Ch 2
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15.
(
LO 5
)
At end of the year, a company has a $1,200 debit balance in Manufacturing
Overhead. The company:
1. makes an adjusting entry by debiting Manufacturing Overhead Applied for $1,200
and crediting Manufacturing Overhead for $1,200.
2. makes an adjusting entry by debiting Manufacturing Overhead Expense for
$1,200 and crediting Manufacturing Overhead for $1,200.
3. makes an adjusting entry by debiting Cost of Goods Sold for $1,200 and crediting
Manufacturing Overhead for $1,200.
4. makes no adjusting entry because differences between actual overhead and the
amount applied are a normal part of job order costing and will average out over
the next year.
c.
The company would make an adjusting entry for the underapplied overhead by
debiting Cost of Goods Sold for $1,200 and crediting Manufacturing Overhead for
$1,200, not by debiting (a) Manufacturing Overhead Applied for $1,200 or (b)
Manufacturing Overhead Expense for $1,200. Choice (d) is incorrect because at the end
of the year, a company makes an entry to eliminate any balance in Manufacturing
Overhead.
16.
(
LO 5
)
Manufacturing overhead is underapplied if:
1. actual overhead is less than applied.
2. actual overhead is greater than applied.
3. the predetermined rate equals the actual rate.
4. actual overhead equals applied overhead.
b.
Manufacturing overhead is underapplied if actual overhead is greater than applied
overhead. The other choices are incorrect because (a) if actual overhead is less than
applied, then manufacturing overhead is overapplied; (c) if the predetermined rate
equals the actual rate, the actual overhead costs incurred equal the overhead costs
applied, neither over- nor underapplied; and (d) if the actual overhead equals the
applied overhead, neither over- nor underapplied occurs.
Practice Brief Exercises
Prepare entries to record factory labor
.
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1.
(
LO 2
)
During January, its first month of operations, Swarzak Company had factory
labor of $9,000. Time tickets show that the factory labor of $9,000 was used as follows:
Job 1 $3,200, Job 2 $2,600, Job 3 $2,200, and general factory use $1,000. Prepare
summary journal entries to record factory labor.
1.
Jan. 31 Factory Labor
9,000
Payroll Liabilities
9,000
Jan. 31 Work in Process Inventory 8,000
*
Manufacturing Overhead
1,000
Factory Labor
9,000
*
$3,200 + $2,600 + $2,200
Assign manufacturing overhead to production
.
2.
(
LO 3
)
Brock Company estimates that annual manufacturing overhead costs will be
$950,000. Annual direct labor cost is the base used to apply overhead, and it is
estimated to be $500,000. During January, Brock incurred direct labor costs of $40,000.
Prepare the entry to assign overhead to production.
2.
Overhead rate based on direct labor cost = ($950,000 ÷ $500,000) = 190%.
Jan. 31 Work in Process Inventory
76,000
Manufacturing Overhead ($40,000 × 190%)
76,000
Prepare entries for completion and sale of jobs
.
3.
(
LO 4
)
In May, Huntzinger Company completes Jobs 14, 15, and 16. Job 14 cost
$40,000, Job 15 $70,000, and Job 16 $35,000. On May 31, Job 14 is sold to a customer on
account for $72,000. Journalize the entries for the completion of the three jobs and the
sale of Job 14.
3.
May 31 Finished Goods Inventory
145,000
*
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Work in Process Inventory
145,000
31
Accounts Receivable
72,000
Sales Revenue
72,000
31
Cost of Goods Sold
40,000
Finished Goods Inventory
40,000
*
$40,000 + $70,000 + $35,000
Prepare adjusting entries for under- and overapplied overhead
.
4.
(
LO 5
)
At December 31, the balances in Manufacturing Overhead are Alex Company
—debit $2,200, Katz Company—credit $1,900. Prepare the adjusting entry for each
company at December 31, assuming the adjustment is made to cost of goods sold.
4.
Alex Company
Dec. 31 Cost of Goods Sold
2,200
Manufacturing Overhead
2,200
Katz Company
Dec. 31 Manufacturing Overhead 1,900
Cost of Goods Sold
1,900
Practice Exercises
Analyze a job cost sheet and prepare entries for manufacturing costs
.
1.
(
LO 1
, 2
, 3
, 4
)
A job cost sheet for Michaels Company is shown below.
Job No. 92
For 2,000 Units
Date
Direct Materials Direct Labor Manufacturing Overhead
Beg. bal. Jan. 1
3,925
6,000
4,200
8
6,000
12
8,500
6,375
25
2,000
27
4,000
3,000
11,925
18,500
13,575
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Job No. 92
For 2,000 Units
Cost of completed job:
Direct materials
$11,925
Direct labor
18,500
Manufacturing overhead
13,575
Total cost
$44,000
Unit cost ($44,000 ÷ 2,000)
$ 22.00
Instructions
1. Answer the following questions.
1. What was the balance in Work in Process Inventory on January 1 if this was
the only unfinished job?
