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Cort Accownting Banic Conceptr and the Job Onder Cos Cyole 63 70. Last...
Bear Printing prints one brochure in two departments on a continuous basis and uses the average...
Bear Printing prints one brochure in two departments on a continuous basis and uses the average cost method of process cost accounting. The following information was reported for the month of April, 20--: Production Costs Printing Department Binding Department Work in process, beginning of month: Cost in Printing Department $18,000 Materials $ 9,500 $ 1,000 Labor 8,000 3,000 Factory overhead 7,000 $24,500 2,000 6,000 Costs incurred during month: Materials $23,000 $11,000 Labor 13,000 25,000 Factory overhead 36,000 72,000 16,000 52,000 Total...
Problem: Show all you work. From the account balances listed below, prepare a schedule of cost...
Problem: Show all you work. From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2016. Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory,...
Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare...
Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. June 1 Purchased raw materials for $20,000 on account. 8 Raw materials requisitioned by production: Direct materials $8,000 Indirect materials 1,000 15 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 25 Incurred $108,000 of factory labor. 25 Time tickets indicated the following: Direct...
Magic Lady Clean A Magical The Problem: Show all you work. From the account balances listed...
Magic Lady Clean A Magical The Problem: Show all you work. From the account balances listed below, prepare a schedule of cost of goods manufactured Sampson Manufacturing Company for the month ended December 31, 2016 Account Balances $42,000 Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1...
Beckner Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on direct...
Beckner Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 139,000 and estimated factory overhead is $903,500. The following information is for September. Job X was completed during September, while Job Y was started but not finished September 1, inventories: Materials Work-in-process (All Job X) Finished goods $ 24,600 54,000 106,200 $163,000 Materials purchases Direct materials requisitioned:...
Question 28 2 pts Dallas Company uses a job order costing system. The company's executives estimated that direct...
Question 28 2 pts Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $2,000,000 (200,000 hours at $10/hour) and that factory overhead would be $1.500,000 for the current period. At the end of the period, the records show that there had been 180,000 hours of direct labor and $1,200,000 of actual overhead costs. Using direct labor hours as base, what was the predetermined overhead rate? $6.00 per direct labor hour. $7.50 per...
1. Bakerston Company is a manufacturing firm that uses job-onder costing. The company's inventory bal- ances...
1. Bakerston Company is a manufacturing firm that uses job-onder costing. The company's inventory bal- ances were as follows at the beginning and end of the year. Raw materials Work in process Finished goods Beginning Balance $14,000 $27,000 $62,000 Ending Balance $22.000 $9,000 $77.000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,000 machine hours and incur 5231,000 in manufacturing overhead...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $2,000. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor $1,960 $1,780 2.400 1,170 4,410 2,390 1,590 5,370 3,410 2,490 670 106 3,360 2.140 2,630 For general factory use c. Factory overhead costs incurred on account, $3,740. d. Depreciation...
Schrager Company has two production departments: Cutting and Assembly July 1 inventories are Raw Materials $4,600,...
Schrager Company has two production departments: Cutting and Assembly July 1 inventories are Raw Materials $4,600, Wo in Process-Cutting $3,800, Work in Process-Assembly $11,500, and Finished Goods $32,000. During July, the following transactions occurred. 1. Purchased $64,200 of raw materials on account. 2. Incurred $61,000 of factory labor. (Credit Wages Payable.) 3. Incurred $71,000 of manufacturing overhead: $42,300 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $16,700 and Assembly $9,600. 5. Used factory labor for Cutting...
4-24 Product cost flows, journal entries, T-accounts (LO 3, 4) Oberti Guitar Company makes high-quality customized...
4-24 Product cost flows, journal entries, T-accounts (LO 3, 4) Oberti Guitar Company makes high-quality customized guitars. Oberti uses a job order costing system. Because the guitars are handmade, the company applies overhead based on direct labor urs. At the beginning of the year, the company estimated that total manufacturing ove d costs would be $300,000 and that 20,000 direct labor hours would be w vear-end, Anthony, the company's founder and CEO give hy s founder and CEO, gives you...
Problem: Show all you work. From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2016. Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory,...
Magic Lady Clean A Magical The Problem: Show all you work. From the account balances listed below, prepare a schedule of cost of goods manufactured Sampson Manufacturing Company for the month ended December 31, 2016 Account Balances $42,000 Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1...
Beckner Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 139,000 and estimated factory overhead is $903,500. The following information is for September. Job X was completed during September, while Job Y was started but not finished September 1, inventories: Materials Work-in-process (All Job X) Finished goods $ 24,600 54,000 106,200 $163,000 Materials purchases Direct materials requisitioned:...
Question 28 2 pts Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $2,000,000 (200,000 hours at $10/hour) and that factory overhead would be $1.500,000 for the current period. At the end of the period, the records show that there had been 180,000 hours of direct labor and $1,200,000 of actual overhead costs. Using direct labor hours as base, what was the predetermined overhead rate? $6.00 per direct labor hour. $7.50 per...
1. Bakerston Company is a manufacturing firm that uses job-onder costing. The company's inventory bal- ances were as follows at the beginning and end of the year. Raw materials Work in process Finished goods Beginning Balance $14,000 $27,000 $62,000 Ending Balance $22.000 $9,000 $77.000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,000 machine hours and incur 5231,000 in manufacturing overhead...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $2,000. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor $1,960 $1,780 2.400 1,170 4,410 2,390 1,590 5,370 3,410 2,490 670 106 3,360 2.140 2,630 For general factory use c. Factory overhead costs incurred on account, $3,740. d. Depreciation...
Schrager Company has two production departments: Cutting and Assembly July 1 inventories are Raw Materials $4,600, Wo in Process-Cutting $3,800, Work in Process-Assembly $11,500, and Finished Goods $32,000. During July, the following transactions occurred. 1. Purchased $64,200 of raw materials on account. 2. Incurred $61,000 of factory labor. (Credit Wages Payable.) 3. Incurred $71,000 of manufacturing overhead: $42,300 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $16,700 and Assembly $9,600. 5. Used factory labor for Cutting...
4-24 Product cost flows, journal entries, T-accounts (LO 3, 4) Oberti Guitar Company makes high-quality customized guitars. Oberti uses a job order costing system. Because the guitars are handmade, the company applies overhead based on direct labor urs. At the beginning of the year, the company estimated that total manufacturing ove d costs would be $300,000 and that 20,000 direct labor hours would be w vear-end, Anthony, the company's founder and CEO give hy s founder and CEO, gives you...
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