Homework Answers
| 1 | Particulars | Amount | |
| Actual Overhead | |||
| (40000*20%)+14600+28000*75%+18000+3000*80%) | 8000+14600+21000+18000+2400 | $64,000 | |
| Less Overhead applied | |||
| (40000*150%) | $60,000 | ||
| Under Applied Overhead | $4,000 | ||
| 2 | Particulars | Amount | |
| Sales Revenue | $200,000 | ||
| Less Cost of Goods Sold | |||
| Unadjusted COGS | $120,000 | ||
| Add:Under Applied Overhead | $4,000 | $124,000 | |
| Gross Profit | $76,000 | ||
| Less Operating Expenses | |||
| Depreciation Expense-28000*25% | $7000 | ||
| Salaries and Wages Expenses | $25000 | ||
| Sales Commission | $10400 | ||
| Insurance Expense-3000*20% | $600 | ||
| Misc Expense | $18000 | $61,000 | |
| Operating Income | $15,000 |
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Durham Company uses a job-order costing system. The following transactions took place last year: a. Raw...
Durham Company uses a job-order costing system. The following transactions took place last year: a. Raw materials requi...
Durham Company uses a job-order costing system. The following transactions took place last year: a. Raw materials requisitioned for use in production, $56,000 (75% direct and 25% Indirect). b. Factory utility costs incurred, $16,200. c. Depreciation recorded on plant and equipment, $31,200. Three-fourths of the depreciation relates to factory equipment, and the remainder relates to selling and administrative equipment. d. Costs for salaries and wages were incurred as follows: Direct labor Indirect labor Sales commissions Administrative salaries $ 56,00 $...
Ravsten Company uses a job-order costing system The company applies overhead cost to jobs on the...
Ravsten Company uses a job-order costing system The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 41,000 machine-hours and incur $184,500 in manufacturing overhead cost. The following transactions occurred during the year: Raw materials requisitioned for use in production, $195,000 (70% direct and 30% indirect b. The following costs were incurred for employee services: S 165,000 s 23,000 S 15,000 S 30,000 Direct labor Indirect labor...
Ravsten Company uses a job-order costing system. The company applies overhead cost to jobs on...
Ravsten Company uses a job-order costing system. The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 42,000 machine-hours and incur $191,100 in manufacturing overhead cost. The following transactions occurred during the year: a. Raw materials requisitioned for use in production, $240,000 (75% direct and 25% indirect). b. The following costs were incurred for employee services: Direct labor $ 166,000 Indirect labor $ 24,000...
Ravsten Company uses a job-order costing system. The company applies overhead cost to jobs on...
Ravsten Company uses a job-order costing system.
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 35,000 machine-hours and incur $183,750 in manufacturing
overhead cost. The following transactions occurred during the
year:
a. Raw materials requisitioned for use in production, $309,000
(70% direct and 30% indirect).
b. The following costs were incurred for employee services:
Ravsten Company uses a job-order costing system. The company...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year,...
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
$
25,000
Work in process
$
13,600
Finished goods
$
31,800
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 37,800 machine-hours and incur $166,320 in manufacturing
overhead cost. The following transactions were recorded for the
year:
Raw materials were...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year,...
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
$
25,000
Work in process
$
13,600
Finished goods
$
31,800
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 37,800 machine-hours and incur $166,320 in manufacturing
overhead cost. The following transactions were recorded for the
year:
Raw materials were...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year,...
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 $ 19,500 Work in process $ 11,400 Finished goods $ 30,700 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,700 machine-hours and incur $168,820 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year,...
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
$
25,000
Work in process
$
13,600
Finished goods
$
31,800
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 37,800 machine-hours and incur $166,320 in manufacturing
overhead cost. The following transactions were recorded for the
year:
Raw materials were...
1. Prepare Journal entries to record the transaction given above Ravsten Company uses a job-order costing...
1. Prepare Journal entries to record the transaction given
above
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 .. $16,000 $10,000 $30,000 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,000 machine-hours and incur $153,000 in manufacturing overhead cost. The following...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year,...
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 $21, 500 $12, 200 $31, 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 37,100 machine-hours and incur $150,255 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were...
Durham Company uses a job-order costing system. The following transactions took place last year: a. Raw materials requisitioned for use in production, $56,000 (75% direct and 25% Indirect). b. Factory utility costs incurred, $16,200. c. Depreciation recorded on plant and equipment, $31,200. Three-fourths of the depreciation relates to factory equipment, and the remainder relates to selling and administrative equipment. d. Costs for salaries and wages were incurred as follows: Direct labor Indirect labor Sales commissions Administrative salaries $ 56,00 $...
Ravsten Company uses a job-order costing system The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 41,000 machine-hours and incur $184,500 in manufacturing overhead cost. The following transactions occurred during the year: Raw materials requisitioned for use in production, $195,000 (70% direct and 30% indirect b. The following costs were incurred for employee services: S 165,000 s 23,000 S 15,000 S 30,000 Direct labor Indirect labor...
Ravsten Company uses a job-order costing system.
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 35,000 machine-hours and incur $183,750 in manufacturing
overhead cost. The following transactions occurred during the
year:
a. Raw materials requisitioned for use in production, $309,000
(70% direct and 30% indirect).
b. The following costs were incurred for employee services:
Ravsten Company uses a job-order costing system. The company...
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
$
25,000
Work in process
$
13,600
Finished goods
$
31,800
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 37,800 machine-hours and incur $166,320 in manufacturing
overhead cost. The following transactions were recorded for the
year:
Raw materials were...
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
$
25,000
Work in process
$
13,600
Finished goods
$
31,800
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 37,800 machine-hours and incur $166,320 in manufacturing
overhead cost. The following transactions were recorded for the
year:
Raw materials were...
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
$
25,000
Work in process
$
13,600
Finished goods
$
31,800
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 37,800 machine-hours and incur $166,320 in manufacturing
overhead cost. The following transactions were recorded for the
year:
Raw materials were...
1. Prepare Journal entries to record the transaction given
above
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 .. $16,000 $10,000 $30,000 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,000 machine-hours and incur $153,000 in manufacturing overhead cost. The following...
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 $21, 500 $12, 200 $31, 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 37,100 machine-hours and incur $150,255 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were...
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