Homework Answers
1.A (if normal costing is applied the coat is 9000*8)
2.B(because completed once look like finished goods assistance
3.C(Job orders are only for a particular type of customers only)
4.A(Raw materials are issued entry is WIP A/c Dr To RM so WIP INCREASES
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Wisteria Corp. has an overhead rate of $8 per machine hour. In the month of March,...
Overhead cost looks to be $25 per machine hour based on March's details XLS 4-27 Job...
Overhead cost looks to be $25 per machine hour based on March's
details
XLS 4-27 Job order costing (LO 5) E. Cain, Ltd. produces decorative lamps in sev styles and finishes. The company uses a job order costing system to accumulate product costs. Because much of the production process is automated, E. Cain, Ltd. has selected machine hours as its overhead application base. In April, E. Cain, Ltd. worked on four jobs. Jobs 78 and 79 were started in March...
year? Walsh Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to...
year? Walsh Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The Corporation estimated that it would incur $255,000 in manufacturing overhead during the year and that it would work 100,000 machine hours. The Corporation actually worked 105 000 machine-hours and incurred串270 000 n manufacturing overhead costs. By how much wa$ manufacturing overhead underapplied or overapplied for the Select one: a. $2,250 underapplied b. $2,250 overapplied С. $15,000 underapplied d. $15,000 overapplied At the...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
Reed Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours....
Reed Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated that the manufacturing overhead for the year would be $240,000 and machine hours would be 8,000. The following information pertains to December of the current year: Job 10 Job 11 Job 12 Total Work in process, Dec. 1 $16,000 $26,000 $38,000 $80,000 December production activity: Materials requisitioned $4,000 $4,800 $7,200 $16,000 Direct labor cost 2,400...
Journal Entries, Job Costs The following transactions occurred during the month of April for Olakala Company:...
Journal Entries, Job Costs The following transactions occurred during the month of April for Olakala Company: Purchased materials costing $3,000 on account. Requisitioned materials totalling $1,700 for use in production: $500 for Job 443 and the remainder for Job 444. Recorded 50 hours of direct labour on Job 443 and 100 hours on Job 444 for the month. Direct labourers are paid at the rate of $8 per hour. Applied overhead using a plantwide rate of $7.50 per direct labour...
48. Lauren Company uses a job-order costing system and a predetermined overhead rate based on machine...
48.
Lauren Company uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of 2020, Lauren estimated the overhead for the year would be $720,000 and that production would use 90,000 machine hours. The following information relates to the month of August: Job 125 Job 126 Job 127 $10,000 $14,000 $0 $15.000 $20,000 $2.000 Work in process August 1 Direct materials cost Direct labor costs Actual direct labor hours Actual machine hours $24,000...
Machine-hours Fixed manufacturing overhead costs Variable manufacturing overhead cost per machine-hour Molding Fabric 29,000 39 $...
Machine-hours Fixed manufacturing overhead costs Variable manufacturing overhead cost per machine-hour Molding Fabric 29,000 39 $ 730,000 $ 240 $ 5.50 $ During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It provided the following information related to those two jobs: Job D-70: Direct materials cost Direct labor cost Machine-hours Molding Fabrication Total $ 380,000 $ 321,000 $ 701,000 $ 250,000 $ 180,000 $ 430,000...
Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entry to properly dispose...
Is Manufacturing Overhead underapplied or overapplied for the
year? Prepare a journal entry to properly dispose of any balance in
the Manufacturing Overhead account.
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...
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the co...
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company’s fiscal year. a. Raw materials purchased on account, $210,000. b. Raw materials issued to production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Direct labor cost incurred, $49,000; indirect labor cost incurred, $20,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs incurred during October, $130,000 (credit Accounts Payable). f. The company applies manufacturing overhead cost...
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...
Overhead cost looks to be $25 per machine hour based on March's
details
XLS 4-27 Job order costing (LO 5) E. Cain, Ltd. produces decorative lamps in sev styles and finishes. The company uses a job order costing system to accumulate product costs. Because much of the production process is automated, E. Cain, Ltd. has selected machine hours as its overhead application base. In April, E. Cain, Ltd. worked on four jobs. Jobs 78 and 79 were started in March...
year? Walsh Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The Corporation estimated that it would incur $255,000 in manufacturing overhead during the year and that it would work 100,000 machine hours. The Corporation actually worked 105 000 machine-hours and incurred串270 000 n manufacturing overhead costs. By how much wa$ manufacturing overhead underapplied or overapplied for the Select one: a. $2,250 underapplied b. $2,250 overapplied С. $15,000 underapplied d. $15,000 overapplied At the...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
48.
Lauren Company uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of 2020, Lauren estimated the overhead for the year would be $720,000 and that production would use 90,000 machine hours. The following information relates to the month of August: Job 125 Job 126 Job 127 $10,000 $14,000 $0 $15.000 $20,000 $2.000 Work in process August 1 Direct materials cost Direct labor costs Actual direct labor hours Actual machine hours $24,000...
Machine-hours Fixed manufacturing overhead costs Variable manufacturing overhead cost per machine-hour Molding Fabric 29,000 39 $ 730,000 $ 240 $ 5.50 $ During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It provided the following information related to those two jobs: Job D-70: Direct materials cost Direct labor cost Machine-hours Molding Fabrication Total $ 380,000 $ 321,000 $ 701,000 $ 250,000 $ 180,000 $ 430,000...
Is Manufacturing Overhead underapplied or overapplied for the
year? Prepare a journal entry to properly dispose of any balance in
the Manufacturing Overhead account.
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...
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...
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