Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $3,900 Manufacturing Overhead Applied $30,700 Work in Process Inventory $5,675 Manufacturing Overhead Incurred $32,000 Question: Post the entries to working process inventory
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: 1. Direct material used in production=Opening direct material + Raw material purchased-Closing…
Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…
A: Cost of goods manufactured: The cost of goods manufactured refers to the expenses incurred by the…
Q: Case Inc. is a construction company specializing in custom patios. The patios are constructed of…
A: Job costing: It is defined as a method of recording the costs of a manufacturing job, rather than…
Q: Muscat Corporation has the following cost records for January 2019. Indirect factory labor 14,300…
A: Direct material used means direct materials which are consumed in production process during the…
Q: lite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: As per rules only three subparts are answerable. Please post the remaining questions as separate…
Q: Case Inc. is a construction company specializing in custom patios. The patios are constructed of…
A: Work in Process inventory shows the goods which are pending for its completion during the given…
Q: Muscat Company has the following data for the year ended 2020, compute the cost of goods…
A: Cost of goods manufactured is the cost that is incurred in manufacturing the goods during the…
Q: Use the following selected information for Jim Beam Company For the year ended 31st December 2020…
A: Factory overhead is indirect labor and indirect cost involved in operating manufacturing business.…
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: Hello, I am only answering first three subparts of the the question as per the policy and if you…
Q: The following data were taken from the records of Clarkson Company for the fiscal year ended June…
A: The aim of the schedule of cost of goods manufactured is to calculate the total manufacturing…
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: Predetermined Manufacturing Overhead Rate = Estimated Overhead Cost / Estimated Machine Hours
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Muscat Corporation has the following cost records for January 2019. Indirect factory labor 14,300…
A:
Q: At the beginning of 2020, the company estimated that 7,850 machine hours would be worked and…
A: Standard Overhead Indirect material $38,000 Indirect labour ($345,000X.8 ) $69,000 Other…
Q: Case Inc. is a construction company specializing in custom patios. The patios are constructed of…
A: 1. Date Particulars Debit Credit xxx Raw Materials Inventory…
Q: Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct…
A: Total Manufacturing Costs = Direct Materials + Direct Labor + Manufacturing overhead Total cost of…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30,…
A: Given: The information about Bubba manufacturing company is given as, Some other information is…
Q: Required: 1. Compute Fielder’s predetermined manufacturing overhead rate for 2020. 2. Calculate…
A: The company uses machine hours to apply overhead costs to jobs Therefore, Its predetermined…
Q: The following information for the year ended December 31, 2020 is obtained from the books and…
A: Factory overhead includes all the costs which are incurred by the business during the production…
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: Dear student as per Bartleby answering guidelines we can answer only three sub-parts if a question…
Q: What was the amount of direct materials used in production? What was the amount of manufacturing…
A: Hey there since you have posted multiple questions, we can answer only first three question for you,…
Q: The following information is available for the Turner Manufacturing company for 2020. E (Click the…
A: Beginning accounts payable = Ending accounts payable + Accounts payable payments - Credit purchases=…
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: Job costing is a system in which costs are recorded for a particular job rather than the entire…
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: Job costing: It is a method of costing where in all the costs like direct material, direct labor and…
Q: Muscat Corporation has the following cost records for January 2019. Indirect factory labor 14,300…
A: Cost of Goods Manufactured = Beginning WIP Inventory + Total Manufacturing Cost – Ending WIP…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: Cost of goods manufactured schedule: The cost of goods manufactured schedule is used to calculate…
Q: ullumber Inc. is a construction company specializing in custom patios. The patios are constructed of…
A: The work in process account is prepared to record the direct costs incurred and applied…
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A:
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: Given: Estimated overhead =$2205000Estimated direct labour cost =$3150000
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: Job order costing is a process of finding costs of products when customers place small individual…
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: Requirement 3: The calculation of manufacturing overhead variance and the journal entry is recorded…
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: Manufacturing overhead means the sum of all the indirect manufacturing costs such as indirect…
Q: Requirements: Answer both questions A. During the year, Bubba Manufacturing Company produced 4,000…
A: Cost of goods manufactured includes direct cost such as direct material, direct labor and factory…
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: A system of costing that is used by the companies producing small and differing products is known as…
Q: Muscat Corporation has the follawing cost recards for January 2019. Indirect factory labor 14,300…
A: The cost of goods manufactured is the cost incurred in manufacturing the product and completed but…
Q: What was the amount of direct materials used in production? b) What was the amount of…
A:
Q: manufactures its own brand of pet chew bones. At the end of December 2024,the accounting records…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS d Manufacturing overhead…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30,…
A: Income statement is prepared to compute the total net profit or loss generated or incurred during an…
Q: The Wooden Chair Group has the following sales and cost data for the year ending 2019: Raw Materials…
A: 1. Prepare a cost of goods manufactured statement.
