2/ provide speci E17-17 Accounting for job costs arning Objective 2 Sloan Trailers' job cost records yielded the following information: c. COGS $16,100 Job Date Total Cost of Job No. Started Finished Sold at September 30 August September 16 September 17 $ 3,100 L August 29 September 21 September 26 13,000 September 3 October 11 October 13 006'9 4,400 C September 7 September 29 October 1 Use the dates in the table to identify the status of each job. Compute the following balances for Sloan: a. Work-in-Process Inventory at September 30 b. Finished Goods Inventory at September 30 c. Cost of Goods Sold for September

2/ provide speci E17-17 Accounting for job costs arning Objective 2 Sloan Trailers' job cost records yielded the following information: c. COGS $16,100 Job Date Total Cost of Job No. Started Finished Sold at September 30 August September 16 September 17 $ 3,100 L August 29 September 21 September 26 13,000 September 3 October 11 October 13 006'9 4,400 C September 7 September 29 October 1 Use the dates in the table to identify the status of each job. Compute the following balances for Sloan: a. Work-in-Process Inventory at September 30 b. Finished Goods Inventory at September 30 c. Cost of Goods Sold for September

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter16: Job Order Costing

Section: Chapter Questions

Problem 15E: Job order cost accounting for a service company Obj. 3 The law firm of Furlan and Benson accumulates...

