Chapter 2 ICE 2-2

How do you find the ending work in process inventory?

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Task #9:  Jobs TG1000, RW3000, and XY200 were delivered to customers during the month, sales terms n/15.  Sale price is 30% markup over cost. Job AP5000 was finished during the month.  Record journal entries: 1.To record Job XY200 and AP5000 completed 2.To record Job TG1000 and RW3000 and XY200 sold                                                         Account: Finished Goods                                 Job TG1000 Job RW3000 Total         Direct Materials $10,000  $30,000  $40,000          Direct Labor $15,000  $37,750  $52,750          Factory Overhead $4,000  $12,000  $16,000            $29,000  $79,750  $108,750                                          Account: Work in Process                                 Job XY200 Job AP5000 Total         Direct Materials $9,000  $40,000  $49,000          Direct Labor $6,000  $19,200  $25,200          Factory Overhead $5,400  $24,000  $29,400            $20,400  $83,200  $103,600

Journal Entries in Job Cost Accounting Process Practice Problem 5: During the month of July, Creative Printers purchased $ 25,000 of materials on account. The company sent direct materials from the storeroom to jobs as follows: $ 9,000 to Job No. 106, and $ 14,000 to Job No. 107. The company also sent indirect materials of $ 1,000 to each job. The company assigned production-related labor costs to jobs (direct labor) and to Overhead as follows: $4,000 to Job No. 106, $ 16,000 to Job No. 107, and indirect labor of $2,000 to Job No. 106. Pass the jourmal entries in the books of Creative printers for material, labour and overheads.

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 two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $4,600 4,300 $ 8,900 Source documents revealed the following during March: Materials Requisitions Forms $ 3,600 3,700 4,400 1,300 $ 13,000 Job 33: Job 34 Job 35 Indirect Labor Time Tickets $ 4,900 4,600 3,600 1,100 $ 14,200 Status of Job at Month-End Completed and sold i Completed, but not sold i In process 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

Preparing and using a job cost record to prepare journal entries Ki Technology Co. manufactures DVDs for computer software and entertainment companies. Ki uses job order costing. On April 2, Ki began production of 6,000 DVDs, Job 423, for Paradigm Pictures for $1.20 sales price per DVD. Ki promised to deliver the DVDs to Paradigm Pictures by April 5. Ki incurred the following direct costs: Ki Technology allocates manufacturing overhead to jobs based on the relation between estimated overhead of $574,000 and estimated direct labor costs of job 423 was completed and shipped on April 3. Requirements Prepare a job cost record for job 423. Calculate the predetermined overhead allocation rate (round to two decimal places); then allocate manufacturing overhead to the job. Journalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to job 423. Wages are not yet paid. Journalize completion of the job and the…

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⦁    Prepare job cost record Global Tire manufactures tires for all-terrain vehicles. Global uses job costing and has a perpetual inventory system. On September 22, Global received an order for 100 TX tires from ATV Corporation at a price of $52 each. The job, assigned number 298, was promised for October 10.After purchasing the materials, Global began production on September 30 and incurred the following direct labor and direct materials costs in completing the order:   Global allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs ($394,000) and expected direct labor hours (18,000). Job 298 was completed on October 3 and shipped to ATV on October 5. Requirements:1. Prepare a job cost record for Job 298.2. Calculate the total profit and the per-unit profit for Job 298.

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Prepare for the jobs in process and determine the balances of three inventory accounts at the end of the year

Completing and selling jobs June production generated the following activity in Bentley Chassis Companys Work-in-Process Inventory account. Additionally Bentley Chassis has completed Jobs 142 and 143, with total costs of $37,000 and $48,000 respectively. Requirements Prepare the journal entry for production completed in June. Open a T-account for Work-in-Process Inventory Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. Prepare the journal entry to record the sale on account of Job 143 for $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. What is the gross profit on job 143?

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Journalize the entry to record the factory labor costs Journalize the entry to apply factory overhead to production for November.

es Following are simplified job cost sheets for three custom jobs at the end of June for Custom Patios. Job Number 102 Materials Labor Overhead Materials Labor Overhead Job Number 103 Materials Labor Overhead Job Number 104 $ 15,000 8,000 4,000 $ 33,000 14,200 7,100 All jobs were started in June. Overhead is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 will be finished in July. Req 1 and 2 102 103 1. What was the total cost of direct materials requisitioned in June? 2. How much total direct labor cost was incurred in June? 3. How much total cost is transferred to Finished Goods Inventory in June? $ 27,000 21,000 10,500 Complete this question by entering your answers in the tabs below. Job How much total cost is transferred to Finished Goods Inventory in June? Direct Materials Direct Labor Req 3 $ 15,000 $ 33,000 Applied Overhead Total Cost 8,000 $ 4,000 $ 27,000 14,200 7,100 54,300 Cost Transferred to Finished Goods

