Homework Answers
The correct answer is b) work in process
Explanation and calculation
When ever material is requisitioned for use in production in a job costing, the following entry is passed
Sr. No. Particular debit credit
1 work in process xxxxx
Material inventory xxxxx
Since work in process account is being debited, it means material is added to this account.
Add Answer to:
5) When materials are requisitioned for use in production in a job order costing firm, the...
Week 5 Job Costing The Fine Manufacturing Company uses job order costing system. The company uses...
Week 5 Job Costing The Fine Manufacturing Company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2019, the company estimated that 150,000 machine hours would be worked and $900,000 overhead cost would be incurred during 2012. The balances of raw materials, work in process (WIP), and finished goods at the beginning of 2012 were as follows: Raw materials: $40,000 Work in process: $30,000 Finished goods: $60,000 The Fine...
Wisteria Corp. has an overhead rate of $8 per machine hour. In the month of March,...
Wisteria Corp. has an overhead rate of $8 per machine hour. In the month of March, the company used 9,000 hours of machine time. The actual overhead cost for the month is 597,000. If Wisteria follows normal costing, determine the overhead applied to the month's production a. $72,000 b. $25,000 c. $169,000 d. $97,000 In a job-order system, all completed job-order cost sheets of a firm can serve as a subsidiary ledger for the a raw materials account. b. finished...
nan Inc. uses a job-order costing system. During the month of May, the following transactions occurred:...
nan Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,670. 3 Requisitioned materials totaling $24,500 for use in production. Of the total, $9,200 was for Job 58, $8,900 for Job 59, and the remainder for Job 60. 31 Incurred direct labor for the month of $32,400, with an average wage of $18 per hour. Job 58 used 800 hours; Job 59, 600 hours; and Job 60,...
1. LO 41 Which of the following product situations is better suited to job order costing...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
in a job order costing system, raw material requisitioned as direct materials are debited to________; indirect...
in a job order costing system, raw material requisitioned as direct
materials are debited to________; indirect materials are debited
to_______.
$139.000. Save Question 24 (2 points) s Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195.000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150.000, paid in cash, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of...
Problem 1 The Mayhem Company uses a job-order costing system. The following data relate to October,...
Problem 1 The Mayhem Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year: Raw materials purchased on account, P210,000. Raw materials issued to production, P190,000 (P178,000 direct materials and P12,000 indirect materials). a. b. c. Direct labor cost incurred, P90,000; and indirect labor cost incurred, d. Depreciation recorded on factory equipment, P40,000. P110,000 e. Other manufacturing overhead costs incurred during October, P70,000 (credit Accounts Payable) The company applies manufacturing...
The Polaris Company uses a job-order costing system. The following data relate to October, the first...
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year. a. Raw materials purchased on account, $211,000. b. Raw materials issued to production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Direct labor cost incurred, $49,000, indirect labor cost incurred, $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs incurred during October, $130,000 (credit Accounts Payable). f. The company applies manufacturing overhead cost...
Chart of accounts Instructions Yurman Inc. uses a job-order costing system. During the month of May,...
Chart of accounts
Instructions Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,670. 3 31 Requisitioned materials totaling $24,500 for use in production. Of the total, $9,200 was for Job 58, $8,900 for Job 59, and the remainder for Job 60. Incurred direct labor for the month of $32,400, with an average wage of $18 per hour. Job 58 used 800 hours; Job 59, 600...
Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred:...
Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,740. 3 Requisitioned materials totaling $24,460 for use in production. Of the total, $9,190 was for Job 58, $8,910 for Job 59, and the remainder for Job 60. 31 Incurred direct labor for the month of $34,010, with an average wage of $19 per hour. Job 58 used 780 hours; Job 59, 610 hours; and Job 60,...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw materials Work in process Finished goods $16,500 $10,200 $30, 100 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36.100 machine-hours and incur $155.230 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on...
Wisteria Corp. has an overhead rate of $8 per machine hour. In the month of March, the company used 9,000 hours of machine time. The actual overhead cost for the month is 597,000. If Wisteria follows normal costing, determine the overhead applied to the month's production a. $72,000 b. $25,000 c. $169,000 d. $97,000 In a job-order system, all completed job-order cost sheets of a firm can serve as a subsidiary ledger for the a raw materials account. b. finished...
nan Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,670. 3 Requisitioned materials totaling $24,500 for use in production. Of the total, $9,200 was for Job 58, $8,900 for Job 59, and the remainder for Job 60. 31 Incurred direct labor for the month of $32,400, with an average wage of $18 per hour. Job 58 used 800 hours; Job 59, 600 hours; and Job 60,...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
in a job order costing system, raw material requisitioned as direct
materials are debited to________; indirect materials are debited
to_______.
$139.000. Save Question 24 (2 points) s Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195.000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150.000, paid in cash, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of...
Problem 1 The Mayhem Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year: Raw materials purchased on account, P210,000. Raw materials issued to production, P190,000 (P178,000 direct materials and P12,000 indirect materials). a. b. c. Direct labor cost incurred, P90,000; and indirect labor cost incurred, d. Depreciation recorded on factory equipment, P40,000. P110,000 e. Other manufacturing overhead costs incurred during October, P70,000 (credit Accounts Payable) The company applies manufacturing...
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year. a. Raw materials purchased on account, $211,000. b. Raw materials issued to production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Direct labor cost incurred, $49,000, indirect labor cost incurred, $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs incurred during October, $130,000 (credit Accounts Payable). f. The company applies manufacturing overhead cost...
Chart of accounts
Instructions Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,670. 3 31 Requisitioned materials totaling $24,500 for use in production. Of the total, $9,200 was for Job 58, $8,900 for Job 59, and the remainder for Job 60. Incurred direct labor for the month of $32,400, with an average wage of $18 per hour. Job 58 used 800 hours; Job 59, 600...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw materials Work in process Finished goods $16,500 $10,200 $30, 100 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36.100 machine-hours and incur $155.230 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on...
Most questions answered within 3 hours.
-
A local food delivery company “quiksnak” wants to improve its
process to provide better customer service....
asked 36 seconds from now -
A 1.07 10-3 µF capacitor has an initial charge of 0.100 C. When
a resistor is...
asked 3 minutes ago -
A building will require capital improvements of $1 million in
five years. Assuming monthly cash flow...
asked 7 minutes ago -
A $100,000 bond payable is issued on June 1, 20X1 at 106.
The bond comes due...
asked 12 minutes ago -
A 2.3 mm -diameter sphere is charged to -4.4 nC . An electron
fired directly at...
asked 15 minutes ago -
A rifle with a mass of 78 kg fires a bullet with a mass of 36...
asked 31 minutes ago -
Question 10
Applied Materials depreciates buildings and improvements over
useful lives of 5-50 years.
a.
True....
asked 51 minutes ago -
A 10.0 mL sample of 0.25 M NaOH(aq) is titrated with 40.0 mL of
0.10 M...
asked 52 minutes ago -
How
can we prove that a flow is incompressible if the velocity field is
known?
asked 54 minutes ago -
It is sometimes argued that understanding people's existing
activities does not really help to design future...
asked 58 minutes ago -
what is the angular velocity of tje moon in its orbut ( orbit
period is 28)?
asked 59 minutes ago -
Time Off At Superior Software Service
As she hangs up the telephone, Joan Jackson realizes that...
asked 1 hour ago