The following data were taken from the records of Cougar Enterprises, a Canadian manufacturer that uses a normal job-order costing system.
The following data were taken from the records of Cougar Enterprises, a Canadian manufacturer that uses...
Kenworth Company uses a job-order costing system. Only three jobs—Job 105, Job 106, and Job 107—were worked on during November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the end of the company’s operating year. Data from the job cost sheets of the three jobs follow: Job Cost Sheet Job 105 Job 106 Job 107 November costs incurred: Direct materials $ 20,500 $ 13,300 $ 0...
[The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 79,000 $ 25,600 $ 37,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.25 per direct labor-hour was based on a cost formula that estimated $490,000 of total manufacturing...
A manufacturer uses job-order costing. On January 1, the company's inventory balances were as follow Raw materials Work in process Finished goods $50.500 $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials...
A manufacturer uses job-order costing. On January 1, the company's Inventory balances were as follow Raw materials Work in process Finished goods $50,500 $25,000 $38.100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year. a. Raw materials...
Dotsero Technology, Inc., has a job-order costing system. The company uses departmental predetermined overhead rates to apply manufacturing overhead cost to individual jobs. The predetermined overhead rate in Department A is based on machine hours, and the rate in Department B is based on direct labour hours. At the beginning of the most recent year (i.e., January 1, 2012), the company's management made the following estimates for the coming year: Department A B Machine hours 80,000 21,000 Direct labour hours...
[The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 61,500 Work in process $ 32,400 Finished goods $ 42,900 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $13.75 per direct labor-hour was based on a cost formula that estimated $550,000 of total manufacturing...
[The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 60,500 Work in process $ 20,800 Finished goods $ 57,600 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $11.25 per direct labor-hour was based on a cost formula that estimated $450,000 of total manufacturing...
Midterm 1 The Lee Company uses a job-order cost system. The following data were recorded for June: Job Number 235 236 237 June 1 Work in Process Inventory $2,500 $1,500 $1,000 $ 800 Added During June Direct Direct Materials Labor $ 600 S 400 S 800 $1,000 $1,200 $1,750 $1,500 $2,250 238 Overhead is charged to production at 80% of direct materials cost. Jobs 235, 237, and 238 were completed during June and transferred to finished goods. Jobs 235 and...
The Detroit Gear Corporation uses Normal Job-Order Costing in its only production department. Overhead is applied to jobs by a predetermined rate, which is based on direct labor hours. The Company began business on December 1, 2018. The only job started into process during December was Job 460. During December me Company purchased direct materials with a total cost of $45,000 $2,500 of these direct materials were used on Job 460. The Company also charged a total of $7,650 in...
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...