Homework Answers
Predetermined overhead rate = manufacturing overhead cost / direct labour cost
=$974400/812000=120%
In job 50,51
Where the incorrect amount of $37800 is marked
Correct amount is $34800
= 23200 +11600=$34800
In job 52
Direct material =$34800
Direct labour=$23200
Manufacturing overhead =23200*120%=$27840
Journal entry for purchase of raw materials
Raw material a/c Dr. 104400
To supplier a/c 104400
Jounal entry for direct labour exp
Direct labour a/c Dr. 81200
To Cash 62640
To payroll taxes a/c payable. 18560
Journal entry for manufacturing overhead incurred
Indirect materials a/c dr 19720
Indirect labour a/c dr. 23200
Depreciation a/c dr. 13920
Other overheads a/c Dr. 18560
To cash a/c 75400
Journal entries for assigning manufacturing costs
Job 50
Work in process inventory a/c Dr 80040
To manufacturing exp. 80040
Job 51
Work in process inventory a/c dr 109040
To manufacturing exp. 109040
Job 52
Work in process inventory a/c dr 85840
To manufacturing exp. 85840
For completion of job
Finished good a/c dr 104400
To work in process a/c 104400
For sale of job 49
Debtor a/c dr 141520
To sales a/c 141520
To record cost of job 49
Cost of production a/c dr 104400
To finished goods inventory a/c 104400
Finished goods inventory account consists of inventory from jobs= 80040+109040=189080
For amount of over /under applied manufacturing overhead
Actual manufacturing overhead= $75400
Applied overheads =120%* 58000=$69600
Underapplied overhead =$5800
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Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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...
I need help! The red ones are incorrect. Lott Company uses a job order cost system...
I need help! The red ones are incorrect.
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 $18,560. As of January 1, Job No. 49 had been completed at a cost of $104,400 and...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $21,800, direct labor $13,080, and manufacturing overhead $17,440. As of January 1, Job 49 had been completed at a cost of $98,100 and was part of finished goods inventory. There was a $16,350...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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...
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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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, 2020, Job 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 $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400...
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...
I need help! The red ones are incorrect.
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 $18,560. As of January 1, Job No. 49 had been completed at a cost of $104,400 and...
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...
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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
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...
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