2. If manufacturing overhead is applied on the basis of direct labor cost, what
overhead rate was used in each year?
2. Prepare summary entries at January 31 to record the current year’s transactions
pertaining to Job No. 92.
1.
1. 1. $14,125, or ($3,925 + $6,000 + $4,200).
2. Last year 70%, or ($4,200 ÷ $6,000); this year 75% (either $6,375 ÷ $8,500 or
$3,000 ÷ $4,000).
2. Jan. 31 Work in Process Inventory 8,000
Raw Materials Inventory
($6,000 + $2,000)
8,000
31
Work in Process Inventory 12,500
Factory Labor
($8,500 + $4,000)
12,500
31
Work in Process Inventory 9,375
Manufacturing Overhead
($6,375 + $3,000)
9,375
31
Finished Goods Inventory
44,000
Work in Process Inventory
44,000
Compute the overhead rate and under- or overapplied overhead
.
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2.
(
LO 3
, 5
)
Kwik Kopy Company applies operating overhead to photocopying jobs on
the basis of machine hours used. Overhead costs are estimated to total $290,000 for
the year, and machine usage is estimated at 125,000 hours.
For the year, $295,000 of overhead costs are incurred and 130,000 hours are used.
Instructions
1. Compute the service overhead rate for the year.
2. What is the amount of under- or overapplied overhead at December 31?
3. Assuming the under- or overapplied overhead for the year is not allocated to
inventory accounts, prepare the adjusting entry to assign the amount to cost of
services provided.
2.
1. $2.32 per machine hour ($290,000 ÷ 125,000).
2. $295,000 − ($2.32 × 130,000 machine hours)
$295,000 − $301,600 = $6,600 overapplied
3. Operating Overhead
6,600
Cost of Services Provided
6,600
Practice Problem
Compute predetermined overhead rate, apply overhead, and calculate under- or overapplied
overhead
.
(
LO 3
, 5
)
Cardella Company applies overhead on the basis of direct labor costs. The
company estimates annual overhead costs to be $760,000 and annual direct labor
costs to be $950,000. During February, Cardella works on two jobs: A16 and B17.
Summary data concerning these jobs are as follows.
Manufacturing Costs Incurred
Purchased $54,000 of raw materials on account.
Factory labor $80,000.
Manufacturing overhead incurred exclusive of indirect materials and indirect labor
$59,800. This was comprised of utilities $25,000, insurance $9,000, depreciation
$10,000, and property taxes $15,800.
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Assignment of Costs
Direct materials:
Job A16 $27,000, Job B17 $21,000
Indirect materials: $3,000
Direct labor:
Job A16 $52,000, Job B17 $26,000
Indirect labor:
$2,000
The company completed Job A16 and sold it on account for $150,000. Job B17 was only
partially completed.
Instructions
1. Compute the predetermined overhead rate.
2. Journalize the February transactions in the sequence presented in the chapter
(use February 28 for all dates).
3. What was the amount of under- or overapplied manufacturing overhead?
1. Estimated annual
overhead costs
÷
Estimated annual
operating activity
=
Predetermined
overhead rate
$760,000
÷ $950,000
= 80%
2. (1)
Feb.
28
Raw Materials Inventory
54,000
Accounts Payable
54,000
(Purchase of raw materials on account)
(2)
28
Factory Labor
80,000
Payroll Liabilities
80,000
(To record factory labor costs)
(3)
28
Manufacturing Overhead
59,800
Utilities Payable
25,000
Prepaid Insurance
9,000
Accumulated Depreciation
10,000
Property Taxes Payable
15,800
(To record overhead costs)
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(4)
Feb.
28
Work in Process Inventory
48,000
*
Manufacturing Overhead
3,000
Raw Materials Inventory
51,000
(To assign raw materials to production)
*
$27,000 + $21,000
(5)
28
Work in Process Inventory
78,000
**
Manufacturing Overhead
2,000
Factory Labor
80,000
(To assign factory labor to production)
**
$52,000 + $26,000
(6)
28
Work in Process Inventory
62,400
Manufacturing Overhead
62,400
(To assign overhead to jobs— 80% × $78,000)
(7)
28
Finished Goods Inventory
120,600
Work in Process Inventory
120,600
(To record completion of Job A16: direct materials $27,000,
direct labor $52,000, and manufacturing overhead
$41,600)
(8)
28
Accounts Receivable
150,000
Sales Revenue
150,000
(To record sale of Job A16)
28
Cost of Goods Sold
120,600
Finished Goods Inventory
120,600
(To record cost of sale for Job A16)
3. Manufacturing Overhead has a debit balance of $2,400 as shown below.
Manufacturing Overhead
(3)
59,800
(6) 62,400
(4)
3,000
(5)
2,000
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Manufacturing Overhead
Bal.
2,400
Thus, manufacturing overhead is underapplied for the month.
Brief Exercises, DO IT! Exercises, Exercises, Problems, Data Analytics Activities, and
many additional resources are available for practice in WileyPlus.
