A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far:
Using the information provided.
A. What is the balance in work in process?
B. What Is the balance in the finished goods inventory?
C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.
A job cost sheet of Bramble Company is given below.
JOB NO.
ITEM
FOR
Date
7/10
12
15
22
24
27
31
469
Unit cost
White Lion Cages
Todd Company
Direct
Materials
700
900
1,700
1,520
Cost of completed job:
Direct materials
Direct labor
Manufacturing overhead
Total cost
Job Cost Sheet
Quantity
Date Requested
Date Completed
Direct
Labor
600
400
500
2,000
7/2
7/31
Manufacturing
Overhead
720
480
600
Sabre Corporation is a manufacturing outfit that uses job-order costing. The beginning inventory
balances for direct materials, work-in-process inventory, and finished goods inventory was $20,000,
$15,000, and $30,000 respectively.
The company applies overhead cost to jobs based on machine-hours worked. For the current year, the
company estimated that it would work 75,000 machine-hours and incur $450,000 in manufacturing
overhead cost. The following transactions were recorded during the year:
1.
2.
3.
4.
4567
5.
8.
9.
10.
11.
Raw materials were purchased on account: $410,000.
Raw materials were requisitioned for use in production: $380,000 ($360,000 direct materials
and $20,000 indirect materials)
The following costs were incurred for employee services: direct labour, $75,000; indirect
labour, $110,000; sales commissions, $90,000; and administrative salaries, $200,000.
Sales travel costs were incurred: $17,000.
Utility costs were incurred in the factory: $43,000.
Advertising costs were…
In a Job Costing system, which of the following contain(s) the detailed cost data that support the Work in Process control account?
A.
The Manufacturing Overhead account.
B.
Job cost sheets.
C.
The Finished Goods inventory account.
D.
WIP Account Sheet
What is characteristic of step costs?
A.
Remain the same within the relevant range.
B.
Have an increased fixed component at specified intervals.
C.
Increase in direct proportion to increases in output.
D.
Decrease in direct proportion to increases in output.
The cost of goods that were finished and transferred out of work-in-process during the current period is:
A.
Cost of goods sold.
B.
Cost of goods available for use.
C.
Cost of goods purchased.
D.
Cost of goods manufactured.
Which of the following is defined as the difference between total sales in dollars and total variable…
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
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