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Job order cost accounting for a service company Obj. 3 The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: A. Provide the journal entries for each of these transactions. B. How much office overhead is over- or underapplied? C. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.
Question 3: The following data relates to the Aahil & co. for the month of June 2013. Company using job order costing system. Job Numbers Direct Material Direct Labor 1 30000 50000 2 20000 40000 3 30000 25000 4 15000 10000 FOH applied 120% of the direct labor to each. Job No. 1, 2 and Job No. 3 were completed. Job No. 1 & 2 was sold 45% above the cost. Required: b) Calculate the following requirements. i. COGM. ii.WIP ending. iv. FG ending. v. Gross profit
Subject: Cost managemet & accounting PQ – 2*The following data relates to M/s. Zubair Co. for the month of August 2018 ( who maintains Job Order Cost System ) .DATAa) Material purchased on account Rs. 145,000b) Material requisitioned and Factory Labour usedMaterial Factory LabourJob No. 201 Rs. 12,000 Rs. 20,000Job No. 202 Rs. 8,000 Rs. 15,000Job No. 203 Rs. 25,400 Rs. 13,500Job No. 204 Rs. 16,600 Rs. 21,500Job No. 205 Rs. 15,000 Rs. 8,200Job No. 206 Rs. 9,000 Rs. 4,600For general factory use Rs. 5,000 Rs. 8,000c) Factory overhead cost incurred on account Rs. 70,800d) Depreciation of Machinery Rs. 10,000e) The Factory overhead rate is 110 % of direct labour cost.f) Job completed: No. 201, 203, 204 and 206.g) Job No. 201, 203 and 204 were shipped and customers were billed for Rs. 104,000, Rs. 105,000 and Rs. 106,000. REQUIRED:ii) Prepare Accounts in Ledger of the Company for the Accounts, Work-in-Process and Finished Goods.
19. James Company uses a job order cost sytem. The following debits (credits) appeared in James account for the month of April 2020: AprilDescriptionAmount 1 BalanceP4,000 30 Direct Materials24,000 .30Direct labor16,000 .30Factory overhead12,800 .30To finished goods(48,000) James applies overhead to production at a predetermined rate of 80% of direct labor cost. Job No. 5, the only job still in process on April 30, 2020, ahs been charged of direct labor of P2,000. What was the amount of direct materials charged to Job No.5? 20. Ethel Company’s job order system, manufacturing overhead is applied to work in process using a predetermined annual overhead rate. During January 2020, Ethel’s transactions included the following: Direct materials issued to productionP 90,000 Indirect materials issued to production 8,000 Manufacturing overhead incurred125,000 Manufacturing overhead applied113,000 Direct labor costs107,000 Ethel had neither…
Subject: Cost management & accounting PQ – 3The following information has been taken from the job order cost system, used by SALEEM CORPORATION:Job No. Balance March 1 Production Cost in March15 Rs. 160,000 ---16 180,000 ---17 45,000 Rs. 130,00018 70,000 120,00019 ---- 220,00020 ---- 135,00021 ---- 90,000During March Job No. 17, 18 & 19 were completed, and job No. 15, 16 and 17 were sold on account at 40% above cost. REQUIRED i) Cost of finished gods inventory – beginningii) Cost of goods in process inventory – beginningiii) Cost of finished goods inventory…
Subject: Cost management & accounting PQ – 3The following information has been taken from the job order cost system, used by SALEEM CORPORATION:Job No. Balance March 1 Production Cost in March15 Rs. 160,000 ---16 180,000 ---17 45,000 Rs. 130,00018 70,000 120,00019 ---- 220,00020 ---- 135,00021 ---- 90,000During March Job No. 17, 18 & 19 were completed, and job No. 15, 16 and 17 were sold on account at 40% above cost. REQUIRED (remaining parts) vii) Salesv) Cost of goods manufactured vi) Cost of Goods sold b) General Journal entries for (v), (vi) and (vii)
2-6 Computing job costs and gross profit P1 P2 P3 Information on Kwon Mfg.’s activities for its first month of operations follows. a. Purchased $100,000 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $48,200 Job 202 23,600 Total direct materials 71,800 Indirect materials 8,620 Total materials used $80,420 c. Time tickets show the following labor used for the month. Job 201 $39,200 Job 202 12,600 Total direct labor 51,800 Indirect labor 24,200 Total labor used $76,000 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $163,760 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month.…
Q2 Oman Chromite manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $ 12,800 and two jobs in process: Job No. 439, $ 8000 and Job No. 440, $ 4,800. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 439 $10,000 $7,600 440 14,000 12,000 441 17,600 $41,600 30,400 $50,000 General use 3,200 4,800 $44,800 $54,800 Oman Chromite manufacturing applies manufacturing overhead to jobs at an overhead rate of 90% of direct labor cost. Job No. 439 is completed during the month. Instructions (a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 439. (b) Post the…
Problem1 The Mayhem Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year: Raw materials purchased on account, P210,000. Raw materials issued to production, P190,000 (P178,000 direct materials and P12,000 indirect materials). a. b. c. Direct labor cost incurred, P90,000; and indirect labor cost incurred, d. P110,000. Depreciation recorded on factory equipment, P40,000. e. Other manufacturing overhead costs incurred during October, P70,000 (credit Accounts Payable). The company applies manufacturing overhead cost to production on the basis of P8 per machine-hour. There were 30,000 machine-hours recorded for October Production orders costing P520,000 according to their job cost sheets were completed during October and transferred to Finished Goods f. g.h. Production orders that had cost P480,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold at 25% above…
Fact Pattern: Furco uses a job-cost system. It applies overhead based on direct labor hours. Total manufacturing costs for the year were $1,440,000 (excluding BWIP) based on actual costs and overhead applied. Cost of goods manufactured was $1,260,000 based on actual costs and overhead applied. WIP at January 1 was 50% of WIP at December 31. Question What were the total manufacturing costs to account for? A.$1,620,000 B.$1,800,000 C.$1,980,000 D.$2,700,000
Q # 3 XYZ Equipment In. receives order from Shiraz Consultant Clinic on 15th August. The company started its production on 18th of August and completed in 25th of August. The company collects its cost and revenue data by the job order cost accumulation procedure. For job number 505, the following data are available: Direct material Direct Labor FOH-Applied Date REQ. NO: Amount Rs. Date Hours Cost Rs. Rs. 30 for each direct labor hours 8/18 400 4000 8/18 30 600 ? 8/19 600 6000 8/19 40 800 8/25 1000 10000 8/21 35 700 Total 20000 8/23 50 1000 8/25 60 1200 Total 4300 Other Information: Total Sales are 30% above cost. Marketing and selling expenses Rs. 1000 Administrative expenses 1500. Required Enter the appropriate information on a job order cost sheet.
siness AccountingQ&A LibraryThe Harriott manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400 machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C November 1 Bal. b/f Direct Materials Used $51,250 256,400 Other transactions incurred: ▪ Indirect material issued to production was $40,360 ▪ Total manufacturing labour incurred in November was $368,000, 75% of this amount represented direct labour. ▪ Other manufacturing overhead costs incurred for November amounted to $340,490. ▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They were sold on account at a margin of 33⅓% on sales. Required: i) Compute Harriott’s predetermined manufacturing overhead rate for 2020. ii) State the journal entries…