As per policy, only four parts of a question are allowed to answer at a time, so answering 5 parts here:
req a) Predetermined overhead rate = Manuf overhead costs estimate/Direct labor costs estimated | ||||||
505750/595000 = $0.85 per dollar DLC | ||||||
Req b) Job Sheets: | ||||||
Job | 50 | 51 | 52 | Total | ||
O. Balance | ||||||
Dir. Mat. | 17000 | 17000 | ||||
Dir. Lab. | 10200 | 10200 | ||||
M. OH. | 13600 | 13600 | ||||
Added during month: | 0 | |||||
Dir. Mat. | 8500 | 33200 | 25500 | 67200 | ||
Dir. Lab. | 4300 | 21300 | 17000 | 42600 | ||
M. OH. | 3655 | 18105 | 14450 | 36210 | (DLC*0.85) | |
Total costs | 57255 | 72605 | 56950 | 186810 | ||
Req c) Recording of costs: | ||||||
Date | Acc Title | Debit $ | Credit $ | |||
1 | Raw mat. | 76500 | ||||
Account Payable | 76500 | |||||
(material purchsed on credit) | ||||||
2 | Payroll | 59500 | ||||
Cash | 59500 | |||||
(incurred labor costs) | ||||||
3 | Manuf. Overhead | 24900 | ||||
Ind. Mate. | 6500 | |||||
Ind. Lab. | 7700 | |||||
Dep exp. | 4600 | |||||
Account Payable | 6100 | |||||
(manufacturing costs incurred) | ||||||
Req d) | WIP | 146010 | ||||
Raw material | 67200 | |||||
Payroll | 42600 | |||||
Manuf. Overhead | 36210 | (42600*0.85) | ||||
(Costs & Overhead assigned to the production) | ||||||
Req e) | ||||||
Job | 50 | 51 | 52 | Total | ||
O. Balance | ||||||
Dir. Mat. | 17000 | 17000 | ||||
Dir. Lab. | 10200 | 10200 | ||||
M. OH. | 13600 | 13600 | ||||
Added during month: | 0 | |||||
Dir. Mat. | 8500 | 33200 | 25500 | 67200 | ||
Dir. Lab. | 4300 | 21300 | 17000 | 42600 | ||
M. OH. | 3655 | 18105 | 14450 | 36210 | (DLC*0.85) | |
Total costs | 57255 | 72605 | 56950 | 186810 |
Page 1 of 1 Job Order Costing (Practice B) man Manufacturing Company uses a job order...
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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C-F
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