Homework Answers
Part A
Predetermined overhead rate = Estimated total manufacturing overhead cost / direct labor cost = 982800/819000 = 120%
Part C
|
No. |
Account titles and explanation |
Debit |
Credit |
|
1 |
Raw Materials Inventory |
105300 |
|
|
Accounts Payable |
105300 |
||
|
2 |
Factory Labor |
81900 |
|
|
Factory Wages Payable |
63180 |
||
|
Employer Payroll Taxes Payable |
18720 |
||
|
3 |
Manufacturing Overhead |
76050 |
|
|
Accounts Payable |
18720 |
||
|
Accumulated Depreciation—Equipment |
14040 |
||
|
Raw Materials Inventory |
19890 |
||
|
Factory Labor |
23400 |
Part D
|
No. |
Account titles and explanation |
Debit |
Credit |
|
1 |
Work in Process Inventory |
92430 |
|
|
Raw Materials Inventory (11700+45630+35100) |
92430 |
||
|
2 |
Work in Process Inventory |
58500 |
|
|
Factory Labor (5850+29250+23400) |
58500 |
||
|
3 |
Work in Process Inventory (58500*120%) |
70200 |
|
|
Manufacturing Overhead |
70200 |
Part B & E
|
Job no.: 50 |
|||
|
Date |
Direct materials |
Direct labor |
Manufacturing overhead |
|
Beg. |
23400 |
14040 |
18720 |
|
Jan. |
11700 |
5850 |
7020 |
|
$35100 |
$19890 |
$25740 |
|
|
Cost of completed job |
|||
|
Direct materials |
35100 |
||
|
Direct labor |
19890 |
||
|
Manufacturing overhead |
25740 |
||
|
Total cost |
$80730 |
5850*120%
|
Job no.: 51 |
|||
|
Date |
Direct materials |
Direct labor |
Manufacturing overhead |
|
Jan. |
45630 |
29250 |
35100 |
|
$45630 |
$29250 |
$35100 |
|
|
Cost of completed job |
|||
|
Direct materials |
45630 |
||
|
Direct labor |
29250 |
||
|
Manufacturing overhead |
35100 |
||
|
Total cost |
$109980 |
29250*120% = 35100
|
Job no.: 52 |
|||
|
Date |
Direct materials |
Direct labor |
Manufacturing overhead |
|
Jan. |
35100 |
23400 |
28080 |
23400*120% = 28080
|
Account titles and explanation |
Debit |
Credit |
|
Finished Goods Inventory |
190710 |
|
|
Work in Process Inventory (80730+109980) |
190710 |
Part F
|
No. |
Account titles and explanation |
Debit |
Credit |
|
1 |
Cost of Goods Sold (105300+80730) |
186030 |
|
|
Finished Goods Inventory |
186030 |
||
|
2 |
Accounts Receivable (142740+184860) |
327600 |
|
|
Sales |
327600 |
Part G
|
Finished goods inventory |
$109980 |
Job No. 51 |
Finished goods inventory = (105300+190710)- 186030 = $109980
Part H
|
Manufacturing overhead |
$5850 |
Underapplied |
Underapplied overhead = actual – applied = 76050-70200 = 5850
Add Answer to:
ter N CALCULATOR FULL SCREEN PRINTER W O N DER oblem 15-01A ott Company uses a...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Problem 15-01A Lott Company uses a job order cost...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $22.800, direct labor $13.680, and manufacturing overhead $18,240. As of January 1, Job 49 had been completed at a cost of $102,600 and was...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK Problem 15-01A Lott Company uses a job order cost system...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prio January 1 on this job were as follows: direct materials $23,800, direct labor $14,280, and manufacturing overhead $19,040. As of January 1, Job 49 had been completed at a cost of $107,100 aw was part of...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $25,000, direct labor $15,000, and manufacturing overhead $20,000. As of January 1, Job 49 had been completed at a cost of $112,500 and was part of finished goods inventory. There was...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,400, direct labor $12,240, and manufacturing overhead $16,320. As of January 1, Job 49 had been completed at a cost of $91,800 and was part of finished goods inventory. There was a $15,300 balance in the Raw Materials Inventory account. During the...
CALCULATOR MESSAGE HY INSTRUCTOR FUL SCREEN PRINTER VERSION BACK NEXT Lott Company uses a job order...
CALCULATOR MESSAGE HY INSTRUCTOR FUL SCREEN PRINTER VERSION BACK NEXT Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,000, direct labor $13,080, and manufacturing overhead $17,440. As of January 1, Job 49 had been completed at a cost of $98,100 and...
a= 120% Please assist with the red wrong boxes. Thank you. Lott Company uses a job...
a= 120%
Please assist with the red wrong boxes. Thank you.
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $22.800, direct labor $13.680, and manufacturing overhead $18,240. As of January 1, Job 49 had been completed at a cost of $102,600 and was...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prio January 1 on this job were as follows: direct materials $23,800, direct labor $14,280, and manufacturing overhead $19,040. As of January 1, Job 49 had been completed at a cost of $107,100 aw was part of...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $25,000, direct labor $15,000, and manufacturing overhead $20,000. As of January 1, Job 49 had been completed at a cost of $112,500 and was part of finished goods inventory. There was...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,400, direct labor $12,240, and manufacturing overhead $16,320. As of January 1, Job 49 had been completed at a cost of $91,800 and was part of finished goods inventory. There was a $15,300 balance in the Raw Materials Inventory account. During the...
CALCULATOR MESSAGE HY INSTRUCTOR FUL SCREEN PRINTER VERSION BACK NEXT Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,000, direct labor $13,080, and manufacturing overhead $17,440. As of January 1, Job 49 had been completed at a cost of $98,100 and...
a= 120%
Please assist with the red wrong boxes. Thank you.
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
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