A leather repair shop incurred the following expenses while repairing luggage for a major airline. Time cards showing direct labor: $750 Time cards showing indirect labor: $100 Purchased repair supplies on account: $1,500 Issued indirect supplies: $350 Utilities expense on account: $24,000 Overhead applied: 100% of direct labor costs Journalize the listed transactions.

A leather repair shop incurred the following expenses while repairing luggage for a major airline. Time cards showing direct labor: $750 Time cards showing indirect labor: $100 Purchased repair supplies on account: $1,500 Issued indirect supplies: $350 Utilities expense on account: $24,000 Overhead applied: 100% of direct labor costs Journalize the listed transactions.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 14PB: A leather repair shop incurred the following expenses while repairing luggage for a major airline....

See similar textbooks

Similar questions

During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 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.
A movie production studio incurred the following costs related to its current movie: Purchased office supplies on account: $33,000 Issued direct supplies: $22,512 Issued indirect supplies: $7,535 Time tickets showing direct labor: $32,503,230 Time tickets showing indirect labor: $574,326 Utilities expense on account: $957,323 Overhead applied: 10% of direct labor cost Create journal entries for the listed transactions.
G Toy Shop manufactures children's plush toys and incurred the following during the process: (The following are within one month of production with 980 total manufactured plush toys). P 150,000 for materials such as cloth, pile textiles and stuffing materials P 10,000 for threads and accessories P 12,000 building rental P 45,000 salaries of 5 factory workers P 10,000 security guard salary P 5,500 depreciation of machines and equipment What is the amount of Direct Material? P160,000 P150,000 P170,000 P10,000 What is the percentage of mark-up used if the selling price is P499.00? 111% 69% 53% 104% What is the selling price if the mark up is 75%? P420.00 P429.00 P592.00 P415.00 This is a required question What is the amount of the Product Cost.? P232,500 P240,500 P242,500 P245,000 This is a required question What is the amount of Direct labor? P55,000 P10,000 P0.00 P45,000 What is the amount of Manufacturing Overhead Costs? P37,500 P30,000…
Hi owns and operates three Compufix shops in Caloocan City area. Compufix repairs and upgrades computers on site. In August, purchases of materials equaled P 9,750, the beginning inventory materials was P 850, and the ending inventory of materials was P 950. Payments for direct labor during the month totaled P 18,570. Overhead incurred was P 15,000. The Caloocan City shops also spent P 5,000 on advertising during the month. Administrative costs (primarily accounting and legal services) amounted to P 3,000 for the month. Revenues for August were P 60,400. What was the total cost of services for August?
During the month of September, a company had the following transactions: Factory rent OMR 2,000 Raw material purchased OMR 3200 Raw material used for Job 012 is OMR 1,200 Labour cost incurred for the Job 012 is OMR 2,500 Based on the available information, what is the total cost of Job 012?
On June 30 a company finished job 110 with total costs of $119,000 and transferred the costs to finished goods inventory. On april 10 the company completed the sale of the goods to a customer for 135,000 on account. How would the journal entry be recorded to show the costs of goods sold?
Burnham Industries incurs the following costs for the month: Direct materials $2,000 Direct labor 2,800 Factory depreciation expense 3,600 Factory utilities expense 650 CEO's salary 4,100 A. What is the prime cost? $fill in the blank 1 B. What is the conversion cost? $fill in the blank 2
I NEED HELP WITH REQUIRED 2 PLEASE The following transactions occurred in January at Apex Manufacturing, a custom parts supplier. Apex uses job costing. Purchased $75,180 in materials on account. Issued $2,100 in supplies from the materials inventory to the production department. Paid for the materials purchased in transaction (1). Issued $35,700 in direct materials to the production department. 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. 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 Analyzed the Payroll account and determined that 60 percent represented direct labor; 30 percent, indirect manufacturing…
Based from the given data, answer the following questions. Show your computations. G Toy Shop manufactures children's plush toys and incurred the following during the process: (The following are within one month of production with 980 total manufactured plush toys). P 150,000 for materials such as cloth, pile textiles and stuffing materials P 10,000 for threads and accessories P 12,000 building rental P 45,000 salaries of 5 factory workers P 10,000 security guard salary P 5,500 depreciation of machines and equipment 10) What is the amount of Manufacturing Overhead Costs? a. P37,500 b. P30,000 c. P45,500 d. P22,000
The following information for the year ended December 31, 2020 is obtained from the books and records of a factory. Particulars Completed Job Work in progress Raw materials supplied from stores RO 70,000 RO 20,000 Wages RO 10,000 RO 5,000 Chargeable expenses RO 15,000 RO 2,500 Material transferred to work in progress RO 3,500 Material returned to stores RO 2,500 Factory overhead is 20% of raw material supplied from stores and office overhead is 40% of factory cost. The price of the executed contracts during 2020 was RO 250,000. Find the amount of factory overhead shown in the work-in-progress account. a. RO 4,000 b. RO 4,700 c. RO 3,300 d. RO 2,000
Road Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $810,000 Shop direct labor 770,000 Shop and repair equipment depreciation 64,000 Shop supervisor salaries 212,000 Shop property taxes 35,000 Shop supplies 18,000 Advertising expense 44,000 Administrative office salaries 73,400 Administrative office depreciation expense 12,000 Total costs and expenses $2,038,000 The average shop direct labor rate is $22 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.
Based from the given data, answer the following questions. Show your computations.G Toy Shop manufactures children's plush toys and incurred the following during the process: (The following are within one month of production with 980 total manufactured plush toys).P 150,000 for materials such as cloth, pile textiles and stuffing materialsP 10,000 for threads and accessoriesP 12,000 building rentalP 45,000 salaries of 5 factory workersP 10,000 security guard salaryP 5,500 depreciation of machines and equipment 4) What is the amount of Direct labor? a. P55,000 b. P10,000 c. P45,000 d. P0.005) What is the amount of Overhead Cost? a. P20,000b. P17,500c. P25,500d. P5,500 6) What is the amount of the Product Cost? a. P242,500 b. P245,000 c. P232,500 d. 240,500