a) Ending WIP = Beginning WIP+Direct material+Direct labor+Overhead-Ending WIP
= 46100+162500+113300+151700-446400
Ending WIP = 27200
b) Direct labor = 9600/1.2 = 8000
c) Direct material = Ending WIP-Overhead-Direct labor = 27200-9600-8000 = 9600
Skysong Company uses a job costing system. Overhead is allocated based on 120% of direct labour...
Exercise 5.34 Whispering Company uses a job costing system. Overhead is allocated based on 120% of direct labour cost. Last month's transactions in the work-in-process account are shown here: Work in Process $51,900 171,300 To finished goods 108,000 145,600 Beginning balance Direct materials Direct labour Factory overhead $408,900 Only one job, +850, was still in process at the end of the month. Job 850 was charged with $8,700 in overhead for the month. What is the ending balance in the...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,200, and manufacturing overhead $20,200. As of January 1, Job No. 49 had been completed at a cost of $120,200 and was part of finished goods inventory. There...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,000, and manufacturing overhead $20,000. As of January 1, Job No. 49 had been completed at a cost of $120,000 and was part of finished goods inventory. There...
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 $21,800, direct labor $13,080, and manufacturing overhead $17,440. As of January 1, Job 49 had been completed at a cost of $98,100 and was part of finished goods inventory. There was a $16,350...
Question 8 Red Fire Inc. produces fire trucks. The company uses a normal job-order costing system to calculate its cost of goods manufactured. The company’s policy is to price its job at cost plus 30% markup. On January 1, 2020, there was only one job in process, with the following costs: Questions Red Fire Inc. produces fire trucks. The company uses a normal job-order costing system to calculate its cost of goods manufactured. The company's policy is to price its...
Problem 2-1A (Video) 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 $21,800, direct labor $13,080, and manufacturing overhead $17,440. As of January 1, Job 49 had been completed at a cost of $98,100 and was part of finished goods inventory. There...
Question 8 Red Fire Inc. produces fire trucks. The company uses a normal job-order costing system to calculate its cost of goods manufactured. The company's policy is to price its job at cost plus 30% markup. On January 1, 2020, there was only one job in process, with the following costs: Job 200 $13,600 Direct materials Direct labour Applied overhead Total 18,000 27,000 $58,600 The following balances were taken from the company's general ledger as of January 1, 2020: Direct...
Problem 2-1A (Video) Latt Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Jab 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,600, direct labar $12,360, and manufacturing overhead $16,480. As of January 1, Job 49 had been carnpleted at a cost of $92,700 and was part of finished goods inventory. There...
Cheyenne Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours. For the current year, Cheyenne estimated that the total overhead costs would be $79,680 and that the total labour hours would be 2,490. At the end of the year, Cheyenne obtained the actual overhead costs from the ledger and found that the shop had incurred $73,170 and had worked 2,439 labour hours. nd that the total labour hours would be 2,490. At the...
Lott company uses a Problem 2-1A (Video) 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 $22,000, direct labor $13,200, and manufacturing overhead $17,600. As of January 1, Job 49 had been completed at a cost of $99,000 and was part of...