Homework Answers
| 1 | Journal entries: | ||||||||
| Ref. | General journal | Debit | Credit | ||||||
| a. | Work in process | (1200+1500+1100+800) | 4600 | ||||||
| Factory overhead | 500 | ||||||||
| Raw materials | 5100 | ||||||||
| (Requisition of materials) | |||||||||
| b. | Work in process | (1100+1500+900+1000) | 4500 | ||||||
| Factory overhead | 700 | ||||||||
| Wages payable | 5200 | ||||||||
| (Labor cost incurred) | |||||||||
| c. | Work in process | (100+120+80+100)*5 | 2000 | ||||||
| Factory overhead | 2000 | ||||||||
| (Factory overhead applied) | |||||||||
| d. | Finished goods | 8800 | |||||||
| Work in process | 8800 | ||||||||
| (Cost of Job 100,101 and 102) | (2800+3600+2400) | ||||||||
| e. | Cost of goods sold | (2800/140)*100 | 2000 | ||||||
| Finished goods | 2000 | ||||||||
| (Cost of goods sold recorded) | |||||||||
| 2 | WIP | ||||||||
| Ref. | Debit | Ref. | Credit | ||||||
| a. | 4600 | d. | 8800 | ||||||
| b. | 4500 | ||||||||
| c. | 2000 | ||||||||
| 11100 | 8800 | ||||||||
| Bal. | 2300 | ||||||||
| FOH | |||||||||
| Ref. | Debit | Ref. | Credit | ||||||
| a. | 500 | c. | 2000 | ||||||
| b. | 700 | ||||||||
| Other | 600 | ||||||||
| 1800 | 2000 | ||||||||
| Bal. | 200 | ||||||||
| Job #100 | Job #101 | ||||||||
| $ | $ | ||||||||
| DM | 1200 | DM | 1500 | ||||||
| DL | 1100 | DL | 1500 | ||||||
| FOH | (100*5) | 500 | FOH | (120*5) | 600 | ||||
| Total | 2800 | Total | 3600 | ||||||
| Job #102 | Job #103 | ||||||||
| $ | $ | ||||||||
| DM | 1100 | DM | 800 | ||||||
| DL | 900 | DL | 1000 | ||||||
| FOH | (80*5) | 400 | FOH | (100*5) | 500 | ||||
| Total | 2400 | Total | 2300 | ||||||
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Practice Quiz Job Order Costing The information below is for ABC Co.'s first month of operations....
For Box Inc.'s first month of operations, materials and labor costs charged to the three jobs...
For Box Inc.'s first month of operations, materials and labor costs charged to the three jobs worked on in February were: Job No.101 Job No.102 Job No. 103 Direct materials 3000 4500 1800 Direct labor at $8 per hour 3200 2400 2000 Overhead is applied at the rate of $6 per direct labor-hour. Job no. 101 and 102 were completed, Job No. 101 was sold, Job No.103 remained incomplete at the end of the month. Box Inc. incurred these cost...
Hildreth Company uses a job order cost system. The following data summarize the operations related to...
Hildreth Company uses a job order cost system. The following
data summarize the operations related to production for April, the
first month of operations
Print 1. PR. 16-02B ALGO (Algorithmic) Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,090. b. Materials requisitioned and factory labor used: Job No. Materials Factory...
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...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,320. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,960 $1,950 102 3,610 2,630 103 2,400 1,290 104 8,110 4,840 105 5,150 3,690 106 2,340 For general factory use 3,760 1,010 2,890 c. Factory overhead costs incurred...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $2,820. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,600 $2,090 102 3,170 2,820 103 2,110 1,380 104 7,120 5,180 105 4,520 3,950 106 3,300 2,510 For general factory use 880 3,090 Factory overhead costs incurred on account, $4,970....
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $2,820. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,600 $2,090 102 3,170 2,820 103 2,110 1,380 104 7,120 5,180 105 4,520 3,950 106 3,300 2,510 For general factory use 880 3,090 Factory overhead costs incurred on account, $4,970....
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $2,690. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $1,840 $2,910 102 2,240 3,930 103 1,490 1,920 104 5,040 7,220 105 3,200 5,500 106 2,340 3,490 For general factory use 630 4,310 Factory overhead costs incurred on account, $3,510....
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $3,320. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,300 $3,280 102 2,810 4,430 103 1,860 2,160 104 6,300 8,130 105 4,000 6,200 106 2,920 3,940 For general factory use 780 4,850 Factory overhead costs incurred on account, $4,390....
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $3,280. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,220 $1,890 102 2,710 2,550 103 1,800 1,250 104 6,080 4,690 105 3,860 3,570 106 2,820 2,270 For general factory use 750 2,800 Factory overhead costs incurred on account, $4,240....
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $2,000. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $1,960 $1,780 102 2,390 2,400 103 1,590 1,170 104 5,370 4,410 105 3,410 3,360 106 2,490 2,140 For general factory use 670 2,630 Factory overhead costs incurred on account, $3,740....
For Box Inc.'s first month of operations, materials and labor costs charged to the three jobs worked on in February were: Job No.101 Job No.102 Job No. 103 Direct materials 3000 4500 1800 Direct labor at $8 per hour 3200 2400 2000 Overhead is applied at the rate of $6 per direct labor-hour. Job no. 101 and 102 were completed, Job No. 101 was sold, Job No.103 remained incomplete at the end of the month. Box Inc. incurred these cost...
Hildreth Company uses a job order cost system. The following
data summarize the operations related to production for April, the
first month of operations
Print 1. PR. 16-02B ALGO (Algorithmic) Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,090. b. Materials requisitioned and factory labor used: Job No. Materials Factory...
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...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,320. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,960 $1,950 102 3,610 2,630 103 2,400 1,290 104 8,110 4,840 105 5,150 3,690 106 2,340 For general factory use 3,760 1,010 2,890 c. Factory overhead costs incurred...
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