Pedriani Company uses a job order cost system and applies overhead on the basis of direct...
Pedriani Company uses a job order cost system and applies overhead on the basis of direct labor hours. On Jan01, 2017, Job No. 25 was the only job in process. Costs incurred prior to Jan01 on this job were as follows: direct materials $10,000; direct labor $6,000; and manufacturing overhead $9,000. Job No. 23 had been completed at a cost of $42,000 and was part of finished goods inventory. There was a $5,000 balance in the Raw Materials Inventory account.
During the month of January, the company began production on Jobs 26 and 27, and completed Jobs 25 and 26. Jobs 23 and 25 were sold on account during the month for $63,000 and $74,000, respectively. These additional events occurred during the month.
1. Purchased additional raw materials of $45,000 on account.
2. Incurred factory labor costs of $33,500. Of this amount, $7,500 related to employer payroll taxes.
3. Incurred manufacturing overhead costs: indirect materials $10,000; indirect labor $9,500; deprec. expense on equipment $12,000; and various other manufacturing overhead costs on account $11,000.
4. Assigned direct materials and direct labor to jobs as follows.
|
Job No. |
Direct Materials |
Direct Labor |
|
25 |
$ 5,000 |
$ 3,000 |
|
26 |
17,000 |
12,000 |
|
27 |
13,000 |
9,000 |
5. Company uses direct labor hours as the activity base to assign overhead. Direct labor hours incurred on each job were: Job #25, 200; Job #26, 800; and Job #27, 600.
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(c) |
Raw materials inventory |
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Accounts payable |
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Labor |
Factory labor |
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|
Factory wages payable |
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Employer payroll taxes payable |
|||
|
Mfg Overhead |
Manufacturing overhead |
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|
Accounts payable |
|||
|
Accumulated depreciation - equipment |
|||
|
Raw materials inventory |
|||
|
Factory labor |
|||
|
(d) |
Work in process inventory |
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Raw materials inventory |
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Work in process inventory |
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Factory labor |
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Work in process inventory |
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Manufacturing overhead |
(e) Total the job cost sheets for any job(s) completed during the month.
Prepare the entry (or entries) to record the completion of any job(s) during JAN.
|
(e) |
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(f) Prepare journal entry (or entries) to record the sale of any job(s) during JAN.
|
(f) |
Accounts receivable |
||
|
Sales Revenue |
|||
|
Cost of goods sold |
|||
|
Finished goods inventory |
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Homework Answers
Predetermined
overhead rate = 440000/22000 = $22/DLHAdd Answer to:
Pedriani Company uses a job order
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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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
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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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
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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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
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 $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400...
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