Answer-A:
The ending balance in material inventory and Work In Process as of December 31, 2018 is as follows:-
Answer-B:
Cost of goods manufactured for 2018 = $2,500 + 7,550 = $10,050
Note: Conversion cost include overhead applied.
Answer-C:
Predetermined overhead rate for 2019 = $1,250,000 / 200,000 = $6.25
The Detroit Gear Corporation uses Normal Job-Order Costina in its only production department. On began business...
The Detroit Gear Corporation uses Normal Job-Order Costina in its only production department. On began business applied to jobs by a predetermined rate, which is based on direct labor hours. The Company began w December the on December 1, 2018. The only fob started into process during December was Job 450. During Decem Company purchased direct materials with a total cost of $45.000. $2.500 of these direct materiais wa on Job 450. The Company also charged a total of $7,550...
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...
The Eagles Corporation uses a normal job-order costing system in its only production department. Overhead is applied to jobs by a plant-wide overhead rate based on direct labor hours. The first year of operation began on December 1, 2017. During the month of December, Eagles Corporation purchased direct material with a total cost of $5,000. Of the $5,000, Eagles Corporation used $750 on Job 100. Job 100 was the only job worked during the month of December. Eagles Corporation also...
The Healthy Heart Company uses a normal job-order costing system in its only production department. Overhead is applied to jobs by a plant-wide overhead rate based on direct labor hours. The first year of operation began on December 1, 2018. During the month of December 2018, Healthy Heart purchased direct materials with a total cost of $4,000. Of the $4,000, Healthy Heart uſed $500 on Job 100. Job 100 was the only job worked during the month of December 2018....
The Healthy Heart Company uses a normal job-order costing system in its only production department. Overhead is applied to jobs by a plant-wide overhead rate based on direct labor hours. The first year of operation began on December 1, 2018. During the month of December 2018, Healthy Heart purchased direct materials with a total cost of $4,000. Of the $4,000, Healthy Heart used $500 on Job 100. Job 100 was the only job worked during the month of December 2018....
The Healthy Heart Company uses a normal job-order costing system in its only production department. Overhead is applied to jobs by a plant-wide overhead rate based on direct labor hours. The first year of operation began on December 1, 2018. During the month of December 2018, Healthy Heart purchased direct materials with a total cost of $4,000. Of the $4,000, Healthy Heart used $500 on Job 100. Job 100 was the only job worked during the month of December 2018....
The Night Ranger Company uses normal job-order costing with a predetermined overhead rate. The company had $7,000 in Materials Control at the beginning of 2019. The company includes BOTH direct and indirect materials in the Materials Control account. At the beginning of 2019, the company had two jobs in Work in Process. These were Job 20, which had $12,000 of product costs charged to the job last year (2018), and Job 30, which had $4,000 of product cost charged to...
The Night Ranger Company uses normal job-order costing with a predetermined overhead rate. The company had $7,000 in Materials Control at the beginning of 2019. The company includes BOTH direct and indirect materials in the Materials Control account. At the beginning of 2019, the company had two jobs in Work in Process. These were Job 20, which had $12,000 of product costs charged to the job last year (2018), and Job 30, which had $4,000 of product cost charged to...
Problem for Job Order Costing Tiny Homes uses a job costing system to account for the individual prefabricated homes of January 1, its accounting records showed inventories as follows the individual prefabricated homes it builds. As Materials and supplies Work in process (Jobs 422 and 423) Finished goods (Job 421) $120,000 180,000 175,000 The work in process in ventory consisted of two jobs: Job# 422 423 Direct Materials $36,000 Direct Labor Manufacturing Overh $40,000 $20,000 $96,000 $36,000 $180,000 $76,000 $68,000...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 72,500 Work in process $ 18,200 Finished goods $ 46,500 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 $15.50 per direct labor-hour was based on a cost formula that estimated $620,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...