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Upon examining the journal entry records of your firm, which uses a job-order costing system, suppose...
4. (8 POINTS) A car manufacturer produces custom order cars and uses job order costing. What...
4. (8 POINTS) A car manufacturer produces custom order cars and uses job order costing. What were the Journal entries that the company made to record each of the following activities? a) On January 1st, $20,000 of raw materials were purchased on credit. b) On January 15th, $1,000 of raw materials were requisitioned for use as direct materials and $5,000 were requisitioned for indirect materials. c) On January 30th, $5,000 of indirect production labor costs were incurred along with $8,000...
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...
Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Bakerston 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 Raw materials Work in process Finished goods $ 11,700 32,000 $107,000 $ 15,200 $ 14,300 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 17,300 machine-hours and incur $276,800 in manufacturing overhead cost. The following transactions were...
Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare...
Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. June 1 Purchased raw materials for $20,000 on account. 8 Raw materials requisitioned by production: Direct materials $8,000 Indirect materials 1,000 15 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 25 Incurred $108,000 of factory labor. 25 Time tickets indicated the following: Direct...
Problem Bi Babb Company is a manufacturing firm that uses jou uses job-order costing. The company's...
Problem Bi Babb Company is a manufacturing firm that uses jou uses job-order costing. The company's the beginning and end of the year: inventory balances were as follows at the beginning and end Beginning Balance Ending Balance $11,000 $32,000 $14,000 Finished goods $108,000 $123,000 $15,000 Raw materials............ Work in process...... applies overhead to jobs using a predetermined overhead rate based line-hours. At the beginning of the year, the company estimated that estimated that it would work 17,000 machine-hours and incur...
Garcia Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor costs
Garcia Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2008, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,000, direct labor $12,000, and manufacturing overhead $16,000. As of January 1, Job No. 49 had been completed at a cost of $90,000 and was part of finished goods inventory. There was...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation 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 $ 14,550 $ 22,550 Work in process $ 27,550 $ 9550 Finished Goods $ 62,550 $ 77,550 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 33,550 machine-hours and incur $271,755...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation 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 $ 14,550 $ 22,550 Work in process $ 27,550 $ 9550 Finished Goods $ 62,550 $ 77,550 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 33,550 machine-hours and incur $271,755...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation 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 $ 14,450 $ 22,450 Work in process $ 27,450 $ 9450 Finished Goods $ 62,450 $ 77,450 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 33,450 machine-hours and incur $264,255...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation 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: Raw materials Work in process Finished Goods Beginning Ending Balance Balance $ 14,650 $22,650 $ 27,650 $ 9,650 $ 62,650 $77,650 • 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 33,650 machine-hours and incur $279,295 in...
4. (8 POINTS) A car manufacturer produces custom order cars and uses job order costing. What were the Journal entries that the company made to record each of the following activities? a) On January 1st, $20,000 of raw materials were purchased on credit. b) On January 15th, $1,000 of raw materials were requisitioned for use as direct materials and $5,000 were requisitioned for indirect materials. c) On January 30th, $5,000 of indirect production labor costs were incurred along with $8,000...
Bakerston 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 Raw materials Work in process Finished goods $ 11,700 32,000 $107,000 $ 15,200 $ 14,300 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 17,300 machine-hours and incur $276,800 in manufacturing overhead cost. The following transactions were...
Problem Bi Babb Company is a manufacturing firm that uses jou uses job-order costing. The company's the beginning and end of the year: inventory balances were as follows at the beginning and end Beginning Balance Ending Balance $11,000 $32,000 $14,000 Finished goods $108,000 $123,000 $15,000 Raw materials............ Work in process...... applies overhead to jobs using a predetermined overhead rate based line-hours. At the beginning of the year, the company estimated that estimated that it would work 17,000 machine-hours and incur...
Baab Corporation 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: Raw materials Work in process Finished Goods Beginning Ending Balance Balance $ 14,650 $22,650 $ 27,650 $ 9,650 $ 62,650 $77,650 • 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 33,650 machine-hours and incur $279,295 in...
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