Questions
1.
1. Mary Barett is not sure about the difference between cost accounting and a cost
accounting system. Explain the difference to Mary.
2. What is an important feature of a cost accounting system?
2.
1. Distinguish between the two types of cost accounting systems.
2. Can a company use both types of cost accounting systems?
3.
What type of industry is likely to use a job order cost system? Give some examples.
4.
What type of industry is likely to use a process cost system? Give some examples.
5.
Your roommate asks your help in understanding the major steps in the flow of costs
in a job order cost system. Identify the steps for your roommate.
6.
“Accumulation entries to Manufacturing Overhead normally are only made daily.” Is
this true? Explain why or why not.
7.
Stan Kaiser is confused about the source documents used in assigning materials
and labor costs. Identify the documents and give the entry for each document.
8.
What is the purpose of a job cost sheet?
9.
Indicate the source documents that are used in charging costs to specific jobs.
10.
Explain the purpose and use of a “materials requisition slip” as used in a job order
cost system.
11.
Sam Bowden believes actual manufacturing overhead costs should be charged to
jobs. Is this true? Explain why or why not.
12.
What inputs are involved in computing a predetermined overhead rate?
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13.
How can the agreement of Work in Process Inventory and job cost sheets be
verified?
14.
Jane Neff believes that the cost of goods manufactured schedule in job order cost
accounting is the same as shown in Chapter 1
. Is Jane correct? Explain.
15.
Matt Litkee is confused about under- and overapplied manufacturing overhead.
Define the terms for Matt, and indicate the unadjusted balance in the manufacturing
overhead account applicable to each term.
16.
“At the end of the year, under- or overapplied overhead is closed to Income
Summary.” Is this correct? If not, indicate the customary treatment of this amount.
Brief Exercises
Prepare a flowchart of a job order cost accounting system and identify transactions
.
BE2.1
(
LO 1
), C
Dieker Company begins operations on January 1. Because all work is
done to customer specifications, the company decides to use a job order cost system.
Prepare a flowchart of a typical job order system with arrows showing the flow of
costs. Identify the eight transactions.
Prepare entries for accumulating manufacturing costs
.
BE2.2
(
LO 1
), AP
During January, its first month of operations, Dieker Company
accumulated the following manufacturing costs: raw materials purchased $4,000 on
account, factory labor incurred $6,000, and factory utilities payable $2,000. Prepare
separate journal entries for each type of manufacturing cost (use January 31 for all
dates).
Prepare entry for the assignment of raw materials costs
.
BE2.3
(
LO 2
), AP
In January, Dieker Company requisitions raw materials for production
as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. Prepare a
summary journal entry to record raw materials used (use January 31 as the date).
Prepare entry for the assignment of factory labor costs
.
BE2.4
(
LO 2
), AP
Factory labor information for Dieker Company is given in BE2.2.
During January, time tickets show that the factory labor of $6,000 was used as follows:
Job 1 $2,200, Job 2 $1,600, Job 3 $1,400, and general factory use $800. Prepare a
summary journal entry to record factory labor used (use January 31 as the date).
Prepare job cost sheets
.
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BE2.5
(
LO 2
), AP
Data pertaining to job cost sheets for Dieker Company are given in
BE2.3 and BE2.4. Prepare the job cost sheets for each of the three jobs using the
format shown in Illustration 2.8 (use January 31 as the date). (
Note:
You may omit the
column for Manufacturing Overhead.)
Compute predetermined overhead rates
.
BE2.6
(
LO 3
), AP
Marquis Company estimates that annual manufacturing overhead
costs will be $900,000. Estimated annual operating activity bases are direct labor cost
$500,000, direct labor hours 50,000, and machine hours 100,000. Compute the
predetermined overhead rate for each activity base.
Assign manufacturing overhead to production
.
BE2.7
(
LO 3
), AP
During the first quarter, Francum Company incurs the following direct
labor costs: January $40,000, February $30,000, and March $50,000. For each month,
prepare the entry to assign overhead to production using a predetermined rate of
70% of direct labor cost (date journal entries as of the end of the month).
Prepare entries for completion and sale of completed jobs
.
BE2.8
(
LO 4
), AP
In March, Stinson Company completes Jobs 10 and 11. Job 10 cost
$20,000 and Job 11 $30,000. On March 31, Job 10 is sold to the customer for $35,000 in
cash. Journalize the entries for the completion of the two jobs and the sale of Job 10
(date journal entries as of the end of the month).
Prepare entries for payroll liabilities and operating overhead
.
BE2.9
(
LO 4
), AP
Ruiz Engineering Contractors incurred employee payroll costs of
$36,000 ($28,000 direct and $8,000 indirect) on an engineering project. The company
applies overhead at a rate of 25% of direct labor cost. Record the entries to assign
payroll liabilities and to apply overhead. Assume journal entries are made at the end of
the month.
Prepare adjusting entries for under- and overapplied overhead
.