Question 6, part 2.  Please fill in the blanks in order they need to be inuted

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Applying Overhead to Jobs, Costing Jobs Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,750 and Job 94 with a beginning balance of $7,300. Jagjit applies overhead at the rate of $8 per direct labor hour. Direct labor wages average $18 per hour. Data on August costs for all jobs are as follows:   Job 93 Job 94 Job 95 Job 96 Direct materials $950 $4,500 $3,300 $1,300 Direct labor cost 2,160 5,400 2,610 900 During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process. Required: 1.  Calculate the number of direct labor hours that were worked on each job in August. Job 93  DLH Job 94  DLH Job 95  DLH Job 96  DLH 2.  Calculate the overhead applied to each job during the month of August. Job 93 $ Job 94 $ Job 95 $ Job 96 $   Feedback   1.…

could you please assist with questions: C, D, E & F

es 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 two jobs in process with the following costs: Work in Process Job 33 Job 34 Source documents revealed the following during March: Job 33 Job 34 Job 35 Indirect Balance on 3/1 $ 4,800 3,000 $ 7,800 Materials Requisitions Forms Required 1 $ 2,200 3,800 4,100 600 $ 10,700 The company applies overhead to products at a rate of 75 percent of direct labor cost. Job 33 Job 34 Job 35 Labor Time Tickets $ 4,000 4,100 3,000 1,900 $ 13,000 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. Status of Job at Month-End Completed and sold Completed, but not sold In process Complete this question by entering your answers in the tabs below. Required 2 Compute the cost of Jobs 33, 34, and 35 at…

Part 1 Job Order Costing John and Sam went to college together, and both majored in computer science. A few years ago, they formed a computer company called Synergy, Inc. Synergy Inc. is a manufacturer of enterprise management systems. Assume that the company has a division that does custom jobs for large clients. Production costs are accounted for using a job cost system. Suppose that at the beginning of the month, raw materials inventory totaled $8,000, manufacturing supplies amounted to $1,800, and two jobs were in process Job 355 with assigned costs of $18,750 and Job 356 with assigned costs of $2,800, and there were no finished goods inventories. There was no under-applied or over-applied manufacturing overhead on the first day of the month. The following information summarized the month’s manufacturing activities: Synergy purchased raw material costing $50,000 on account. Synergy purchased manufacturing supplies costing $9,000. The manager process requisitioned materials for the…

Part 1 Job Order Costing John and Sam went to college together, and both majored in computer science. A few years ago, they formed a computer company called Synergy, Inc. Synergy Inc. is a manufacturer of enterprise management systems. Assume that the company has a division that does custom jobs for large clients. Production costs are accounted for using a job cost system. Suppose that at the beginning of the month, raw materials inventory totaled $8,000, manufacturing supplies amounted to $1,800, and two jobs were in process Job 355 with assigned costs of $18,750 and Job 356 with assigned costs of $2,800, and there were no finished goods inventories. There was no under-applied or over-applied manufacturing overhead on the first day of the month.  The following information summarized the month's manufacturing activities: Synergy purchased raw material costing $50,000 on account. Synergy purchased manufacturing supplies costing $9,000. The manager process requisitioned…

Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 103 $ 140 $ 120 $147 150 0 1. Cost of goods sold for May 2. Finished goods inventory at the end of May 3. Work in process inventory at the end of May Job B20 $ 120 $ 120 $ 130 $ 160 0 0 Job C30 $ 178 $ 170 $95 $107 65 65 Job D40 $132 $ 125 $150 $168 0 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? Job E50 $ 200…

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Elaine's Fine Furniture has just started operations. Elaine's had the following job cost sheets for the month of January. Job Number J1-1 J1-2 J1-3 J1-4 J1-5 J1-6 J1-7 J1-8 Start Date O $37,739 O $34,101 O $5,889 O $23,411 Jan 2 Jan 4 Jan 9 Jan 17 Jan 18 Jan 24 Jan 29 Jan 30 End Date Jan 6 Jan 14 Jan 22 Feb 23 Jan 29 Jan 31 Feb 17 Feb 25 Delivery Date Jan 15 Jan 19 Jan 25 Feb 14 Feb 22 Feb 28 Total Cost $19,582 $10,631 $7,526 $6,312 $3,856 $2,033 $17,522 $10,267 What was the balance in Elaine's Finished Goods Inventory account as of January 31?

Applying Overhead to Jobs, Costing Jobs Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,810 and Job 94 with a beginning balance of $7,320. Jagjit applies overhead at the rate of $10 per direct labor hour. Direct labor wages average $16 per hour. Data on August costs for all jobs are as follows:   Job 93 Job 94 Job 95 Job 96 Direct materials $1,000 $4,550 $3,310 $1,300 Direct labor cost 1,600 4,800 2,560 800 During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process. Required: 1.  Calculate the number of direct labor hours that were worked on each job in August. Job 93 fill in the blank fe4a4a013fdefc1_1 DLH Job 94 fill in the blank fe4a4a013fdefc1_2 DLH Job 95 fill in the blank fe4a4a013fdefc1_3 DLH Job 96 fill in the blank fe4a4a013fdefc1_4 DLH 2.…

ces Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of the current year follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $ 15,100 5,200 20,500 The following transactions occurred during January: a. Purchased materials on account for $27,000. b. Issued materials to production totaling $21,600, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. c. Payroll costs totaling $18,400 were recorded as follows: $11,500 for assembly workers $2,900 for factory supervision $1,300 for administrative personnel $2,700 for sales commissions d. Recorded depreciation: $4,100 for factory machines, $1,000 for the copier used in the administrative office. e. Recorded $1,500 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative…

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