(1) (2) (3) Work in Process Inventory Raw Materials Inventory Work in Process Inventory Factory Labor Raw Materials Inventory Work in Process Inventory Manufacturing Overhead 96380 61000 73200 1000 61000 109800 73200
Q: Administrative cost Operating costs-trucks Other collection cuals $ 411,000 1,369.000 380.000 nata…
A: Cost Allocation: Cost allocation refers to the assignment of costs to specific cost objects. This…
Q: Bordeaux Company has the following information related to purchases and sales of one of its…
A: Ending inventory is the amount of goods that an entity has, in hand at the end of the period. It is…
Q: Pretty Pictures Co. has a monthly target operating income of $7,400. Variable expenses are 60% of…
A: MARGIN OF SAFETY Sales Above the Break-Even Point is Called Margin of Safety Sales. Margin of Safety…
Q: Which of the following statements is/are correct? (i) An increase in the estimated useful life of a…
A: Depreciation is a non cash expenses. Depreciation is charged on fixed asset over a estimated useful…
Q: On May 1, Year 3, Love Corporation declared a $60,000 cash dividend to be paid on May 31 to…
A: Lets understand the basics. As per balance sheet equation, total assets are always equals to total…
Q: The Ste. Marie Division of Pacific Media Corporation just started operations. It purchased…
A: Residual income is the amount left after paying of cost of capital out of the operating profit.…
Q: equation except one of them: O a. Accounting equation shows the financing sources and the use of…
A: Accounting equation is simply the basic of double entry book keeping of accounting. It shows the the…
Q: The income statement for Carla Vista, Inc. is as follows: Sales revenue Cost of goods sold Gross…
A: The ratio analysis helps to analyze the financial statements of the business on the basis of various…
Q: What is the difference between 'Neutrality' and 'Prudence'? Please explain/provide an example for…
A: In accounting, the concepts of "neutrality" and "prudence" play important roles in ensuring the…
Q: Guy McKinley started the McKinley Charter Service at the beginning of August 20X1. On August 31,…
A: The profitability of the entity is indicated by the income statement because it reports the revenues…
Q: Araneta Forwarders, Inc. is planning to purchase a new delivery vehicle costing P500,000. Test run…
A: We are provided with data to calculate net investment or net cash outflows, but the options doesn't…
Q: 5, what is your yield to maturity?
A: Yield to maturity= [Annual interest + {(Face value - Price)/Maturity}]/(Face value+ Price)/2
Q: FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process McCourt Company uses the…
A: Work-in-progress inventory is that which has been started but still requires finishing before it can…
Q: Cascade Company was started on January 1, Year 1, when it acquired $152,000 cash from the owners.…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Annual Usage is 10,600 units, ordering cost per order is P15.90. Carrying cost is 10% of unit cost…
A: EOQ is the economic order quantity. It is the optimal quantity that an entity could buy in one go so…
Q: Exercise 2-7A (Algo) Effect of accrued expenses on the accounting equation and financial statements…
A: ACCOUNTING EQUATION Accounting Equation is a Financial Accounting Technique which represents the…
Q: Partially completed T-accounts and additional information for Dumfries Designs for the month of…
A: The direct costs are debited to work in process account. The indirect Costs are debited to…
Q: Mauro Products distributes a single product, a woven basket whose selling price is $25 per unit and…
A: The break-even sales are calculated as fixed costs divided by contribution margin ratio. The…
Q: Pinnacle Corporation acquired all of Stengl Corporation's common stock by issuing 500,000 shares of…
A: A general journal is defined as a book in which the raw data pertaining to the transactions or…
Q: Prepare the appropriate journal entries assuming Pina follows IFRS and uses the revenue approach.…
A: The promotion which a company uses is the lure to the customers in which they will get a 5-piece…
Q: XYZ Company had the following information: Net Sales $1,000,000, Beginning Inventory $200,000,…
A: Cost of goods sold is the amount of money incurred on the making of the goods sold in the market.…
Q: Rolan Corporation issued 10,000 shares of common stock in exchange for all of Sandin Corporation's…
A: The business combination may be effected through stock acquisition or net identifiable asset and…
Q: The following data was taken from the books as at December 31 of Blossom Inc.: $14,400 Common shares…
A: Gross profit = Sales - cost of goods sold Net income = Income before tax - income tax expenses
Q: ! Required information [The following information applies to the questions displayed below.] Mickey…
A: Investment interest expense is deductible to the extent of investment income
Q: Sandra would like to organize LAB (a legal corporation) as either an S corporation or a C…
A: To calculate the overall tax rate on LAB's income in the first year, we need to consider both the…
Q: Case 4 - Audit of Non-Current Liabilities Ford Corporation issued 15-year, 10%, P6,000,000 note…