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: SOLUTION- WORK IN PROGRESS BEGINNING 93000 ix 822760 iii 390000 iii 340000 ix…
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…
A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS ans 1 Predetermined overhead…
Q: Whispering Winds Inc. is a construction company specializing in custom patios. The patios are…
A: >There are two methods of cost accumulation: #1: Process Costing, where each process has its…
Q: At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1…
A: In order to determine the cost of goods manufactured, Beginning Work in Process inventory is…
Q: Cullumber Inc. is a construction company specializing in custom patios. The patios are constructed…
A: The work in process account records the direct costs incurred and overhead applied to the jobs. The…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: The following calculations are done in the accounts of Bubba Manufacturing Company as per the…
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: Cost of goods sold = 324000+ 240000 = 564000 Sales revenue = 564000 * 140% = 789600 Manufacturing…
Q: Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw…
A: Given the following information: Raw materials inventoryDec 31, 2020: $20,000Dec 31, 2019: $80,000…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- The post-closing trial balance of Custer Products, Inc. on April 30 is reproduced as follows: During May, the following transactions took place: a. Purchased raw materials at a cost of 45,000 and general factory supplies at a cost of 13,000 on account (recorded materials and supplies in the materials account). b. Issued raw materials to be used in production, costing 47,000, and miscellaneous factory supplies costing 15,000. c. Recorded the payroll and the payments to employees as follows: factory wages (including 12,000 indirect labor), 41,000; and selling and administrative salaries, 7,000. Additional account titles include Wages Payable and Payroll. (Ignore payroll withholdings and deductions.) d. Distributed the payroll in (c). e. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-fifth of the building for its offices. f. Incurred other expenses totaling 11,000. One-fourth of this amount is allocable to the office function. g. Transferred total factory overhead costs to Work in Process. h. Completed and transferred goods with a total cost of 91,000 to the finished goods storeroom. i. Sold goods costing 188,000 for 362,000. (Assume that all sales were made on account.) j. Collected accounts receivable in the amount of 345,000. k. Paid accounts payable totaling 158,000. Required: 1. Prepare journal entries to record the transactions. 2. Set up T-accounts. Post the beginning trial balance and the journal entries prepared in (1) to the accounts and determine the balances in the accounts on May 31. 3. Prepare a statement of cost of goods manufactured, an income statement, and a balance sheet. (Round amounts to the nearest whole dollar.)Chrome Solutions Company manufactures special chromed parts made to the order and specifications of the customer. It has two production departments, Stamping and Plating, and two service departments, Power and Maintenance. In any production department, the job in process is wholly completed before the next job is started. The company operates on a fiscal year, which ends September 30. Following is the post-closing trial balance as of September 30: Additional information: The balance of the materials account represents the following: The company uses the FIFO method of accounting for all inventories. Material A is used in the Stamping Department, and materials B and C are used in the Plating Department. The balance of the work in process account represents the following costs that are applicable to Job 905. (The customer’s order is for 1,000 units of the finished product.) The finished goods account reflects the cost of Job 803, which was finished at the end of the preceding month and is awaiting delivery orders from the customer. At the beginning of the year, factory overhead application rates were based on the following data: In October, the following transactions were recorded: Purchased the following materials and supplies on account: The following materials were issued to the factory: Customers’ orders covered by Jobs 1001 and 1002 are for 1,000 and 500 units of finished product, respectively. Factory wages and office, sales, and administrative salaries are paid at the end of each month. (Assume FICA and federal income tax rates of 8% and 10%, respectively.) Record the company’s liability for state and federal unemployment taxes. (Assume rates of 4% and 1%, respectively, and that none of the employees had reached the $8,000 limit.) Record the payroll distribution for October. Wages of the supervisors, custodial