BE2.10
(
LO 5
), AP
At December 31, balances in Manufacturing Overhead are Shimeca
Company—debit $1,200, Garcia Company—credit $900. Prepare the adjusting entry for
each company at December 31, assuming the adjustment is made to cost of goods
sold.
DO IT! Exercises
Prepare entries for manufacturing costs
.
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DO IT! 2.1
(
LO 1
), AP
During the current month, Wacholz Company incurs the following
manufacturing costs.
1. Purchased raw materials of $18,000 on account.
2. Incurred factory labor of $40,000.
3. Factory utilities of $3,100 are payable, prepaid factory insurance of $2,700 has
expired, and depreciation on the factory building is $9,500.
Prepare journal entries for each type of manufacturing cost. (Use a summary entry to
record manufacturing overhead.)
Assign costs to work in process
.
DO IT! 2.2
(
LO 2
), AP
Milner Company is working on two job orders. The job cost sheets
show the following.
Job 201 Job 202
Direct materials $7,200
$9,000
Direct labor
4,000
8,000
Prepare the two summary entries to record the assignment of costs to Work in
Process from the data on the job cost sheets.
Compute and apply the predetermined overhead rate.
.
DO IT! 2.3
(
LO 3
), AP
Washburn Company produces earbuds. During the year,
manufacturing overhead costs are estimated to be $200,000. Estimated machine
usage is 2,500 hours. The company assigns overhead based on machine hours. Job No.
551 used 90 machine hours. Compute the predetermined overhead rate, determine
the amount of overhead to apply to Job No. 551, and prepare the entry to apply
overhead to Job No. 551 on January 15.
Prepare entries for completion and sale of jobs.
.
DO IT! 2.4
(
LO 4
), AP
During the current month, Standard Corporation completed Job
310 and Job 312. Job 310 cost $70,000 and Job 312 cost $50,000. Job 312 was sold on
account for $90,000. Journalize the entries for the completion of the two jobs and the
sale of Job 312 (use January 31 for the dates).
Apply manufacturing overhead and determine under- or overapplication
.
DO IT! 2.5
(
LO 5
), AP
For Eckstein Company, the predetermined overhead rate is 130%
of direct labor cost. During the month, Eckstein incurred $100,000 of factory labor
costs, of which $85,000 is direct labor and $15,000 is indirect labor. Actual overhead
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incurred was $115,000. Compute the amount of manufacturing overhead applied
during the month. Determine the amount of under- or overapplied manufacturing
overhead.
Exercises
Prepare entries for factory labor
.
E2.1
(
LO 1
, 2
), AP
Total factory labor costs related to factory workers for Larkin
Company during the month of January are $90,000. Of the total accumulated cost of
factory labor, 85% is related to direct labor and 15% is attributable to indirect labor.
Instructions
1. Prepare the January 31 entry to record the factory labor costs for the month of
January.
2. Prepare the January 31 entry to assign factory labor to production.
Prepare entries for manufacturing costs
.
E2.2
(
LO 1
, 2
, 3
, 4
), AP
Stine Company uses a job order cost system. On May 1, the
company has a balance in Work in Process Inventory of $3,500 and two jobs in process:
Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source
documents reveals the following.
Job Number
Materials Requisition Slips
Labor Time Tickets
429
$2,500
$1,900
430
3,500
3,000
431
4,400
$10,400
7,600
$12,500
General use
800
1,200
$11,200
$13,700
Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of
direct labor cost. Job No. 429 is completed during the month.
Instructions
1. Prepare May 31 summary journal entries to record (1) the requisition slips, (2) the
time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the
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completion of Job No. 429.
2. Post the entries to Work in Process Inventory, and prove the agreement of the
control account with the job cost sheets. (Use a T-account.)
Analyze a job cost sheet and prepare entries for manufacturing costs
.
E2.3
(
LO 1
, 2
, 3
, 4
), AP
A job cost sheet for Ryan Company is shown below.
Job No. 92
For 2,000 Units
Date
Direct Materials Direct Labor Manufacturing Overhead
Beg. bal. Jan.
1
5,000
6,000
4,200
8
6,000
12
8,000
6,400
25
2,000
27
4,000
3,200
13,000
18,000
13,800
Cost of completed job:
Direct materials
$13,000
Direct labor
18,000
Manufacturing overhead
13,800
Total cost
$44,800
Unit cost ($44,800 ÷ 2,000)
$
22.40
Instructions
1. On the basis of this data, answer the following questions.
1. What was the balance in Work in Process Inventory on January 1 if this was
the only unfinished job?
2. If manufacturing overhead is applied on the basis of direct labor cost, what
overhead rate was used in each year?
2. Prepare summary entries at January 31 to record the current year’s transactions
pertaining to Job No. 92.
Analyze costs of manufacturing and determine missing amounts
.
E2.4
(
LO 1
, 5
), AN
Manufacturing cost data for Orlando Company, which uses a job
order cost system, are presented below.