A: A note payable may be issued on a discount or a premium. The interest expense is recorded at the…
Q: Manufacturing cost data for Blossom Company, which uses a job order cost system, are presented…
A: Cost of goods manufactured - The cost of Goods Manufactured is the total cost incurred for…
Q: Exercise 12.3 (Algo) Preparing adjustments for uncollectible accounts, depreciation, and payroll…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Sunland Company must perform an impairment test on its equipment. The equipment will produce the…
A: We make a best guess as to the current value of the future cash flows that we anticipate receiving…
Q: Sheridan Inc. sells a product for $106 per unit. The variable cost is $68 per unit, while fixed…
A: Breakeven is the point at which the entity neither earns nor losses anything. It is a point of no…
Q: Sheridan Delivery is a rapidly growing delivery service. Last year, 80% of its revenue came from the…
A: Lets understand the bsaics. Break even point is a point at which contribution equals to fixed cost…
Q: Mr. Lion, who is in the 37 percent tax bracket, is the sole shareholder of Toto, Inc., which…
A: As per the given information: Average annual net profit (before deduction of Mr. Lion's salary) =…
Q: hat is the
A: The most used software for accounting varies depending on the specific needs and preferences of…
Q: Cost Flow Relationships The following information is available for the first month of operations of…
A: Cost sheet refers to the document that show the breakdown of costs incurred by a manufacturing firm…
Q: QUESTION 12 Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Volumen 3500 4000 2500 3600 4200…
A: Budgeting is a process of estimation of future income and expenditure for a particular period of…
Q: edford Corp. began the year with $13,500 in cash and another $8,500 in cash equivalents. During the…
A: CASH FLOW STATEMENT Cash flow statement is additional information to user of financial statement.…
Q: Ames Trading Company has the following products in its ending inventory. Cost per Market per Unit…
A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three…
A: A material requisition form outlines the goods that must be taken out of stock and utilized in a…
Q: On December 31, 2023, Berclair Incorporated had 200 million shares of common stock and 3 million…
A: Basic EPS EPS is known as Basic earnings per share. It is the measure of profit/ earnings…
Q: Case 2- Audit of Non-Current Liabilities Bubble Inc. has the following information about the notes…
A: A note payable would be valued at the prevailing market interest rate to determine the fair value.…
Q: Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of…
A: Stockholder's Equity - Stockholder's Equity is a section in the balance sheet. This Section includes…
Q: XYZ Company reported the following information: Total Assets $500,000, Total Liabilities $200,000,…
A: Debt to equity ratio is the measure which is determined by the entity for the purpose of knowing the…
Q: Lily's taxable income before these transactions is $195,500.What are Lily's taxable income a…
A: Capital gain refers to the profit earned from the sale or exchange of a capital asset, such as…
Q: Multiple Choice Derst Inc. sells a particular textbook for $28. Variable expenses are $22 per book.…
A: Break-even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at…
Q: c. Laureen's AGI is $45,000 and Laureen paid $12,020 (not $1,710) for Ryan to attend graduate school…
A: AOTC: American opportunity tax credit (AOTC) is a credit available for qualified tuition and…
Q: Ravine Corporation purchased 40 percent ownership of Valley Industries for $116,400 on January 1,…
A: Investment in Associates and Joint venture and Subsidiary Equity Accounting method - This method…
Q: Prepare a proposed adjusting journal entry for the unrecorded accounts payable of Wilcox Company at…
A: Accounts payable is the amount, that is to be paid within a period of 12 months For example,…
Q: Accounting ABC Corporation issued $1,000,000 of 10-year bonds with a stated interest rate of 8%.…
A: A bond payable refers to a long-term debt instrument issued by a company or government entity to…
Q: Accounting XYZ Company had the following information: Net Sales $1,000,000, Beginning Inventory…
A: cost of goods sold is computed by deducting the ending inventory from the cost of goods available…
Q: ABC Corporation issued 10,000 shares of $10 par value common stock for $15 per share. Prepare the…
A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…
Weat
Subject: acounting
Step by step
Solved in 3 steps
- Lorrimer Company has a job-order cost system. The following debits (credits) appeared in the Work-in-Process account for the month of June. During the month of June, direct labor totaled 30,000 and 24,000 of overhead was applied to production. Finished Goods was debited 100,000 during June. Lorrimer Company applies overhead at a predetermined rate of 80% of direct labor cost. Job number 83, the only job still in process at the end of June, has been charged with manufacturing overhead of 3,400. What was the amount of direct materials charged to Job number 83? a. 3,400 b. 4,250 c. 8,350 d. 7,580Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.
