NOTE** Please use 200 words. Instructions: Explain and provide an example for the following job order...
NOTE** Please use 200 words.
Instructions:
Explain and provide an example for the following job order cost system entries: initial purchase of raw materials, the requisition of materials from the warehouse to the production floor, and factory labor used in production. For each journal entry, identify if the cost being recorded is a product cost o r a period cost.
THANK YOU :)
Homework Answers
Material Inventory A/C DR $1,000,000
Accounts Payable A/C $ 1,000,000
(Being Raw Material purchased)
It is a Period Cost
Job Order has been coded as ABC25
Work-in-Progress Job Order - ABC25 A/C DR $ 500,000
Material Inventory A/C $ 500,000
(Being Raw Material charged to Production)
It is a Product Cost
Work-in-Progress Job Order - ABC25 A/C DR $ 300,000
Factory Wages A/C $ 300,000
(Being Factory Labour charged to Production)
It is a Product Cost
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NOTE** Please use 200 words.
Instructions:
Explain and provide an example for the following job order...
10. set? cribe how a job order cost system can be used for professional service businesses....
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The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw...
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P15-1A: Lott Company uses a job order cost system and applies overhead to production on the...
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P15.1A (LO 1, 2, 3, 4,5), AP Lott Company uses a job order cost system and...
P15.1A (LO 1, 2, 3, 4,5), AP Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20.000, direct labor $12,000, and manufacturing overhead $16,000. As of January 1, Job 49 had been completed at a cost of $90,000 and was part of...
I ALWAYS THUMBS UP THANKS The Polaris Company uses a job-order costing system. The following data...
I
ALWAYS THUMBS UP THANKS
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year. a. Raw materials purchased on account, $210,000. b. Raw materials issued to production, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Direct labor cost incurred, $48,000; indirect labor cost incurred, $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs incurred during October, $130,000 (credit Accounts Payable). f. The...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula estimate that it would incur $4,800,000 in manufacturing overhead cost at an activity level of 240,000 machine-hours e company spent the entire month of January working on a large order for 16,000 custom-made machined parts. The company had no work in...
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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 $20,000,
direct labor $12,000, and manufacturing overhead $16,000. As of
January 1, Job 49 had been completed at a cost of $90,000 and was
part of finished goods inventory. There was a $15,000...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,800,000 in manufacturing overhead cost at an activity level of 240,000 machine-hours. The company spent the entire month of January working on a large order of 16,000 custom-made machined parts. The company had no work...
10. set? cribe how a job order cost system can be used for professional service businesses. ic Exercises SHOW WE ROW BE 16.1 Issuance of materials Obj. 2 On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7...
The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account. $210,000. b. Raw materials used in production, $190,000 ($178,000 direct materials and $12.000 indirect materials). C. Accrued direct labor cost of $90,000 and indirect labor cost of $110.000. d. Depreciation recorded on factory equipment. $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per...
P15.1A (LO 1, 2, 3, 4,5), AP Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20.000, direct labor $12,000, and manufacturing overhead $16,000. As of January 1, Job 49 had been completed at a cost of $90,000 and was part of...
I
ALWAYS THUMBS UP THANKS
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year. a. Raw materials purchased on account, $210,000. b. Raw materials issued to production, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Direct labor cost incurred, $48,000; indirect labor cost incurred, $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs incurred during October, $130,000 (credit Accounts Payable). f. The...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula estimate that it would incur $4,800,000 in manufacturing overhead cost at an activity level of 240,000 machine-hours e company spent the entire month of January working on a large order for 16,000 custom-made machined parts. The company had no work in...
Exercise to Job Order Casting On March on the materials department of Cards by Hallmark received the following Receiving Report No. 110 for $1.100, materials requisition for Job 22 for 5200 materials requisition for lob 23 for $800, and Receiving Report No. 110 for 51.000 Required: Prepare the journal entries to record the transactions if the company pays for the materials on account b) On March 6, 2015, the time tickets of employees at Cards by Hallmark gave the following...
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 $20,000,
direct labor $12,000, and manufacturing overhead $16,000. As of
January 1, Job 49 had been completed at a cost of $90,000 and was
part of finished goods inventory. There was a $15,000...
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