Case A
Case B
Work in process 1/1/22
$(a)
$15,500
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Case A
Case B
Direct materials used
(b)
83,000
Direct labor
50,000
140,000
Manufacturing overhead applied
42,500
(d)
Total manufacturing costs
145,650
(e)
Total cost of work in process
201,500
(f)
Work in process 12/31/22
(c)
11,800
Cost of goods manufactured
192,300
(g)
Instructions
Determine the missing amount for each letter. Assume that in both cases
manufacturing overhead is applied on the basis of direct labor cost and the rate is the
same.
Compute the manufacturing overhead rate and under- or overapplied overhead
.
E2.5
(
LO 3
, 5
), AN
Ikerd Company applies manufacturing overhead to jobs on the basis
of machine hours used. Overhead costs are estimated to total $300,000 for the year,
and machine usage is estimated at 125,000 hours.
For the year, $322,000 of overhead costs are incurred, and 130,000 machine hours are
used.
Instructions
1. Compute the manufacturing overhead rate for the year.
2. What is the amount of under- or overapplied overhead at December 31?
3. Prepare the adjusting entry to assign the under- or overapplied overhead for the
year to cost of goods sold.
Analyze job cost sheet and prepare entry for completed job
.
E2.6
(
LO 1
, 2
, 3
, 4
), AP
A job cost sheet of Sandoval Company is given below.
Job Cost Sheet
JOB NO.469
Quantity2,500
ITEMWhite Lion Cages Date Requested7/2
FORTodd Company
Date Completed7/31
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Job Cost Sheet
Date Direct Materials
Direct Labor Manufacturing Overhead
7/10
690
12
900
15
440
550
22
380
475
24 1,600
27 1,500
31
540
675
Cost of completed job:
Direct materials
Direct labor
Manufacturing overhead
Total cost
Unit cost
Instructions
1. Answer the following questions.
1. What are the source documents for direct materials, direct labor, and
manufacturing overhead costs assigned to this job?
2. Overhead is applied on the basis of direct labor cost. What is the
predetermined manufacturing overhead rate?
3. What are the total cost and the unit cost of the completed job?
2. Prepare the entry to record the completion of the job on July 31.
Prepare entries for manufacturing and nonmanufacturing costs
.
E2.7
(
LO 1
, 2
, 3
, 4
), AP
Crawford Corporation incurred the following transactions.
1. Purchased raw materials on account $46,300.
2. Raw materials of $36,000 were requisitioned to the factory. An analysis of the
materials requisition slips indicated that $6,800 was classified as indirect
materials.
3. Factory labor costs incurred were $59,900.
4. Time tickets indicated that $54,000 was direct labor and $5,900 was indirect labor.
5. Manufacturing overhead costs incurred on account were $80,500.
6. Depreciation on the company’s office building was $8,100.
7. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
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8. Goods costing $88,000 were completed and transferred to finished goods.
9. Finished goods costing $75,000 to manufacture were sold on account for
$103,000.
Instructions
Journalize the transactions. (Omit explanations.)
Prepare entries for manufacturing and nonmanufacturing costs
.
E2.8
(
LO 1
, 2
, 3
, 4
), AP
Enos Printing Corp. uses a job order cost system. The following
data summarize the operations related to the first quarter’s production.
1. Materials purchased on account $192,000, and factory wages incurred $87,300.
2. Materials requisitioned and factory labor used by job:
Job Number Materials Factory Labor
A20
$35,240
$18,000
A21
42,920
22,000
A22
36,100
15,000
A23
39,270
25,000
Indirect
4,470
7,300
$158,000
$87,300
3. Manufacturing overhead costs incurred on account $49,500. (
Hint
: Use Accounts
Payable.)
4. Depreciation on factory equipment $14,550.
5. Depreciation on the company’s office building $14,300.
6. Manufacturing overhead rate is 90% of direct labor cost.
7. Jobs completed during the quarter: A20, A21, and A23.
Instructions
Prepare entries to record the operations summarized above. Prepare a schedule
showing the individual cost elements and total cost for each job in item 7.
Prepare a cost of goods manufactured schedule and partial financial statements
.
E2.9
(
LO 1
, 5
), AP
At May 31, 2022, the accounts of Lopez Company show the following.
1. May 1 inventories—finished goods $12,600, work in process $14,700, and raw
materials $8,200.
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publisher's prior permission. Violators will be prosecuted.
2. May 31 inventories—finished goods $9,500, work in process $15,900, and raw
materials $7,100.
3. Debit postings to work in process were direct materials $62,400, direct labor
$50,000, and manufacturing overhead applied $40,000. (Assume that overhead
applied was equal to overhead incurred.)
4. Sales revenue totaled $215,000.
Instructions
1. Prepare a condensed cost of goods manufactured schedule for May 2022.
2. Prepare an income statement for May 2022 through gross profit.
3. Prepare the balance sheet section of the manufacturing inventories at May 31,
2022.
Compute work in process and finished goods from job cost sheets
.
