predetermined overhead rate | ||||||
Estimated manufacturing overhead/total estimated direct labor costs | ||||||
840000/700,000 | ||||||
120.00% | ||||||
job no 50 | ||||||
Date | Direct | direct | MOH | |||
materials | labor | |||||
beg. | 20,000 | 12,000 | 16,000 | |||
Jan | 10,000 | 5,000 | 6,000 | |||
30,000 | 17,000 | 22,000 | ||||
cost of completed job | ||||||
Direct materials | 30,000 | |||||
direct labor | 17,000 | |||||
MOH | 22,000 | |||||
total cost | 69,000 | |||||
job no 51 | ||||||
Date | Direct | direct | MOH | |||
materials | labor | |||||
Jan | 39,000 | 25,000 | 30,000 | |||
39,000 | 25,000 | 30,000 | ||||
cost of completed job | ||||||
Direct materials | 39,000 | |||||
direct labor | 25,000 | |||||
MOH | 30000 | |||||
total cost | 94,000 | |||||
Job 52 | ||||||
Date | Direct | direct | MOH | |||
materials | labor | |||||
Jan | 30,000 | 20,000 | 24,000 | |||
No | Account titles & Explanations | Debit | Credit | |||
1) | Raw materials inventory | 90,000 | ||||
Accounts payable | 90,000 | |||||
2) | Factory labor | 70,000 | ||||
Factory wages payable | 54,000 | |||||
employer payroll taxes payable | 16,000 | |||||
3) | manufacturing overhead | 65,000 | ||||
raw materials inventory | 17,000 | |||||
Factory labor | 20,000 | |||||
Accumulated depreciation | 12,000 | |||||
Accounts payable | 16,000 | |||||
No | Account titles & Explanations | Debit | Credit | |||
1) | Work in process inventory | 79,000 | ||||
Raw materials inventory | 79,000 | |||||
2) | work in process inventory | 50,000 | ||||
Factory labor | 53,000 | |||||
3) | Work in process inventory | 60000 | ||||
manufacturing overhead | 60,000 | |||||
Account titles & Explanations | Debit | Credit | ||||
finished goods inventory | 163,000 | |||||
work in process inventory | 163,000 | |||||
(job 50 +job 51 = | ||||||
No | Account titles & Explanations | Debit | Credit | |||
Accounts receivable | 280000 | |||||
sales | 280,000 | |||||
cost of goods sold | ||||||
finished goods inventory | 159,000 | |||||
(job 49+job 50) | 159,000 | |||||
finished goods inventory | 94,000 | Job No 51 | ||||
finished goods inventory | ||||||
opening | 90,000 | COGS | 159,000 | |||
WIP | 163,000 | |||||
end bal | 94,000 | |||||
manufacturing overhead | 5,000 | under applied | ||||
manufacturing overhead | ||||||
Actual | 65,000 | Applied | 60,000 | |||
bal | 5,000 |
P2.1A (LO 1,2,3,4,5), AP Lott Company uses a job order cost system and applies overhead to...
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...
P15-1A: 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...
P15.1A (LO 1, 2, 3, 4,5), AP Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, 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...
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 $22,600, direct labor $13,560, and manufacturing overhead $18,080. As of January 1, Job 49 had been completed at a cost of $101,700 and was part of finished goods inventory. There was a $16,950...
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 $21,200, direct labor $12,720, and manufacturing overhead $16,960. As of January 1, Job 49 had been completed at a cost of $95,400 and was part of finished goods inventory. There was a $15,900...
Problem 2-1A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,200, direct labor $12,120, and manufacturing overhead $16,160. As of January 1, Job No. 49 had been completed at a cost of $90,900 and was part of finished goods inventory....
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,400, direct labor $12,240, and manufacturing overhead $16,320. As of January 1, Job No. 49 had been completed at a cost of $91,800 and was part of finished goods inventory. There was...
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...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead S18,560. As of January 1, Job No. 49 had been completed at a cost of S104,400 and was part of finished goods inventory. There was...
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 $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16,200...