personnel, etc., totaled $9,500; administrative salaries were $18,300. Miscellaneous factory overhead incurred during October totaled $4,230. Miscellaneous selling and administrative expenses were $1,500. These items as well as the FICA tax and federal income tax withheld for September were paid. (See account balances on the post-closing trial balance for September 30.) Annual depreciation on plant assets is calculated using the following rates (round to nearest dollar): Factory buildings–5% Machinery and equipment–20% Office equipment–20% The balance of the prepaid insurance account represents a three-year premium for a fire insurance policy covering the factory building and machinery. It was paid on the last day of the preceding month and became effective on October 1. The summary of factory overhead prepared from the factory overhead ledger is reproduced here: The total expenses of the Maintenance Department are distributed on the basis of floor space occupied by the Power Department (8,820 sq ft), Stamping Department (19,500 sq ft), and Plating Department (7,875 sq ft). The power department expenses are then allocated equally to the Stamping and Plating departments. After the actual factory overhead expenses have been distributed to the departmental accounts and the applied factory overhead has been recorded and posted, any balances in the departmental accounts are transferred to Under- and Overapplied Overhead. Jobs 905 and 1001 were finished during the month. Job 1002 is still in process at the end of the month. During the month, Jobs 803 and 905 were sold with a mark-on percentage of 50% on cost. Received $55,500 from customers in payment of their accounts. Checks were issued in the amount of $43,706 for payment of the payroll. Required: Set up the beginning trial balance in T-accounts. Prepare materials inventory ledger cards and enter October 1 balances. Prepare a Payroll Summary and Schedule of Earnings and Payroll Taxes for the month of October. Set up job cost sheets as needed. Record all transactions and related entries for October and post to T-accounts. Prepare a service department expense distribution worksheet for October. At the end of the month: Analyze the balance in the materials account, the work in process account, and the finished goods account. Prepare the statement of cost of goods manufactured for the month ended October 31.The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory 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.Precision Inc. manufactures wristwatches on an assembly line. The work in process inventory as of March 1 consisted of 1,000 watches that were complete as to materials and 75% complete as to labor and overhead. The March 1 work in process costs were as follows: During the month, 10,000 units were started and 9,500 units were completed. The 1,500 units of ending inventory were complete as to materials and 25% complete as to labor and overhead. The costs for March were as follows: Calculate: a. Equivalent units for material, labor, and overhead, using the weighted average cost method b. Unit costs for materials, labor, and overhead c. Cost of the units completed and transferred d. Detailed cost of the ending inventory e. Total of all costs accounted forLoanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
- On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: During December the following transactions occurred: a. Purchased materials costing 50,000 on account. b. Placed direct materials costing 49,000 into production. c. Incurred production wages totaling 50,500. d. Incurred overhead costs for December: e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above December transactions.Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands are cut and sewn. This is the information related to this years production: Â Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $57,540 and the total conversion cost is $36,036. Using the weighted-average method, what are the unit costs if the company transferred out 17,000 units? What is the value of the inventory transferred out and the value of the ending WIP inventory?A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?
- Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.The following data summarize the operations during the year. Prepare a journal entry for each transaction. Purchase of raw materials on account: $3000 Raw materials used by Job 1: $500 Raw materials used as indirect materials: $100 Direct labor for Job 1: $300 Indirect labor incurred: $50 Factory utilities incurred on account: $700 Adjusting entry for factory depreciation: $250 Manufacturing overhead applied as percent of direct labor: 200% Job 1 is transferred to finished goods Job 1 is sold: $3,000 Manufacturing overhead is over applied: $100The 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.)
