Applied manufacturing overhead = Direct labor hours*Overhead rate | |||||||
Applied manufacturing overhead | 149*$10.50 | ||||||
Applied manufacturing overhead | $1,564.50 | ||||||
Calculation of sales revenue from Job | |||||||
Direct material costs | $7,380.00 | ||||||
Direct labor costs | $3,129.00 | ||||||
Applied manufacturing overhead | $1,564.50 | ||||||
Total costs | $12,073.50 | Cost of goods sold | |||||
Additional 32% | $3,863.52 | ||||||
Sales revenue | $15,937.02 | ||||||
Journal entry to record cost of goods sold | |||||||
General Journal | Debit | Credit | |||||
Cost of goods sold | $12,073.50 | ||||||
Finished goods inventory | $12,073.50 | ||||||
(To record cost of goods sold) | |||||||
Cost of goods sold is debited for increase in expense and finished goods inventory credited for decrease in inventory | |||||||
Journal entry to record sales revenue | |||||||
General Journal | Debit | Credit | |||||
Cash | $15,937.02 | ||||||
Sales revenue | $15,937.02 | ||||||
(To record sales revenue) | |||||||
Cash is debited for increase in cash balance and sales revenue credited for increase in revenue | |||||||
Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the...
Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below.. Assume the company bids its pools at total manufacturing cost plus an additional 37 percent. Job Cost Sheet Job Number : 1324 Date Started: 7/8/2018 Date Completed: 8/30/2018 Description: Drayna Pool Applied Manufacturing Overhead Direct Materials Direct Labor Req. No MR 3345 $1,500 Ticket Amount Amount Hours Amount Hours Rate тт...
E2-16 (Algo) Preparing Journal Entries [LO 2-S1) Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below.. Assume the company bids its pools at total manufacturing cost plus an additional 20 percent. Job Cost Sheet Job Number: 1324 Date Started: 7/8/2018 Date Completed: 8/30/2018 Description: Drayna Pool Applied Direct Materials Direct Labor Manufacturing Overhead Reg. No Amount Ticket Hours Amount Hours...
Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below. Assume the company bids its pools at total manufacturing cost plus an additional 36 percent. Job Numbers 1324 Date Startedt 7/5/2018 Date Completedi 8/30/2018 Description: Dayna Pool Direct Materials Manufacturing Overhead Hours Rate MR 3345 $1.500 PR 337 4263 MR 5236 Direct Materials Direct Labor Cost Applied Manufacturing Overhead Total Cost...
Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet on the following page. Assume the company bids its pools at total manufacturing cost plus an additional 29 percent. Job Cost Sheet Job Number: 1324 Date Started: 7/8/2016 Date Completed: 8/30/2016 Pool Applied Manufacturing Overhead Direct Materials Direct Labor Req. No Amount Ticket Hours Amount Hours Rate Amount MR 3345 MR 3372...
Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below. Job Cost Sheet Job Number: 1324 Date Started: 7/8/2018 Date Completed: 8/30/2018 Description: Drayna Pool Applied Manufacturing Overhead Hours Rate Amount Direct Materials Reg. No Amount MR 3345 $1,500 MR 3372 1,000 MR 4251 1,250 MR 4263 1,750 MR 5236 2,000 $7,500 Direct Labor Ticket Hours Amount TT 335 31 $...
Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below. Job Cost Sheet Job Number: 1324 Date Started: 7/8/2018 Date Completed: 8/30/2018 Description: Drayna Pool Applied Direct Materials Direct Labor Manufacturing Overhead Req. No Amount Ticket Hours Amount Hours Rate Amount MR 3345 $ 1,600 TT 335 27 $ 553.50 MR 3372 930 TT 340 46 943.00 MR 4251 1,290 TT...
Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet on the following page. Job Cost Sheet Job Number: 1324 Date Started: 7/8/2016 Date Completed: 8/30/2016 : Drayna Pool Direct Materials Direct Labor Manufacturing Overhead Hours Rate Amount Req. No Amount Ticket Hours Amount 37 $ 762.20 988.80 762.20 638.60 453.20 175 $3,605.00 MR 3345 1,590 MR 3372 1,040 51 1,320 MR...
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Aquazona Pool Company is a custom pool builder. The company recently completed a poor for the Brayna family (Job 1324) as summarized on the incomplete Job cost sheet below. Job Cost Sheet Job Number: 1324 Date Started: 7/8/2018 Date Completed: 8/30/2018 Description: Drayna Pool Applied Manufacturing Overhead Hours Rate Amount Direct Materials Req. No Amount...
Exercise 15-5 Manufacturing cost flows LO P1, P2, P3 Custom Cabinetry has one job in process (Job 120) as of June 30, at that time, its job cost sheet reports direct materials of $8,300, direct labor of $3,900, and applied overhead of $3,510. Custom Cabinetry applies overhead at the rate of 90 % of direct labor cost. During July, Job 120 is sold (on account) for $22,000, Job 121 is started and completed, and Job 122 is started and stll...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $205,920 and total machine hours at 62,400. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $10,800...