Managerial Accounting Job Order Costing Process Costing POHR COGM
stages of completion as follows :
1. Determine in the beginning period: raw materials, work in process and finished goods *)
2. Determine in the ending period: raw materials, work in process and finished goods *)
3. Determine the purchase of raw materials (only direct material) for a month *)
4. a. Determine direct labor hours *)
b. Determine direct labor wage rate per hour *)
c. Calculate total direct labor wage.
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Managerial Accounting
Make a business analysis of the production/manufacturing company which producing on ajob order costing, with hypothetically created data. The reporting period is monthly. All datawhich was hypothesized cannot be zero. Business analysis during the month through thestages of completion as follows :1. Determine in the beginning period: raw materials, work in process and finished goods *)2. Determine in the ending period: raw materials, work in process and finished goods *)3. Determine the purchase of raw materials (only direct material) for...
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 $29,570. 3 Requisitioned materials totaling $24,530 for use in production. Of the total, $9,200 was for Job 58, $8,950 for Job 59, and the remainder for Job 60. 31 Incurred direct labor for the month of $30,770, with an average wage of $17 per hour. Job 58 used 820 hours; Job 59, 580 hours; and Job 60,...
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,...
JOB ORDER COSTING spring, Inc. has the following data for 2018. The Company allocates overhead based...
JOB ORDER COSTING spring, Inc. has the following data for 2018. The Company allocates overhead based on use of direct labor hours. Any over/under-applied overhead is closed directly to Cost of Goods Sold. Beginning Balance Ending Balance Raw Materials $20,000 Finished Goods Work in Process $75,000 $130,000 $210,000 $225,000 Actual overhead Cost of goods sold (unadjusted) Direct labor hours used (cach employee paid the same wage) Gross profit rate Operating expenses Raw materials purchased Raw materials used (545,000 direct, $5,000...
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 120 ...
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 120 210 280 Units sold — 210 — Materials requisitioned $816 $1,092 $2,800 Direct labor hours 132 231 476 Direct labor cost $1,980 $3,696 $3,903 Overhead is assigned on the basis of direct labor hours at a rate of $9.20 per direct labor hour. During March, Jobs 78 and...
Process Costing, Job Order Costing In Class Practice 1. Minnie's Mints uses a Process costing System....
Process Costing, Job Order Costing In Class Practice 1. Minnie's Mints uses a Process costing System. Calculate the manufacturing cost per pie for July based on the following information : Beginning work in process inventory 4,000 pies Ples placed in process 30,000 Ending work in process inventory 7,000 The ending work in process inventory is 100% complete as to material and 60% complete as to direct labor and manufacturing overhead. Production Costs for July Direct Materials Cost $50,000 Direct Labor...
Cost accounting job order costing
The following are also provided:Tax rate – 30%Interest expenses – P20,000 Administrative expenses – P540,000Beginning Inventories:Raw materials, P610,000; Work in process, P1,065,000, Finished Goods P2,100,000.Units manufactured for the period – 100,000 units2) Cost of Goods Sold3) Total Manufacturing Cost4) Cost per unit under normal costing5) Cost per unit under actual costing6) Cost of Goods Manufactured7) Operating income8) Ending Finished Goods Inventory9) Ending Raw Materials Inventory10) Net Income
Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 11,100 $ 15,700 Work in process $ 32,200 $ 14,100 Finished goods $ 101,000 $ 120,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 17,700 machine-hours and incur...
Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 11,000 $ 15,400 Work in process $ 32,300 $ 14,000 Finished goods $ 102,000 $ 125,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 17,100 machine-hours and incur...
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,...
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,...
JOB ORDER COSTING spring, Inc. has the following data for 2018. The Company allocates overhead based on use of direct labor hours. Any over/under-applied overhead is closed directly to Cost of Goods Sold. Beginning Balance Ending Balance Raw Materials $20,000 Finished Goods Work in Process $75,000 $130,000 $210,000 $225,000 Actual overhead Cost of goods sold (unadjusted) Direct labor hours used (cach employee paid the same wage) Gross profit rate Operating expenses Raw materials purchased Raw materials used (545,000 direct, $5,000...
Process Costing, Job Order Costing In Class Practice 1. Minnie's Mints uses a Process costing System. Calculate the manufacturing cost per pie for July based on the following information : Beginning work in process inventory 4,000 pies Ples placed in process 30,000 Ending work in process inventory 7,000 The ending work in process inventory is 100% complete as to material and 60% complete as to direct labor and manufacturing overhead. Production Costs for July Direct Materials Cost $50,000 Direct Labor...
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