Homework Answers
Solution
Jorgensen Corporation
Journal entries:
|
Transaction No. |
Account Titles |
Debit |
Credit |
|
1 |
Raw Materials Inventory |
$6,137.60 |
|
|
Accounts Payable |
$6,137.60 |
||
|
(To record purchase of raw materials, 4,480 pounds at $1.37 per pound) |
|||
|
2 |
Work in Process |
$6,137.60 |
|
|
Raw Materials Inventory |
$6,137.60 |
||
|
(To record issue of raw materials to job no. 12) |
|||
|
3 |
Work in Process |
$16,696.40 |
|
|
Wages Payable |
$16,696.40 |
||
|
(To record direct labor cost incurred) |
|||
|
4 |
Work in Process |
$16,696.40 |
|
|
Wages Payable |
$16,696.40 |
||
|
(To record direct labor cost for Job No. 12) |
|||
|
5 |
Manufacturing Overhead |
$21,630 |
|
|
Accounts Payable |
$21,630 |
||
|
(To record MOH incurred) |
|||
|
6 |
Work in Process |
$19,600 |
|
|
Manufacturing Overhead |
$19,600 |
||
|
(Manufacturing overhead applied to job 12) |
|||
|
7 |
Finished Goods |
$42,434 |
|
|
Work in Process |
$42,434 |
||
|
(to record completion of job no. 12) |
|||
|
8 |
Accounts Receivable |
$126,000 |
|
|
Revenue |
$126,000 |
||
|
(To record job no. 12 billed) |
|||
|
Cost of Goods Sold |
$42,434 |
||
|
Finished Goods |
$42,434 |
||
|
(To record cost of job no. 12) |
|||
Notes and computations:
- Raw materials inventory purchases = 4,480 pounds x $1.37 = $6,137.60
- Wages payable = 1,876 hours x $8.90 = $16,696.40
- Overhead applied to job no. 12 –
Total overhead rate per unit –$7 (variable + fixed)
Variable = $4 per MH
Fixed = $3 per MH
Total machine hours for job 12, = 1,400 units x 2 = 2,800 MH
Applied overhead = 2,800 x $7 = $19,600
- Finished goods = raw materials inventory + direct wages + applied overhead
= 6,137.60 + 16,696.40 + 19,600 = $42,434
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In establishing the predetermined overhead rates for 2017, the
following estimates were made for the year.
Department
D
E
K
Manufacturing overhead
$924,000
$1,500,000
$900,000
Direct labor costs
$1,320,000
$1,875,000
$675,000
Direct...
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Problem 15-4A (Part Level Submission) Agassi Company uses a job order cost system in each of...
Problem 15-4A (Part Level Submission)
Agassi Company uses a job order cost system in each of its three
manufacturing departments. Manufacturing overhead is applied to
jobs on the basis of direct labor cost in Department D, direct
labor hours in Department E, and machine hours in Department
K.
In establishing the predetermined overhead rates for 2017, the
following estimates were made for the year.
Department
D
E
K
Manufacturing overhead
$924,000
$1,500,000
$900,000
Direct labor costs
$1,320,000
$1,875,000
$675,000
Direct...
Problem 11-6A (Part Level Submission) Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 2,000 units of Product B was received. The standard cost of one unit of Product B is as follows. 3 pounds at $1.30 per pound $3.90 Direct materials Direct labor 1.30 hour at $10.00 per hour 13.00 2 hours (variable $4.50 per machine hour; fixed $2.60 per machine hour) 14.20 Overhead $31.10 Standard cost per...
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Jorgensen Corporation uses standard costs with its job order
cost accounting system. In January, an order (Job No. 12) for 2,000
units of Product B was received. The standard cost of one unit of
Product B is as follows.
Direct materials
3 pounds at $1.10 per pound
$3.30
Direct labor
1.70 hour at $8.00 per hour
13.60
Overhead
2 hours (variable $4.40 per machine hour; fixed $2.70 per
machine hour)
14.20
Standard cost per unit
$31.10
Normal capacity for the...
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. $20 Direct materials (8 pounds at $2.50 per pound) Direct labor (3 hours at $12.00 per hour) $36 During the month of April, the company manufactures 230 units and incurs the following actual costs. Direct materials purchased and used (1,900 pounds) Direct labor (700 hours) $5,035 $8,120 Journalize the entries to record the materials and labor variances. (Credit account titles...
Concord Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. Purchased 17,300 units of raw materials on account at a cost of $3.30 per unit. Standard cost was $3.00 per unit. 2. Issued 17,300 units of raw materials for jobs that required 16,890 standard units of raw materials. 3. Incurred 16,000 actual hours of direct labor at an actual rate of $4.00 per hour. The standard rate is $4.50...
Problem 15-4A (Part Level Submission)
Agassi Company uses a job order cost system in each of its three
manufacturing departments. Manufacturing overhead is applied to
jobs on the basis of direct labor cost in Department D, direct
labor hours in Department E, and machine hours in Department
K.
In establishing the predetermined overhead rates for 2017, the
following estimates were made for the year.
Department
D
E
K
Manufacturing overhead
$924,000
$1,500,000
$900,000
Direct labor costs
$1,320,000
$1,875,000
$675,000
Direct...
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 15-4A (Part Level Submission)
Agassi Company uses a job order cost system in each of its three
manufacturing departments. Manufacturing overhead is applied to
jobs on the basis of direct labor cost in Department D, direct
labor hours in Department E, and machine hours in Department
K.
In establishing the predetermined overhead rates for 2017, the
following estimates were made for the year.
Department
D
E
K
Manufacturing overhead
$924,000
$1,500,000
$900,000
Direct labor costs
$1,320,000
$1,875,000
$675,000
Direct...
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