Homework Answers
| a) | |
| Manufacturing overheads applied to Job 103 during the month: | |
| Manufacturing overheads ($20,000*75/100) | $15,000 |
| Therefore, manufacturing overheads applied to Job 103 during the month is $15,000. | |
| b) | |||
| Unit cost of Jobs 101, 102 & 103: | Job 101 | Job 102 | Job 103 |
| Direct materials | $20,000 | $16,000 | $24,000 |
| Direct labor | $32,000 | $28,000 | $20,000 |
| Manufacturing Overheads ($32,000*75/100); ($28,000*75/100); ($20,000*75/100) | $24,000 | $21,000 | $15,000 |
| Total Costs (a) | $76,000 | $65,000 | $59,000 |
| Number of Units (b) | 1,000 | 200 | |
| Unit cost of Jobs 101 & 103 (a/b) | $76 | $295 |
| c) | |
| Balance in work-in process inventory: | |
| Job 102: | |
| Direct materials | $16,000 |
| Direct labor | $28,000 |
| Manufacturing Overheads ($28,000*75/100) | $21,000 |
| Balance in work-in process inventory | $65,000 |
| d) | |
| Actual manufacturing overheads incurred (a) | $66,000 |
| Total mannufacturing overheads applied (b) ($24,000 + $21,000 + $15,000) | $60,000 |
| Manufacturing Overheads Under-Applied (a - b) | $6,000 |
Home Insert Design Layout References Mallings Review View Paste B IU.abe X, X? A.2.A . 3....
Home Insert Design Layout References Mallings Review View Paste B IU.abe X, X? A.2.A . 3. General Electric employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: (20 pts) 1. Direct materials requisitioned during the month Job 101 $20,000 Job 102 16.000 Job 103 24.000 SCO.0.0.0 2. Direct labor incurred and charged to jobs during the month was: Job 101 $32.000 Job 102 28.000 Job 103 20.00...
Watson Manufacturing Company employs a job order cost accounting system and keeps perpetual...
1. Direct materials requisitioned during the month:Job 101 $22,000Job 102 16,000Job 103 24,000$62,0002. Direct labor incurred and charged to jobs during the month was:Job 101 $30,000Job 102 35,000Job 103 20,000$85,0003. Manufacturing overhead was applied to jobs worked on using apredetermined overhead rate based on 80% of direct labor costs.4. Actual manufacturing overhead costs incurred during the month amountedto $74,000.5. Job 101 consisting of 1,000 units and Job 103 consisting of 200 units werecompleted during the month.Instructions:(a) Prepare journal entries to...
Roy Mendinghouse Company employs a job order cost accounting system and keeps perpetual inventory records. The...
Roy Mendinghouse Company employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations Direct materials requisitioned during the month 1. Job 101 $20,000 16,000 Job 102 Job 103 24.000 $60.000 Direct labor incurred and charged to jobs during the month was: $32,000 28,000 20.000 $80.000 2. Job 101 Job 102 Job 103 3. Manufacturing overhead was applied to jobs worked on using a predeternmined overhead rate based on...
3. General Electric employs a job order cost accounting system and keeps perpetual inventory records. The...
3. General Electric employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: (20 pts) 1. Direct materials requisitioned during the month: Job 101 $20,000 Job 102 16,000 Job 103 24,000 $60,000 2. Direct labor incurred and charged to jobs during the month was: Job 101 $32,000 Job 102 28,000 Job 103 20,000 $80,000 3. Manufacturing overhead was applied to...
2. Smith Company employs a Job Order Costing system and keeps perpetual inventory records. The following...
2. Smith Company employs a Job Order Costing system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: (February) (Hint: read the entire problem including what you are requested to answer.... may save you some time...not all information will be used) a) DM requisitioned during the month: Job 101 $ 40,000 Job 102 $ 15,000 Job 103 $ 23,000 Job 104 $ 8,000 b) Direct Labor Incurred and charged to jobs during the month...
Che As of the end of June, the job cost sheets at Racing Wheels, Inc., show...
Che As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 Job 103 Job 104 Direct materials $56,000 $38,000 13,000 5, 200 $58,000 41,000 16,400 Direct labor 25,600 10,240 Overhead applied Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $12,000; direct labor, $3,300; and overhead, $1,320. Jobs 103 and 104 were started...
how do i calculate? As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs a...
how do i calculate?
