Homework Answers
1. Predetermined overhead rate = $ 264,000 / $ 80,000 = 3.3 times direct labor cost or 330 % of direct labor cost.
| Job No. | Materials | Labor | Overhead Applied |
| W 12 | $ 800 | $ 1,400 | $ 4,620 |
| X 13 | 1,000 | 1,720 | 5,676 |
2. In the books og Bixby Company:
| Event | Account Titles | Debit | Credit |
| $ | $ | ||
| 3. | Materials | 10,905 | |
| Cash | 10,905 | ||
| 4. | Work in Process | 14,170 | |
| Manufacturing Overhead | 930 | ||
| Materials | 8,200 | ||
| Factory Labor | 6,900 | ||
| 5. | Manufacturing Overhead | 13,500 | |
| Cash | 13,500 | ||
| 6. | Work in Process | 20,988 | |
| Manufacturing Overhead | 20,988 | ||
| 7. | Finished Goods | 34,264 | |
| Work in Process | 34,264 | ||
| 8.a. | Cash | 12,000 | |
| Sales | 12,000 | ||
| 8. b. | Cost of Goods Sold | 8,694 | |
| Finished Goods | 8,694 | ||
| 9. | Manufacturing Overhead | 6,558 | |
| Work in Process ( 16,110 / 50,374 * 6,558) | 2,097.30 | ||
| Finished Goods ( 25,570 / 50,374 * 6,558 ) | 3,328.86 | ||
| Cost of Goods Sold ( 8,694 / 50,374 * 6,558 ) | 1,131.84 |
Ending balances :
Work in Process : $ 16,110
Finished Goods :$ 25,570
COGS : $ 8,694
Manufacturing overhead incurred : $ 14,430
Manufacturing overhead applied = $ 20,988
Manufacturing overhead overapplied = $ 20,988 - $ 14,430 = $ 6,558
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1. The following selected data were taken from the records of the Bixby Company. The company...
h e had LALL 1. The following system to account for t h e The company...
h e had LALL 1. The following system to account for t h e The company applies tha t estimated current year the Required Review the fut ur e January. Not all vet e rary (1) Work-in-process cont balances at the beginning of them Val de Marrial Labor Orhead W12 S800 51.400 Yee calculate X13 $1,000 $1,720 You calculate (2.) Other selected beginning account balances on Jun e Materials Finished Goods Cost of Goods Sold 0. 0. (3.) Materials purchased...
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Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed...
Old School Publishing Inc. began printing operations
on January 1. Jobs 301 and 302 were completed during the month, and
all costs applicable to them were recorded on the related costs
sheets. Jobs 303 and 394 are still in process at the end if the
month, and all applicable costs except factory overhead have been
recorded on the related cost sheets. In addition to the materials
and labor charged directly to the
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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...
P15-1A: Lott Company uses a job order cost system and applies overhead to production on the...
P15-1A: 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...
P2.1A (LO 1,2,3,4,5), AP Lott Company uses a job order cost system and applies overhead to...
P2.1A (LO 1,2,3,4,5), AP Lott Company uses a job order cost system and applies overhead to produc- tion 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...
Instructions Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were...
Instructions Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,800 of indirect materials and $11,100...
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The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: Work in process inventory $0 Raw materials inventory $ 28,400 Finished goods inventory $40,200 Additional data: 1. Actual manufacturing overhead for January amounted to $ 67,900. 2. Total direct labor cost for January was $ 63,000. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $ 240,000 of direct labor...
h e had LALL 1. The following system to account for t h e The company applies tha t estimated current year the Required Review the fut ur e January. Not all vet e rary (1) Work-in-process cont balances at the beginning of them Val de Marrial Labor Orhead W12 S800 51.400 Yee calculate X13 $1,000 $1,720 You calculate (2.) Other selected beginning account balances on Jun e Materials Finished Goods Cost of Goods Sold 0. 0. (3.) Materials purchased...
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Old School Publishing Inc. began printing operations
on January 1. Jobs 301 and 302 were completed during the month, and
all costs applicable to them were recorded on the related costs
sheets. Jobs 303 and 394 are still in process at the end if the
month, and all applicable costs except factory overhead have been
recorded on the related cost sheets. In addition to the materials
and labor charged directly to the
jobs, $7,000 of indirect materials and $11,2000 of...
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...
P2.1A (LO 1,2,3,4,5), AP Lott Company uses a job order cost system and applies overhead to produc- tion 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...
Instructions Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,800 of indirect materials and $11,100...
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