EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Chapter 20, Problem 3PSA
a.
To determine
Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To prepare:
b.
To determine
Job order costing:
Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To prepare: The work in the process inventory account.
c.
To determine
Job order costing:
Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To compute: The balance in the inventory account.
d.
To determine
Job order costing:
Job order costing is a cost evaluation method that considers each job separate and assigns costs to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To prepare: The cost of goods manufactured schedule.
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Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data.
Raw Materials Inventory
$ 3,900
Manufacturing Overhead Applied
$ 35,600
Work in Process Inventory
$ 5,975
Manufacturing Overhead Incurred
$ 29,400
Subsidiary data for Work in Process Inventory on June 1 are as follows.
Job Cost Sheets
Customer Job
Cost Element
Rodgers
Stevens
Linton
Direct materials
$ 700
$ 900
$ 1,000
Direct labor
300
500
700
Manufacturing overhead
375
625
875
$ 1,375
$ 2,025
$ 2,575
During June, raw materials purchased on account were $ 4,600, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $ 800 and miscellaneous costs of $ 400 incurred on account.A summary of materials requisition slips…
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on the customer preference. On June 1, 2020, the general ledger for Case Inc. contains the follow data (pictured below).
A) Journalize the June transactions for (1) the purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, labor, and overhead production; (3) completion of jobs and sale of goods.
B) Post the entires to Work in Process Inventory.
C) Reconcile the balance in Work in Progress Inventory with the costs of unfinished jobs.
D) Prepare a cost of goods manufactured schedule for June.
The Fielder manufacturing company uses job order costing system. The company uses machine
hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850
machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020.
The following activities took place in the work in process inventory during February:
WIP Inventory A/C
February 1 Bal.
Direct Materials Used
b/f
256,400
51,250
Other transactions incurred:
• Indirect material issued to production was $38,000
• Total manufacturing labour incurred in February was $345,000, 80% of this amount
represented direct labour.
• Other manufacturing overhead costs incurred for February amounted to $340,750.
• Two jobs were completed with total costs of $324,000 & $240,000 respectively. They were
sold on account at a margin of 40% on sales.
Chapter 20 Solutions
EBK ACCOUNTING PRINCIPLES
Ch. 20 - Prob. 1QCh. 20 - Prob. 2QCh. 20 - Prob. 3QCh. 20 - Prob. 4QCh. 20 - Prob. 5QCh. 20 - Prob. 6QCh. 20 - Prob. 7QCh. 20 - Prob. 8QCh. 20 - Prob. 9QCh. 20 - Prob. 10Q
Ch. 20 - Prob. 11QCh. 20 - Prob. 12QCh. 20 - Prob. 13QCh. 20 - Prob. 14QCh. 20 - Prob. 15QCh. 20 - Prob. 16QCh. 20 - Prob. 17QCh. 20 - Prob. 18QCh. 20 - Prob. 1BECh. 20 - Prob. 2BECh. 20 - Prob. 3BECh. 20 - Prob. 4BECh. 20 - BE20-5 Data pertaining to job cost sheets for...Ch. 20 - Prob. 6BECh. 20 - Prob. 7BECh. 20 - Prob. 8BECh. 20 - Prob. 9BECh. 20 - Prob. 10BECh. 20 - Prob. 1DIECh. 20 - Prob. 2DIECh. 20 - Prob. 3DIECh. 20 - Prob. 4DIECh. 20 - Prob. 5DIECh. 20 - Prob. 1ECh. 20 - E20-2 Stine Company uses a job order cost system....Ch. 20 - Prob. 3ECh. 20 - Prob. 4ECh. 20 - Prob. 5ECh. 20 - Prob. 6ECh. 20 - Prob. 7ECh. 20 - Prob. 8ECh. 20 - Prob. 9ECh. 20 - Prob. 10ECh. 20 - Prob. 11ECh. 20 - Prob. 12ECh. 20 - Prob. 13ECh. 20 - Prob. 1PSACh. 20 - Prob. 2PSACh. 20 - Prob. 3PSACh. 20 - Prob. 4PSACh. 20 - Prob. 1EYCTCh. 20 - Prob. 2EYCTCh. 20 - Prob. 3EYCTCh. 20 - Prob. 4EYCTCh. 20 - Prob. 5EYCTCh. 20 - Prob. 7EYCT
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