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 $40,000 12,000 4,800 Job 103 Job 104 Direct materials $50,000 $46,000 Direct labor 46,000 18,400 26,200 Overhead applied 10,480 Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $11,000; direct labor, $4,000; and overhead, $1,600. Jobs 103 and 104...
Practice Quiz Job Order Costing The information below is for ABC Co.'s first month of operations....
Practice Quiz Job Order Costing The information below is for ABC Co.'s first month of operations. The following jobs were begun during the month: Number of Direct Job # Products Materials Labor Labor Hours 100 $ 1,200 $ 1.100 $ 1,500 $ 1,500 $ 1,100 $ 900 103 $ 800 $ 1,000 Indirect $ 500 $ 700 Additional Information: 1. Jobs #100, W101 and 102 were completed during the month; Job 103 remained unfinished at the EOM 2. Other factory...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. JOD 102 922,000 Diegt materials Direct labor Overhead applied JOB 103 $71,000 27.300 10.920 JOD 104 $55,000 41.000 16.400 Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $11.000; direct labor, $3,900; and overhead, $1,560. Jobs 103 and 104 were started in June. Overhead cost...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 $16,000 20,000 9,200 Job 103 Job 104 Direct materials $56,000 $60,000 44,000 20,240 Direct labor 30,000 Overhead applied 13,800 Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $11,000; direct labor, $3,900; and overhead, $1,794. Jobs 103 and 104 were started in June....
Home Insert Design Layout References Mallings Review View Paste B IU.abe X, X? A.2.A . 3. General Electric employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: (20 pts) 1. Direct materials requisitioned during the month Job 101 $20,000 Job 102 16.000 Job 103 24.000 SCO.0.0.0 2. Direct labor incurred and charged to jobs during the month was: Job 101 $32.000 Job 102 28.000 Job 103 20.00...
Roy Mendinghouse Company employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations Direct materials requisitioned during the month 1. Job 101 $20,000 16,000 Job 102 Job 103 24.000 $60.000 Direct labor incurred and charged to jobs during the month was: $32,000 28,000 20.000 $80.000 2. Job 101 Job 102 Job 103 3. Manufacturing overhead was applied to jobs worked on using a predeternmined overhead rate based on...
2. Smith Company employs a Job Order Costing system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: (February) (Hint: read the entire problem including what you are requested to answer.... may save you some time...not all information will be used) a) DM requisitioned during the month: Job 101 $ 40,000 Job 102 $ 15,000 Job 103 $ 23,000 Job 104 $ 8,000 b) Direct Labor Incurred and charged to jobs during the month...
Che As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 Job 103 Job 104 Direct materials $56,000 $38,000 13,000 5, 200 $58,000 41,000 16,400 Direct labor 25,600 10,240 Overhead applied Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $12,000; direct labor, $3,300; and overhead, $1,320. Jobs 103 and 104 were started...
how do i calculate?
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 $40,000 12,000 4,800 Job 103 Job 104 Direct materials $50,000 $46,000 Direct labor 46,000 18,400 26,200 Overhead applied 10,480 Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $11,000; direct labor, $4,000; and overhead, $1,600. Jobs 103 and 104...
Practice Quiz Job Order Costing The information below is for ABC Co.'s first month of operations. The following jobs were begun during the month: Number of Direct Job # Products Materials Labor Labor Hours 100 $ 1,200 $ 1.100 $ 1,500 $ 1,500 $ 1,100 $ 900 103 $ 800 $ 1,000 Indirect $ 500 $ 700 Additional Information: 1. Jobs #100, W101 and 102 were completed during the month; Job 103 remained unfinished at the EOM 2. Other factory...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. JOD 102 922,000 Diegt materials Direct labor Overhead applied JOB 103 $71,000 27.300 10.920 JOD 104 $55,000 41.000 16.400 Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $11.000; direct labor, $3,900; and overhead, $1,560. Jobs 103 and 104 were started in June. Overhead cost...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 $16,000 20,000 9,200 Job 103 Job 104 Direct materials $56,000 $60,000 44,000 20,240 Direct labor 30,000 Overhead applied 13,800 Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $11,000; direct labor, $3,900; and overhead, $1,794. Jobs 103 and 104 were started in June....
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