $ 24,400 21,600 8,640 During August, Manor Painting started two new jobs. Additional work was carried out on Jobs 84 and 87. Job 87 was completed and billed to the customer. Details on the costs incurred on jobs during August follow: Property taxes Storage area rental Job 87 $ 80,100 40,700 16,280 Truck…

Answer the following questions by analysing the T-accounts given below. a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead assigned to production

Answer 2

Question

Chapter 2, Problem 8ME

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-1:

To calculate:

Amount of raw material transferred to work in progress Inventory account.

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-2:

To calculate:

Amount of material transferred to manufacturing overhead account.

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-3:

To calculate:

Find out the balance in the raw material inventory account?

Expert Solution & Answer

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See solution

Answer 3

Question

Chapter 2, Problem 8ME

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-1:

To calculate:

Amount of raw material transferred to work in progress Inventory account.

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-2:

To calculate:

Amount of material transferred to manufacturing overhead account.

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-3:

To calculate:

Find out the balance in the raw material inventory account?

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 2, Problem 8ME

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-1:

To calculate:

Amount of raw material transferred to work in progress Inventory account.

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-2:

To calculate:

Amount of material transferred to manufacturing overhead account.

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-3:

To calculate:

Find out the balance in the raw material inventory account?

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 2, Problem 8ME

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-1:

To calculate:

Amount of raw material transferred to work in progress Inventory account.

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-2:

To calculate:

Amount of material transferred to manufacturing overhead account.

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-3:

To calculate:

Find out the balance in the raw material inventory account?

Answer 6

Chapter 2, Problem 8ME

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-1:

To calculate:

Amount of raw material transferred to work in progress Inventory account.

Answer 7

Chapter 2, Problem 8ME

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-1:

To calculate:

Amount of raw material transferred to work in progress Inventory account.

Answer 8

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-2:

To calculate:

Amount of material transferred to manufacturing overhead account.

Answer 9

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-2:

To calculate:

Amount of material transferred to manufacturing overhead account.

Answer 10

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-3:

To calculate:

Find out the balance in the raw material inventory account?

Answer 11

To determine

Concept introduction:

Direct material cost relates to the material which use in production and direct labor cost means the labor which helps in making raw material into finished goods and other remaining expenses are manufacturing overhead.

Raw material which is directly attributable to a job is transferred to the work in progress account and the raw material which is commonly used in the production of all products is transferred to the manufacturing overhead account.

Requirement-3:

To calculate:

Find out the balance in the raw material inventory account?

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 2 - What is the difference between job order and...Ch. 2 - What types of companies are likely to use job...Ch. 2 - What types companies are likely to use process...Ch. 2 - Many service industries use job order costing to...Ch. 2 - Prob. 5Q Ch. 2 - Prob. 6Q Ch. 2 - Prob. 7Q Ch. 2 - Prob. 8Q Ch. 2 - Prob. 9Q Ch. 2 - Prob. 10Q

Solution Summary: The author explains that direct material cost relates to the material which uses in production and direct labor cost means the labor which helps in making raw material into finished goods.

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