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Job order cost accounting | |||
Answer 1 | |||
|
Amount $ | Note | |
Factory overhead | 1,305,000.00 | A | |
Direct Labor costs | 870,000.00 | B | |
Predetermined OH Rate | 150.00% | C=A/B | |
Journal Entries | |||
Answer 2 a | |||
Account title and explanations | Debit $ | Credit $ | |
Material Inventory | 872,500.00 | ||
Accounts Payable | 872,500.00 | ||
(Being Raw Material purchased on credit.) | |||
Answer 2 b | |||
Account title and explanations | Debit $ | Credit $ | |
Work in Process | 494,575.00 | ||
Material Inventory | 494,575.00 | ||
(Being direct material issued in production) | |||
Manufacturing overhead | 24,000.00 | ||
Material Inventory | 24,000.00 | ||
(Being indirect material issued in production) | |||
Answer 2 c | |||
Account title and explanations | Debit $ | Credit $ | |
Work in Process | 70,750.00 | ||
Direct Labor | 70,750.00 | ||
(Being direct labor used in production) | |||
Manufacturing overhead | 56,000.00 | ||
Direct Labor | 56,000.00 | ||
(Being indirect labor used in production) | |||
Answer 2 d | |||
Account title and explanations | Debit $ | Credit $ | |
Manufacturing overhead | 25,375.00 | ||
Depreciation on factory building | 5,500.00 | ||
Prepaid factory insurance expired | 7,875.00 | ||
Accrued Property taxes | 5,750.00 | ||
Computer consultant fees | 6,250.00 | ||
(Being overheads used in production) | |||
Answer 2 e | |||
Direct Labor costs for the month | 70,750.00 | ||
Predetermined OH Rate | 150.00% | ||
Manufacturing Overhead applied | 106,125.00 | ||
Account title and explanations | Debit $ | Credit $ | |
Work in Process | 106,125.00 | ||
Manufacturing overhead | 106,125.00 | ||
(Being Manufacturing overheads applied) |
Answer 3 | |||||
Job Cost sheet | |||||
Job # 136 | Job # 137 | Job # 138 | |||
Materials | 230,075.00 | Materials | 90,200.00 | Materials | 174,300.00 |
Labor | 18,250.00 | Labor | 22,500.00 | Labor | 30,000.00 |
Overhead | 27,375.00 | Overhead | 33,750.00 | Overhead | 45,000.00 |
Total Cost | 275,700.00 | Total Cost | 146,450.00 | Total Cost | 249,300.00 |
Answer 4 | ||
Account title and explanations | Debit $ | Credit $ |
Finished Goods | 525,000.00 | |
Work in Process | 525,000.00 | |
(Being jobs completed to finished goods.) |
ACC 212 Name Challenge 82 JOB ORDER COST ACCOUNTING 1) The facory overhead activity base for...
| ACC 212 Challenge #2 7) At the end of the period, in which account is the product cost for the following: | ob 136 Job 137 Job 138 | | | | 8) Compute the balance of the Work in Process and Factory Overhead accounts: Work in Process Factory Overhead | | | | | 9) Prepare the journal entry to close the Factory Overhead account: Debit Credit Account Titles and Explanation | | | 10) Was the factory...
* Problem 2-1 (Video) 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 $21,000, direct labor $12,600, and manufacturing overhead $16,800. As of January 1, Job 49 had been completed at a cost of $94,500 and was part of finished goods inventory....
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....
Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 The following information applies to the questions displayed below.) Widmer Watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's production activities during May 2017 follows a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month Job 136 Job 137 Job 138 Job 139 Job 140 Total direct...
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 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 $24.800, direct labor $14,880, and manufacturing overhead $19.840. As of January 1. Job 49 had been completed at a cost of $111.600 and was part of finished goods inventory. There was a $18,600...
Required information
Problem 19-3A Source documents, journal entries, and
accounts in job order costing LO P1, P2, P3
[The following information applies to the questions
displayed below.]
Widmer Watercraft’s predetermined overhead rate for the year 2017
is 200% of direct labor. Information on the company’s production
activities during May 2017 follows.
Purchased raw materials on credit, $240,000.
Materials requisitions record use of the following materials
for the month.
Job 136
$50,000
Job 137
32,500
Job 138
19,200
Job 139
23,000...
Problem 2-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 [The following information applies to the questions displayed below.] Widmer Watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's production activities during May 2017 follows. a. Purchased raw materials on credit, $200,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct...
Required information (The following information applies to the questions displayed below.) Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $200,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials used $ 50,000 33,500 20,200 22,400 6,800 132,900 20,000 $152,900 c. Paid $15,000 cash...
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 $24,200, direct labor $14,520, and manufacturing overhead $19,360. As of January 1, Job 49 had been completed at a cost of $108,900 and was part of finished goods inventory. There was a $18,150...