E2.10
(
LO 2
, 4
), AP
Tierney Company begins operations on April 1. Information from
job cost sheets shows the following.
Manufacturing Costs Assigned
Job Number
April
May
June
Month Completed
10
$5,200 $4,400
May
11
4,100
3,900 $2,000 June
12
1,200
April
13
4,700
4,500 June
14
5,900
3,600 Not complete
Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were
completed in June. Each job was sold for 25% above its cost in the month following
completion.
Instructions
1. What is the balance in Work in Process Inventory at the end of each month?
2. What is the balance in Finished Goods Inventory at the end of each month?
3. What is the gross profit for May, June, and July?
Prepare entries for service organizations
.
E2.11
(
LO 1
, 3
, 4
), AP
The following are the job cost related accounts for the
law firm of Colaw Associates and their manufacturing equivalents:
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publisher's prior permission. Violators will be prosecuted.
Law Firm Accounts
Manufacturing Company Accounts
Supplies
Raw Materials Inventory
Payroll Liabilities
Payroll Liabilities
Operating Overhead
Manufacturing Overhead
Service Contracts in Process
Work in Process Inventory
Cost of Completed Service Contracts Finished Goods Inventory
Cost data for the month of March follow.
1. Purchased supplies on account $1,800.
2. Issued supplies $1,200 (60% direct and 40% indirect).
3. Assigned labor costs based on time tickets for the month which indicated labor
costs of $70,000 (80% direct and 20% indirect).
4. Operating overhead costs incurred for cash totaled $40,000.
5. Operating overhead is applied at a rate of 90% of direct labor cost.
6. Work completed totaled $75,000.
Instructions
1. Journalize the transactions for March. (Omit explanations.)
2. Determine the balance of the Service Contracts in Process account. (Use a T-
account.)
Determine cost of jobs and ending balances of a service company’s accounts
.
E2.12
(
LO 2
, 3
, 4
), AP
Service Don Lieberman and Associates, a CPA firm, uses
job order costing to capture the costs of its audit jobs. There were no audit jobs in
process at the beginning of November. Listed below are data concerning the three
audit jobs worked on during November.
Waters Inc. Renolds Inc. Bayfield Inc.
Direct materials
$600
$400
$200
Auditor labor costs $5,400
$6,600
$3,375
Auditor hours
72
88
45
Overhead costs are applied to jobs on the basis of auditor hours, and the
predetermined overhead rate is $50 per auditor hour. The Waters Inc. job is the only
incomplete job at the end of November. Actual overhead for the month was $11,000.
Instructions
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1. Determine the cost assigned to each job.
2. Determine the balance of the Service Contracts in Process account at the end of
November.
3. Calculate the ending balance of the Operating Overhead account for November.
Determine predetermined overhead rate, apply overhead, and determine whether balance is
under- or overapplied
.
E2.13
(
LO 3
, 5
), AP
Service Tombert Decorating uses a job order cost system
to collect the costs of its interior decorating business. Each client’s consultation is
treated as a separate job. Overhead is applied to each job based on the number of
decorator hours incurred. Listed below are data for the current year.
Estimated overhead costs
$960,000
Actual overhead costs
$982,800
Estimated decorator hours 40,000
Actual decorator hours
40,500
The company uses the account Operating Overhead in place of Manufacturing
Overhead, and the account Service Contracts in Process in place of Work in Process
Inventory.
Instructions
1. Compute the predetermined overhead rate.
2. Prepare the entry to apply the overhead for the year.
3. Determine whether the overhead was under- or overapplied and by how much.
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Related Questions
5
arrow_forward
Ashvin
arrow_forward
Journalize the following transactions for Ivanhoe Company.
(a) Purchased 6,800 units of raw materials on account for $12,910. The standard cost was $13,600.
(b)
Issued 6,650 units of raw materials for production. The standard units were 6,790.
(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation
(a)
Raw Materials Inventory
Accounts Payable
Manufacturing Overhead
Debit
13600
(b)
Work in Process Inventory
12635
Raw Materials Inventory
Manufacturing Overhead
Credit
690
12910
12635
arrow_forward
Journalize the following transactions for Carla Vista Company.
(a) Purchased 5,900 units of raw materials on account for $10,930. The standard cost was $11,800.
(b)
Issued 5,600 units of raw materials for production. The standard units were 5,740.
(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation
(a)
(b)
Raw Materials Inventory
Materials Price Variance
Accounts Payable
Work in Process Inventory
Materials Quantity Variance
Raw Materials Inventory
Debit
11800
Credit
10930
arrow_forward
Journalize the following transactions for Sheridan Company.
(a) Purchased 5,900 units of raw materials on account for $16.930. The standard cost was $17,700.
(b) Issued 5,800 units of raw materials for production. The standard units were 5.890.
List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually)
No. Account Titles and Explanation
(a)
(b)
Debit
Credit
arrow_forward
Pharoah Engineering Contractors incurred employee payroll costs of $32,400 ($25,200 direct and $7,200 indirect) on an engineering
project. The company applies overhead at a rate of 25% of direct labor cost.
