A Company uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor cost. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of 40% of direct labor cost. The job cost sheet of Job2121 shows that the number of units in this job order is 70 units which incurred total of 90 labor-hours. This job consumed $50/unit of direct materials cost and $90/hour of direct labor. What would be the total manufacturing cost for Job2121 approximately? O a. None of the given answers. O b. $14,84O O c. $11,340 O d. $11,600 O e. $6,740

A Company uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor cost. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of 40% of direct labor cost. The job cost sheet of Job2121 shows that the number of units in this job order is 70 units which incurred total of 90 labor-hours. This job consumed $50/unit of direct materials cost and $90/hour of direct labor. What would be the total manufacturing cost for Job2121 approximately? O a. None of the given answers. O b. $14,84O O c. $11,340 O d. $11,600 O e. $6,740

Name: p?attempt=D1764924&cmid%3D875183&page%3D4DEMIC)E-LEARNING SERVICES -S
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: p?attempt=D1764924&cmid%3D875183&page%3D4DEMIC)E-LEARNING SERVICES -SQU LIBRARIES -SQU PORTAL ATTENDAITime left 1:35:49A Company uses a job-order costing system with a single plantwidepredetermined overhead rate based on direct labor cost. The compa

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 9EA: A new company started production. Job 10 was completed, and Job 20 remains in production. Here is...

See similar textbooks

Similar questions

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…
No handwriting ,please The Hilton's manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400machine 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 $51,250Direct Materials Used 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 amountrepresented 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 weresold on account at a margin of 33⅓% on sales. a. What is balance on the Cost of Goods Sold account after the adjustment b.Calculate the gross profit earned by…
eBook Recording Factory Labor Costs A summary of the time tickets for September is as follows: Job No. Amount Job No. Amount 4467 $8,300 4478 $29,980 4470 18,509 4480 33,532 4471 15,670 4497 21,995 Indirect labor 23,240 4501 5,976 a. Determine the amounts of factory labor costs transferred to Work in Process and Factory Overhead for September. Factory labor costs transferred to Work in Process $fill in the blank 1 Factory labor costs transferred to Factory Overhead $fill in the blank 2 b. Illustrate the effect on the accounts and financial statements of the factory labor costs transferred in (a). If no account or activity is affected, select "No effect" from the drop-down list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets = Liabilities + Stockholders' Equity + = + fill in the blank 7 fill in the blank 8 fill in…
*CAN YOU ANSWER PARTS 4-8* Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 29,000 Credits ? Debits 148,000 Bal. 12/31 39,000 Manufacturing Overhead Debits 196,800 Credits ? Work in Process Bal. 1/1 34,000 Credits 512,000 Direct materials 104,000 Direct labor 192,000 Overhead 220,800 Bal. 12/31 ? Factory Wages Payable Debits 213,000 Bal. 1/1 16,000 Credits 208,000 Bal. 12/31 11,000 Finished Goods Bal. 1/1 54,000 Credits ? Debits ? Bal. 12/31 81,000 Cost of Goods Sold Debits ? Required: 1. What was the cost of raw materials used in production during the year? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost for the year consisted of indirect labor? 4. What was the cost of goods manufactured for the year? 5. What was the…
C15Q5 Need help Using the step-down method, allocate support-department costs. Develop overhead rates per direct manufacturing labor-hour for machining and assembly. Allocate the costs of the support departments in the order given in this problem. Use the allocation base for each support department you think is most appropriate. 2. Using the direct method, rework requirement 1. 3. Based on the following information about two jobs, determine the total overhead costs for each job by using rates developed in (a) requirement 1 and (b) requirement 2. Direct Manufacturing Labor–Hours Machining Assembly Job 88 23 2 Job 89 5 22 4. The company evaluates the performance of the operating department managers on the basis of how well they managed their total costs, including allocated costs. As the manager of the Machining Department, which allocation method would you prefer from the results obtained in requirements…
expert assistance please Question _Job Costing I The 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 $51,250Direct Materials Used $256,400Other 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…
eBook Question Content Area Balance of Work in Process and Finished Goods, Cost of Goods Sold Derry Company uses job-order costing. At the end of the month, the following information was gathered: Job # Total Cost Complete? Sold? 301 $1,600 Yes No 302 1,240 Yes Yes 303 780 No No 304 2,300 Yes No 305 4,150 Yes No 306 350 No No 307 710 Yes Yes 308 620 No No 309 1,200 No No 310 515 No No The beginning balance of Finished Goods was $300, consisting of Job 300, which was not sold by the end of the month. Required: 1. Calculate the balance in Work in Process at the end of the month.$fill in the blank 1 2. Calculate the balance in Finished Goods at the end of the month.$fill in the blank 2 3. Calculate Cost of Goods Sold for the month.
MLB Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to MLB Inc. for the year ended December 31, 2020: Job No. 101 Job No. 102 Job No. 103 Job in Process, January 1, 2020 Direct Materials 40 000 30 000 0 Labor 60 000 40 000 0 Factory Overhead 30 000 20 000 0 Cost added during 2020 Materials 20 000 10 000 100 000 Labor 100 000 200 000 400 000 Factory Overhead ? ? ? Additional information: 1) Actual overhead for the year 2020 amounted to P350,000. 2) Jobs No. 101 and 102 were completed and transferred to finished goods during the year 2020. 3) Job No. 101 was sold during the year 2020. 4) The gross profit rate is 20% based on cost. 3. What is the cost of goods profit for 2020? a. 1,180,000 b. 300,000 c. 700,000 d. 1,200,000 4. What is the gross profit for 2020? a. 236,000 b. 60,000 c. 140,000 d. 240,000 5. What is the cost of work in…
Spring 2021 : Cost Accounting - ACT208 Dashboard My courses ACT208 (S21) Najay Murray - Notes Discussion Question 1 Discussion Question 1 Search Search forums Discussion Question 1 Discussion Question 1 Settings Display mode Display replies flat, with oldest first Display replies flat, with newest first Display replies in threaded form Display replies in nested form Discussion Question 1 by Najay Murray - Thursday, 21 January 2021, 12:12 AM Number of replies: 9 Within the costing system of a manufacturing company the following types of expenses were incurred: Cost of oils used to lubricate production machinery Motor vehicle licenses for lorries Depreciation of factory plant and equipment Cost of chemicals used in the laboratory Commission paid to sales representatives Salary of the secretary to the finance director Trade discount given…
Required: 1. Compute Harriott’s predetermined manufacturing overhead rate for 2020. 2. State the journal entries necessary to record the above transactions in the general journal: For direct materials used in November For indirect material issued to production in November For total manufacturing labour incurred in November To assign manufacturing labour to the appropriate accounts For other manufacturing overhead incurred For manufacturing overhead applied to production for November, given that Harriott manufacturing company worked 2,860 machine hours. To move the completed jobs into finished goods inventory To sell the two completed jobs on account. 3. Calculate the manufacturing overhead variance for Harriott and state the journal entries necessary to dispose of the variance.
no handwriting please ,show working . The Hilton's manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400machine 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 $51,250Direct Materials Used 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 amountrepresented 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 weresold on account at a margin of 33⅓% on sales.Required: i) What is balance on the Cost of Goods Sold account after the adjustmentii) Calculate the…
Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.