Use the following information for questions 24-27.The following information pertains to XYZ Co. for September 2001.OverheadDirect Material Direct Labor$ 4,5005,000$ 3,200Job #123Job #125Job #2015,670$ 5,550XYZ Co. applies overhead for Job #123 at 140 percent of direct labor cost and at 150 percent of direct laborcost for Jobs # 125 and #201. The total cost of Jobs # 123 and # 125 is identical.24. What amount of overhead is applied to Job # 123?a.$4,800b.$5,550$6,300d.$7,50025. What amount of overhead is applied to Job # 125?b.a.$8,325$7,500С.$7,000d.$5,00026. What is the amount of direct material for to Job # 125?b.a.$1,950$1,500с.$3,700d.$7,50027. Assume that Jobs #123 and #201 are incomplete at the end of September. What is the balance in Work inProcess Inventory at that time?b.$18,920$22,620C.$28,920d.$30,120a. 10. A company had the following total usage of direct labor and direct materialsHoursPoundsDirect Labor (P8 per hour)Direct Materials (PIO per pound)400300Incomplete job # 101 has used 20 hours of direct labor and 8 pounds of direct materials. Factory overhead isapplied at the rate of 200% per direct labor peso. What is the balance in work in process relating to job # 101A. P560 debitB. P560 creditC. P12,600 debit D. P12,600 credit11. Hamilton Company uses job order costing' Factory overhead is applied to production at a determined rate of150% of direct-labor cost. Any over or underapplied factory overhead is closed to the cost of goods soldaccount at the end of each month. Additional information is available as follows:Job 101 was the only job in process at January 31, 2011, with accumulated costs as follows:Direct materialsP4,0002,0003,0002.000Direct laborApplied factory overheadJobs 102, 103 and 104 were started during FebruaryDirect materials requisitions for February totaled P26,000Direct-labor cost of P20,000 was incurred for FebruaryActual factory overhead was P32,000 for FebruaryThe only job still in process at February 28, 2011 was Job 104, with costs of P2,800 for direct materialsand P1,800 for direct laborThe cost of goods manufactured for February 2011 wasB. P78,000C. P79,700D. P85,000A. P77,70012. Using the same information in No. 11, any over or under-applied factory overhead should be closed to the costof goods sold account at February 28, 2011, in the amount ofA. P700 overapplied B. P1,000 overappliedC. P1,700 underappliedD. P2,000 underapplied

As posted multiple independent questions we are answering only first question kindly repost the…

Answered: 10. A company had the following total…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 10EA: K company production was working on Job 1 and Job 2 during the month. Of the $780 in direct...

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The books of Petry Products Co. revealed that the following general journal entry had been made at the end of the current accounting period: The total direct materials cost for the period was $40,000. The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)
York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?
Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the predetermined overhead rate using the labor rate of $17 per hour?
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
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. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.
JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Eto Manufacturing had the following transactions during the month: (a) Purchased raw materials on account, 70,000. (b) Issued direct materials to Job No. 300, 25,000. (c) Issued indirect materials to production, 10,000. (d) Paid biweekly payroll and charged direct labor to Job No. 300, 8,000. (e) Paid biweekly payroll and charged indirect labor to production, 3,000. (f) Issued direct materials to Job No. 301, 20,000. (g) Issued indirect materials to production, 4,000. (h) Paid miscellaneous factory overhead charges, 6,000. (i) Paid biweekly payroll and charged direct labor to Job No. 301, 10,000. (j) Paid biweekly payroll and charged indirect labor to production, 2,000. REQUIRED Prepare general journal entries for transactions (a) through (j).
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?
Nutt Products manufactures screws and bolts made to customer specifications. During August, Nutt incurred the following manufacturing costs: direct materials, 28,019.00; direct labor, 15,276.75; and applied factory overhead, 9,854.50. The following data pertain to these costs: The overhead application rates are 4 per direct labor hour for Dept. 1 and 175% of direct labor cost for Dept. 2. Nutt had no beginning work in process for August. Job 8958, which cost 14,190.18 to manufacture, was completed in July and was sold on account in August for 19,000. The job cost sheet for this job is shown on page 103. Of the jobs begun in August, Job 8961 was completed and sold on account for 24,000, Jobs 8962 and 8964 were completed but not sold, and Job 8963 was still in process. As cost accountant for this company, you have been asked to prepare job cost sheets for each of the four jobs started in August. Review the printed worksheet called JOB that follows these requirements.
The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was $3,325 over applied for the year. What is the overhead application rate per direct labor hour? What is the journal entry to dispose of the under applied overhead?
Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.
When direct labor hours for Job 101 are 30 and the predetermined factory overhead rate is 5/direct labor hour, what is the applied factory overhead amount? (a) 250 (b) 500 (c) 150 (d) It cannot be determined.
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.

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