Homework Answers
Option (A) $26,400 is the correct answer
Calculation of Work -in -Process at the End of September:
Job A
Direct Labour = $4,000
Factory overheads (120% of $4,000) = $4,800
Total Work in Process for Job A = $4,000 + $4,800
= $8,800
Job C
Direct Labour = $8,000
Factory overheads (120% of $8,000) = $9,600
Total Work in Process for Job A = $8,000 + $9,600
= $17,600
Total work in process at the end of September:
=$8,800 + $17,600
=$26,400
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100 60 0 2 4 The company applies Overhead at 10 of director cost During September...
The company applies overhead to products at a rate of 60 percent of direct labor cost....
The company applies overhead to products at a rate of 60 percent
of direct labor cost.
Required:
1. Compute the cost of Jobs 33, 34, and 35 at
the end of the month.
2. Calculate the balance in the Work in Process
Inventory, Finished Goods Inventory, and Cost of Goods Sold
accounts at month-end.
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The company applies overhead cost to jobs on the basis of direct labor-hours. For the current...
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an estimated activity level of 40,000 direct labor-hours. The
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Raw materials were purchased on account, $584,000.
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* Problem 2-1 (Video) 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 $21,000, direct labor $12,600, and manufacturing overhead $16,800. As of January 1, Job 49 had been completed at a cost of $94,500 and was part of finished goods inventory....
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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, 2017, Job No. 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 No. 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,400, direct labor $12,240, and manufacturing overhead $16,320. As of January 1, Job 49 had been completed at a cost of $91,800 and was part of finished goods inventory. There was a $15,300 balance in the Raw Materials Inventory account. During the...
The company applies overhead to products at a rate of 60 percent
of direct labor cost.
Required:
1. Compute the cost of Jobs 33, 34, and 35 at
the end of the month.
2. Calculate the balance in the Work in Process
Inventory, Finished Goods Inventory, and Cost of Goods Sold
accounts at month-end.
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had...
Problem 10-1 (Static) Acquisition costs [LO10-1, 10-2, 10-3, 10-4) Tristar Production Company began operations on September 1, 2021. Listed below are a number of transactions that occurred during its first four months of operations. (FV of $1. PV of S1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of SD (Use appropriate factors from the tables provided.): 8 1. On September 1, the company acquired five acres of land with a building that will be used as...
The company applies overhead cost to jobs on the basis of direct
labor-hours. For the current year, the company’s predetermined
overhead rate of $13.00 per direct labor-hour was based on a cost
formula that estimated $520,000 of total manufacturing overhead for
an estimated activity level of 40,000 direct labor-hours. The
following transactions were recorded for the year:
Raw materials were purchased on account, $584,000.
Raw materials use in production, $537,600. All of of the raw
materials were used as direct...
Global Ltd. had beginning inventory of 50 units that cost $100 each. During September, the company purchased 200 units on account at $100 each, returned 6 units for credit, and sold 150 units at $200 each (e) Your answer is correct. Journalize the September transactions, assuming that Global Ltd. uses a perpetual inventory system. (Credit acCount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
journalize A to C
4. At the beginning of the year, factory overhead application rates were based on the following data: Stamping Plating Dept Dept. Estimated factory overhead for the year. ........... $145,000 $115,000 Estimated direct labor hours for the year.. 29,000 6,000 In October, the following transactions were recorded: a. Purchased the following materials and supplies on account: Material A.. 1,100 units @ $26 Material B 900 units @ $17 Material C............ 800 units @ $28 Factory Supplies............... $3,200...
Problem 2-1A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,200, direct labor $12,120, and manufacturing overhead $16,160. As of January 1, Job No. 49 had been completed at a cost of $90,900 and was part of finished goods inventory....
* Problem 2-1 (Video) 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 $21,000, direct labor $12,600, and manufacturing overhead $16,800. As of January 1, Job 49 had been completed at a cost of $94,500 and was part of finished goods inventory....
Problem 10-1 Acquisition costs (LO10-1, 10-2, 10-3, 10-4] Tristar Production Company began operations on September 1, 2018. Listed below are a number of transactions that occurred during its first four months of operations. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) ok 1. On September 1, the company acquired five acres of land with a building that will be used as a...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 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 No. 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,400, direct labor $12,240, and manufacturing overhead $16,320. As of January 1, Job 49 had been completed at a cost of $91,800 and was part of finished goods inventory. There was a $15,300 balance in the Raw Materials Inventory account. During the...
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