- Entries for costs in a job order cost system Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: A. Materials purchased on account, 770,000. B. Materials requisitioned, 680,000, of which 75,800 was for general factory use. C. Factory labor used, 756,000, of which 182,000 was indirect. D. Other costs incurred on account for factory overhead, 245,000; selling expenses, 171,500; and administrative expenses, 110,600. E. Prepaid expenses expired for factory overhead were 24,500; for selling expenses, 28,420; and for administrative expenses, 16,660. F. Depreciation of factory equipment was 49,500; of office equipment, 61,800; and of office building, 14,900. G. Factory overhead costs applied to jobs, 568,500. H. Jobs completed, 1,500,000. I. Cost of goods sold, 1,375,000. Instruction Journalize the entries to record the summarized operations.Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?Luna Manufacturing Inc. completed Job 2525 on May 31, and there were no jobs in process in the plant. Prior to June 1, the predetermined overhead application rate for June was computed from the following data, based on an estimate of 5,000 direct labor hours: The factory has one production department and uses the direct labor hour method to apply factory overhead. Three jobs are started during the month, and postings are made daily to the job cost sheets from the materials requisitions and labor-time records. The following schedule shows the jobs and amounts posted to the job cost sheets: The factory overhead control account was debited during the month for actual factory overhead expenses of 27,000. On June 11, Job 2526 was completed and delivered to the customer using a mark-on percentage of 50% on manufacturing cost. On June 24, Job 2527 was completed and transferred to Finished Goods. On June 30, Job 2528 was still in process. Required: 1. Prepare job cost sheets for Jobs 2526, 2527, and 2528, including factory overhead applied when the job was completed or at the end of the month for partially completed jobs. 2. Prepare journal entries as of June 30 for the following: a. Applying factory overhead to production. b. Closing the applied factory overhead account. c. Closing the factory overhead account. d. Transferring the cost of the completed jobs to finished goods. e. Recording the cost of the sale and the sale of Job 2526.
- A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined overhead rate on 27,500 direct labor hours. At the end of the year, actual overhead was $106,000 and the total direct labor hours were 29,000. What is the entry to dispose of the over applied or under applied overhead?The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
- During August, Skyler Company worked on three jobs. Data relating to these three jobs follow: Overhead is assigned on the basis of direct labor hours at a rate of 2.30 per direct labor hour. During August, Jobs 39 and 40 were completed and transferred to Finished Goods Inventory. Job 40 was sold by the end of the month. Job 41 was the only unfinished job at the end of the month. Required: 1. Calculate the per-unit cost of Jobs 39 and 40. (Round unit costs to nearest cent.) 2. Compute the ending balance in the work-in-process inventory account. 3. Prepare the journal entries reflecting the completion of Jobs 39 and 40 and the sale of Job 40. The selling price is 140 percent of cost.The general ledger of Lawson Lumber Co. contains the following control account: If the materials charged to the one uncompleted job still in process amounted to $3,400, what amount of labor and factory overhead must have been charged to the job if the factory overhead rate is 100% of direct labor cost? (Hint: First determine the balance in Work in Process.)Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, 4,500 of indirect materials and 8,200 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Journalize the summary entry to record each of the following operations for March (one entry for each operation): a. Direct and indirect materials used. b. Direct and indirect labor used. c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). d. Completion of Jobs 301 and 302.