Record the entries to assign payroll liabilities and to apply overhead. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation
(To record service salary and wages)
(To record the applied overhead)
Debit
Credit
arrow_forward
actory Labor S98,000, a credit to Employer Payroll Taxes Payable $3,000
and a credit to Factory Wages Payable $95,000
None of the above
Time tickets indicated 900 labor hours in the production of Job .115, out of which
600 were direct labor hours. The company pays $8 per each labor hour. The entry
to record this transaction is: *
A debit to Work in Process Inventory $4,800, a debit to manufacturing overhead
$2,400, and a credit to Factory Labor $7,200
O A debit to Work in Process Inventory $7,200 and a credit to Factory Labor $7,200
A debit to Factory Labor $4,800, a debit to manufacturing overhead $2.400, and a
credit to Work in Process Inventory $7,200
None of the above
arrow_forward
Subject :- Accounting
arrow_forward
Warner Company purchases $53,600 of raw materials on account, and it incurs $61,000 of factory labor costs.Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 31
(To record raw materials purchased)
31
(To record factory labor costs)
arrow_forward
6. During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account, $400 in factory depreciation expense, and $200 in property tax on the factory.
Work in Process Inventory
Factory Depreciation Expense
Finished Goods Inventory
Utilities Expense
Manufacturing Overhead
Accounts Payable
Accounts Receivable
Property Taxes Payable
Accumulated Depreciation
PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem.
PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Using the above accounts, prepare journal entries for the following transactions:
Record the costs incurred:
DR
?
?
CR
?
?
CR
?
?
CR
?
?
Record the allocation of overhead at the predetermined rate of $1.50 per machine hour:
DR
?
?
CR
?
?
arrow_forward
Swifty Company purchases $50,700 of raw materials on account, and it incurs $64,000 of factory labor costs.
Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically
Indented when amount is entered. Do not indent manually.)
Date
Mar. 31
31
Account Titles and Explanation
(To record raw materials purchased)
(To record factory labor costs)
Debit
Credit
arrow_forward
Wildhorse Engineering Contractors incurred employee payroll costs of $43,920 ($34,160 direct and $9,760 indirect) on an
engineering project. The company applies overhead at a rate of 25% of direct labor cost.
Record the entries to assign payroll liabilities and to apply overhead. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation
(To record service salary and wages)
(To record the applied overhead)
Debit
Credit
arrow_forward
Warner Company purchases $51,600 of raw materials on account, and it incurs $65,700 of factory labor costs.
Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically indented when amount is entered. Do not
indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 31
(To record raw materials purchased)
31
(To record factory labor costs)
arrow_forward
CALCULATOR
PRINTER VERSION
1 BACK
NEXT
Problem 4-30
Coronado, Inc. manufactures ergonomically designed computer furniture.
Coronado uses a job order costing system. On November 30, the Work in
Process Inventory consisted of the following jobs:
Job No.
Item
Units
Accumulated Cost
CC723
Computer caddy
25,000
$970,000
CH291
Chair
18,000
432,000
PS812
Printer stand
25,000
251,000
$1,653,000
On November 30, Coronado's Raw Materials Inventory account totaled
$679,000, and its Finished Goods Inventory totaled $3,495,400.
Coronado applies manufacturing overhead on the basis of machine hours.
The company's manufacturing overhead budget for the year totaled
$4,600,000, and the company planned to use 920,000 machine hours
during the year. Through the first eleven months of the year, the company
used a total of 836,000 machine hours, total manufacturing overhead
amounted to $4,284,500, and Cost of Goods Sold was $4,294,500.
Coronado purchased $8,750,250 in raw materials in December and
incurred…
arrow_forward
oriole company purchases $44, 000 of raw materials on account, and it incurs $52, 800 of
factory labor costsOriole Company purchases $44,000 of raw materials on account, and it
incurs $52, 800 of factory labor costs. Journalize the two transactions on March 31, assuming
the labor costs are not paid until April. (List all debit entries before credit entries. Credit
account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit Mar. 31 (To record raw materials purchased
) 31 (To record factory labor costs)
arrow_forward
answer in text form please (without image), Note: .Every entry should have narration please
arrow_forward
1. Purchased $75,180 in materials on account.
Check my work
2. Issued $2,100 in supplies from the materials inventory to the production
department.
3. Paid for the materials purchased in transaction (1)
4. Issued $35,700 in direct materials to the production department.
5. Incurred wage costs of $58,800, which were debited to Payroll, a temporary
account. Of this amount, $18,900 was withheld for payroll taxes and credited to
Payroll Taxes Payable. The remaining $39,900 was paid in cash to the employees.
See transactions (6) and (7) for additional information about Payroll.
