The Film Company uses a job-order costing system. The following information pertains to the company's activities...
The Film Company uses a job-order costing system. The following information pertains to the company's activities for the month of December:
On December 1, the company had two jobs in work in process as follows: Job 6 $20,000 and Job 8 $14,000
On December 1, the company had job in Finished Goods as follows: Job 10 $50,000
Jobs 12 and 13 were started during the month.
Materials were purchased on account in December for $54,000
Materials were requisitioned for use in production. The direct materials were distributed as follows:
Job #6 $6,000 Job #8 $8,000 Job #12 $23,000 Job #13 $7,000
Direct labor was incurred in December. The direct labor was distributed as follows:
Job #6 $30,000 Job #8 $20,000 Job #12 $35,000 Job #13 $10,000
Overhead is applied using camera hours. The budgeted overhead for the coming year is $1,000,000
Estimated camera hours is the cost driver and is 250,000 camera hours
The following is the distribution of Camera hours (CH) for December:
Job #6 3,000 CH Job #8 4,000 CH Job #12 11,000 CH Job #13 2,000 CH
Actual overhead for December was incurred for various indirect costs on account.
Use a generic miscellaneous payable account in your journal entry. $75,000
Job Nos. 8 and 12 were completed during the month.
Job Nos.10 and 12 were sold to customers on account during December at 125% of cost
Any over-or underapplied overhead is closed to Cost of Goods Sold.
Questions
1. What was the total beginning balance (December 1st) of Work in process?
2. What was the beginning balance (December 1st) of Finished Goods?
3. Calculate the overhead rate based on camera hours
Homework Answers
Answer 1:
Total beginning balance (December 1st) of Work in process = Work in process of Job 6 + Work in process of Job 8
= 20000 + 14000
= $34,000
Total beginning balance (December 1st) of Work in process = $34,000
Answer 2:
Beginning balance (December 1st) of Finished Goods = Job 10 Finished Goods = $50,000
Beginning balance (December 1st) of Finished Goods = $50,000
Answer 3:
Overhead rate based on camera hours = budgeted overhead / Estimated camera hours = 1000000 / 250000 = $4
Overhead rate based on camera hours = $4 per camera hour
Add Answer to:
The Film Company uses a job-order costing system. The following
information pertains to the company's activities...
The Film Company uses a job-order costing system. The following information pertains to the company's activities...
The Film Company uses a job-order costing system. The following information pertains to the company's activities for the month of December: On December 1, the company had two jobs in work in process as follows: Job 6 $20,000 and Job 8 $14,000 On December 1, the company had job in Finished Goods as follows: Job 10 $50,000 Jobs 12 and 13 were started during the month. Materials were purchased on account in December for $54,000 Materials were requisitioned for use...
The Film Company uses a job-order costing system. The following information pertains to the company's activities...
The Film Company uses a job-order costing system. The following information pertains to the company's activities for the month of December: On December 1, the company had two jobs in work in process as follows: Job 6 $20,000 and Job 8 $14,000 On December 1, the company had job in Finished Goods as follows: Job 10 $50,000 Jobs 12 and 13 were started during the month. A. Materials were purchased on account in December for $54,000 B. Materials were requisitioned...
The Film Company uses a job-order costing system. The following information pertains to the company's activities...
The Film Company uses a job-order costing system. The following
information pertains to the company's activities for the month of
December:
On December 1, the company had two jobs in work in process as
follows: Job 6 $20,000 and Job 8 $14,000
On December 1, the company had job in Finished Goods as follows:
Job 10 $50,000
Jobs 12 and 13 were started during the month.
Materials were purchased on account in December for $54,000
Materials were requisitioned for use...
The Film Company uses a job-order costing system. The following information pertains to the company's activities...
The Film Company uses a job-order costing system. The following information pertains to the company's activities for the month of December: On December 1, the company had two jobs in work in process as follows: Job 6 $20,000 and Job 8 $14,000 On December 1, the company had job in Finished Goods as follows: Job 10 $50,000 Jobs 12 and 13 were started during the month. Materials were purchased on account in December for $54,000 Materials were requisitioned for use...
The Film Company uses a job-order costing system. The following information pertains to the company's activities...
The Film Company uses a job-order costing system. The following information pertains to the company's activities for the month of December: On December 1, the company had two jobs in work in process as follows: Job 6 $20,000 and Job 8 $14,000 On December 1, the company had job in Finished Goods as follows: Job 10 $50,000 Jobs 12 and 13 were started during the month. A. Materials were purchased on account in December for $54,000 B. Materials were requisitioned...
I only need help on the last two. The Film Company uses a job-order costing system....
I only need help on the last two. The Film Company uses a job-order costing system. The following information pertains to the company's activities for the month of December: On December 1, the company had two jobs in work in process as follows: Job 6 $20,000 and Job 8 $14,000 On December 1, the company had job in Finished Goods as follows: Job 10 $50,000 Jobs 12 and 13 were started during the month. A. Materials were purchased on account...
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Lott Company uses a job order cost system and applies overhead
to production on the basis of direct labor costs. On January 1,
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to January 1 on this job were as follows: direct materials $20,000,
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Weinrich Manufacturing uses a job order cost system and applies overhead to production on the basis...
Weinrich Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2019, Job No. 25 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $10,000; direct labor $6,000; and manufacturing overhead $9,000. Job No. 23 had been completed at a cost of $42,000 and was part of finished goods inventory. There was a $8,000 balance in...
The Film Company uses a job-order costing system. The following
information pertains to the company's activities for the month of
December:
On December 1, the company had two jobs in work in process as
follows: Job 6 $20,000 and Job 8 $14,000
On December 1, the company had job in Finished Goods as follows:
Job 10 $50,000
Jobs 12 and 13 were started during the month.
Materials were purchased on account in December for $54,000
Materials were requisitioned for use...
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...
Problem for Job Order Costing
Tiny Homes uses a job costing system to account for the individual prefabricated homes of January 1, its accounting records showed inventories as follows the individual prefabricated homes it builds. As Materials and supplies Work in process (Jobs 422 and 423) Finished goods (Job 421) $120,000 180,000 175,000 The work in process in ventory consisted of two jobs: Job# 422 423 Direct Materials $36,000 Direct Labor Manufacturing Overh $40,000 $20,000 $96,000 $36,000 $180,000 $76,000 $68,000...
Weinrich Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2019, Job No. 25 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $10,000; direct labor $6,000; and manufacturing overhead $9,000. Job No. 23 had been completed at a cost of $42,000 and was part of finished goods inventory. There was a $8,000 balance in...
Weinrich Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2019, Job No. 25 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $10,000; direct labor $6,000; and manufacturing overhead $9,000. Job No. 23 had been completed at a cost of $42,000 and was part of finished goods inventory. There was a $8,000 balance in...
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