Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $2,820. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $3,400 $2,050 2,770 17,580 +29,860 =49),440 47,440+1,1eo+ 3030=51, 102 4,150 103 2,750 1,350 29,860 104 9,320 5,080 105 5,920 3,870 106 4,320 2,460 For general factory use 1,160 3,030 c. Factory overhead costs incurred on account, $6,490. d. Depreciation of machinery and equipment, $1,460. 6. EX Job C e. The factory overhead rate is $50 per machine hour. Machine hours used: Job No. Machine Hours 20X50= 10OD HSXSO=3 850! 19x50=950 L09x50=3,45050 36x50=1,80O 4200 101 20 102 45 103 19 104 69 105 36 4x50='1,2DO TO,050 106 24 Total 213 f. Jobs completed: 101, 102, 103, and 105. P50 + 277ot 1350+3870=16,040 g. Jobs were shipped and customers were billed as follows: Job 101, $7,740; Job 102, $11,000; Job 105, 2,050+ 3870=8, 690 2,770+ 33390 equired: De Journalize the entries to record the summarized operations. If an amount box does not require an entry k. DebitCredit es Description

Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $2,820. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $3,400 $2,050 2,770 17,580 +29,860 =49),440 47,440+1,1eo+ 3030=51, 102 4,150 103 2,750 1,350 29,860 104 9,320 5,080 105 5,920 3,870 106 4,320 2,460 For general factory use 1,160 3,030 c. Factory overhead costs incurred on account, $6,490. d. Depreciation of machinery and equipment, $1,460. 6. EX Job C e. The factory overhead rate is $50 per machine hour. Machine hours used: Job No. Machine Hours 20X50= 10OD HSXSO=3 850! 19x50=950 L09x50=3,45050 36x50=1,80O 4200 101 20 102 45 103 19 104 69 105 36 4x50='1,2DO TO,050 106 24 Total 213 f. Jobs completed: 101, 102, 103, and 105. P50 + 277ot 1350+3870=16,040 g. Jobs were shipped and customers were billed as follows: Job 101, $7,740; Job 102, $11,000; Job 105, 2,050+ 3870=8, 690 2,770+ 33390 equired: De Journalize the entries to record the summarized operations. If an amount box does not require an entry k. DebitCredit es Description

Name: Hildreth Company uses a job order cost system. The following data sum
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Hildreth Company uses a job order cost system. The following data summarize the operations related to production forApril, the first month of operations:a. Materials purchased on account, $2,820.b. Materials requisitioned and factory labor used:Job

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 1PA: Barnes Company uses a job order cost system. The following data summarize the operations related to...

See similar textbooks

Similar questions

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.
Channel Products Inc. uses the job order cost system of accounting. The following is a list of the jobs completed during March, showing the charges for materials issued to production and for direct labor. Assume that factory overhead is applied on the basis of direct labor costs and that the predetermined rate is 200%. Required: Compute the amount of overhead to be added to the cost of each job completed during the month. Compute the total cost of each job completed during the month. Compute the total cost of producing all the jobs finished during the month.
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. 7,580
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.
Terrills Transmissions uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of November 1, follows: The following transactions were completed during November: a. Materials purchases on account during the month, 74,000. b. Materials requisitioned during the month: 1. Direct materials, 57,000. 2. Indirect materials, 11,000. c. Direct materials returned by factory to storeroom during the month, 1,100. d. Materials returned to vendors during the month prior to payment, 2,500. e. Payments to vendors during the month, 68,500. Required: 1. Prepare general journal entries for each of the transactions. 2. Post the general journal entries to T-accounts. 3. Balance the accounts and report the balances of November 30 for the following: a. Cash b. Materials c. Accounts Payable
Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: A. Materials purchased on account, 147,000. B. Materials requisitioned and factory labor used: C. Factory overhead costs incurred on account, 6,000. D. Depreciation of machinery and equipment, 4,100. E. The factory overhead rate is 40 per machine hour. Machine hours used: F. Jobs completed: 101, 102, 103, and 105. G. Jobs were shipped and customers were billed as follows: Job 101, 62,900; Job 102, 80,700; Job 105, 45,500. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
Entries and schedules for unfinished jobs and completed jobs Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: A. Materials purchased on account, 45,000. B. Materials requisitioned and factory labor used: C. Factory overhead costs incurred on account, 1,800. D. Depreciation of machinery and equipment, 2,500. E. The factory overhead rate is 30 per machine hour. Machine hours used: F. Jobs completed: 301, 302, 303, and 305. G. Jobs were shipped and customers were billed as follows: Job 301, 8,500; Job 302, 16,150; Job 303, 13,400. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
Hughes Products Inc. uses a job order cost system. Selected transactions dealing with factory items for the month follow: a. Requisitioned indirect materials from storeroom, 3,200. b. Purchased, on account, factory supplies for future needs, 4,400. c. Purchased parts, on account, for repairing a machine, 1,400. d. Requisitioned factory supplies from storeroom, 900. e. Returned other defective factory supplies to vendor, 700. f. Factory rent accrued for the month, 2,400. g. Returned previously requisitioned factory supplies to store room, 350. h. Depreciation of machinery and equipment, 2,800. i. Payroll taxes liability for month, 3,200. j. Heat, light, and power charges payable for the month, 6,400. k. Expired insurance on inventories, 1,350. l. Factory overhead applied to production, 34,600. m. Indirect labor for the month, 2,600. n. Goods completed and transferred to finished goods: materials, 14,400; labor, 40,400; factory overhead, 30,400. Required: Record the previous transactions. Assume that the records include a control account and a subsidiary ledger for factory overhead, to which the entries will be posted at some later date.
JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Rich Manufacturing Corporation had the following transactions for its job order costing operation. Prepare general journal entries to record these transactions. Jan. 1 Purchased materials on account, 22,000. 15 Issued direct materials to Job No. 1, 18,000. 20 Issued indirect materials (factory overhead), 3,000. 31 Incurred direct labor, Job No. 1, 11,000. 31 Incurred indirect labor (factory overhead), 4,000. 31 Incurred other indirect costs (factory overhead; credit Accounts Payable), 1,500.
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?
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 Hilburn Manufacturing Corporation had the following transactions for its job order costing operation. Prepare general journal entries to record these transactions. Jan.1 Purchased materials on account, 17,000. 15 Issued direct materials to Job No. 104, 11,000. 20 Issued indirect materials (factory overhead), 5,000. 31 Incurred direct labor, Job No. 104, 9,000. 31 Incurred indirect labor (factory overhead), 2,500. 31 Incurred other indirect costs (factory overhead; credit Accounts Payable), 2,000.