5. Recognized $29,400 in fringe benefit costs, incurred as a result of the wages paid
in (5). This $29,400 was debited to Payroll and credited to Fringe Benefits Payable
7. Analyzed the Payroll account and determined that 60 percent represented direct
labor; 30 percent, indirect manufacturing labor, and 10 percent, administrative and
marketing costs.
8. Paid for utilities, power, equipment maintenance, and other…
arrow_forward
Record the following journal entries for Allen Company:
(Click the icon to view the transactions.)
(Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
6. Purchased raw materials on account, $5,000.
Date
6.
7. Used $2,000 in direct materials and $1,000 in indirect materials in production.
Accounts and Explanation
Date
Accounts and Explanation
7.
Debit
More info
Credit
4
6. Purchased materials on account. $5.000.
7.
Used $2,000 in direct materials and $1,000 in indirect materials in production.
8. Incurred $5,000 in labor costs, of which 80% was direct labor.
X
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Fo
arrow_forward
K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:
Line Item Description
Consultant
Computer Programmer
Administrator
Regular earnings rate
$2,510 per week
$36 per hour
$46 per hour
Overtime earnings rate
Not applicable
2 times hourly rate
1.5 times hourly rate
Federal income tax withheld
$925
$252
$495
For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.
For the current pay period, the computer programmer worked 55 hours and the administrator worked 64 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%.
Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places.
Line Item Description
Consultant
Computer…
arrow_forward
K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:
Consultant
Computer Programmer
Administrator
Regular earnings rate
$2,410 per week
$28 per hour
$48 per hour
Overtime earnings rate
Not applicable
2 times hourly rate
1.5 times hourly rate
Federal income tax withheld
$915
$255
$505
For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.
For the current pay period, the computer programmer worked 53 hours and the administrator worked 61 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5%.
Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places.
Consultant
Computer Programmer
Administrator
Gross pay
$fill in the…
arrow_forward
In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $27,000 and Job 11 $34,000. On March 31, Job 10 is sold to the
customer for $43,300 in cash.
Journalize the entries for the completion of the two jobs and the sale of Job 10. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Mar. 31
31
31
(To record the completion of the two jobs)
(To record the sale Job 10)
(To record the cost of the job sold)
Debit
Credit
arrow_forward
attend all
arrow_forward
K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:
Consultant
Computer Programmer
Administrator
Regular earnings rate
$2,010 per week
$30 per hour
$44 per hour
Overtime earnings rate
Not applicable
2 times hourly rate
1.5 times hourly rate
Federal income tax withheld
$920
$255
$515
For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.
For the current pay period, the computer programmer worked 54 hours and the administrator worked 63 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5%.
Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places.
Consultant
Computer Programmer
Administrator
Gross pay
Net…
arrow_forward
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- 5arrow_forwardAshvinarrow_forwardJournalize the following transactions for Ivanhoe Company. (a) Purchased 6,800 units of raw materials on account for $12,910. The standard cost was $13,600. (b) Issued 6,650 units of raw materials for production. The standard units were 6,790. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Raw Materials Inventory Accounts Payable Manufacturing Overhead Debit 13600 (b) Work in Process Inventory 12635 Raw Materials Inventory Manufacturing Overhead Credit 690 12910 12635arrow_forward
- Journalize the following transactions for Carla Vista Company. (a) Purchased 5,900 units of raw materials on account for $10,930. The standard cost was $11,800. (b) Issued 5,600 units of raw materials for production. The standard units were 5,740. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) (b) Raw Materials Inventory Materials Price Variance Accounts Payable Work in Process Inventory Materials Quantity Variance Raw Materials Inventory Debit 11800 Credit 10930arrow_forwardJournalize the following transactions for Sheridan Company. (a) Purchased 5,900 units of raw materials on account for $16.930. The standard cost was $17,700. (b) Issued 5,800 units of raw materials for production. The standard units were 5.890. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation (a) (b) Debit Creditarrow_forwardPharoah Engineering Contractors incurred employee payroll costs of $32,400 ($25,200 direct and $7,200 indirect) on an engineering project. The company applies overhead at a rate of 25% of direct labor cost. Record the entries to assign payroll liabilities and to apply overhead. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To record service salary and wages) (To record the applied overhead) Debit Creditarrow_forward
- actory Labor S98,000, a credit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages Payable $95,000 None of the above Time tickets indicated 900 labor hours in the production of Job .115, out of which 600 were direct labor hours. The company pays $8 per each labor hour. The entry to record this transaction is: * A debit to Work in Process Inventory $4,800, a debit to manufacturing overhead $2,400, and a credit to Factory Labor $7,200 O A debit to Work in Process Inventory $7,200 and a credit to Factory Labor $7,200 A debit to Factory Labor $4,800, a debit to manufacturing overhead $2.400, and a credit to Work in Process Inventory $7,200 None of the abovearrow_forwardSubject :- Accountingarrow_forwardWarner Company purchases $53,600 of raw materials on account, and it incurs $61,000 of factory labor costs.Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 (To record raw materials purchased) 31 (To record factory labor costs)arrow_forward
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