Chapter 5 Job Order Costing Incomplete accounts of the Janice Company appear as follows on January 31. 159 Materials Inventory 15,000 Work in Process Bal. Purch. 35,000 Bal. Materials 20,000 Labor OH CofGM 40,000 Finished Goods 10,000 CofGS 20,000 Bal. CofGM 40,000 Additional information There were 5,500 direct labor hours at the rate of P8.00 per direct labor a. hour b. Overhead is applied at the rate of P4.00 per direct labor hour 19. The January 31 of materials inventory should be P 20,000 P 25,000 P 30,000 P 50,000 a. b. с. d. 20. The total overhead that have been charged to work in process during January P 17,000 P 22,000 P 33000 P 40000 a: с. d. 21. The January 31 balance of the Work in Process account P 46,000 b. a. P 75,000 P 76,000 P 82,000 C. d.

Chapter 5 Job Order Costing Incomplete accounts of the Janice Company appear as follows on January 31. 159 Materials Inventory 15,000 Work in Process Bal. Purch. 35,000 Bal. Materials 20,000 Labor OH CofGM 40,000 Finished Goods 10,000 CofGS 20,000 Bal. CofGM 40,000 Additional information There were 5,500 direct labor hours at the rate of P8.00 per direct labor a. hour b. Overhead is applied at the rate of P4.00 per direct labor hour 19. The January 31 of materials inventory should be P 20,000 P 25,000 P 30,000 P 50,000 a. b. с. d. 20. The total overhead that have been charged to work in process during January P 17,000 P 22,000 P 33000 P 40000 a: с. d. 21. The January 31 balance of the Work in Process account P 46,000 b. a. P 75,000 P 76,000 P 82,000 C. d.

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Description: Chapter 5 Job Order CostingIncomplete accounts of the Janice Company appear as follows on January 31.159Materials Inventory15,000Work in ProcessBal.Purch. 35,000Bal.Materials 20,000CofGM 40,000Labor?Finished Goods10,000CofGS 20,000Bal.CofGM 40,000Ad

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter4: Job-order Costing And Overhead Application

Section: Chapter Questions

Problem 59P: (Appendix 4A) Unit Cost, Ending Work in Process, Journal Entries During August, Leming Inc. worked...

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JOB ORDER COSTING TRANSACTIONS D K Enterprises makes wicker baskets. During the month of August, the company had four job orders: 501, 502, 503, and 504. Overhead was applied at predetermined rates, while actual factory overhead was recorded as incurred. All four jobs were completed. (a) Purchased raw materials on account, 44,000. (b) Issued direct materials to production: (c) Issued indirect materials to production, 5,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 3,300. (f) Paid electricity, heating oil, and repair bills for the factory and charged to production, 5,200. (g) Applied factory overhead to each of the jobs using a predetermined factory overhead rate as follows: (h) Finished Job Nos. 501-504 and transferred to the finished goods inventory account as products W, X, Y, and Z, respectively. (i) Sold products W, X, Y, and Z for 17,500, 18,000, 16,900, and 19,000, respectively. REQUIRED 1. Prepare general journal entries to record transactions (a) through (i). Make compound entries for (b), (d), and (g), with separate debits for each job. 2. Post the entries to the work in process and finished goods T accounts only.
(Appendix 4A) Journal Entries, Job Costs The following transactions occurred during the month of April for Nelson Company: a. Purchased materials costing 4,610 on account. b. Requisitioned materials totaling 4,800 for use in production, 3,170 for Job 518 and the remainder for Job 519. c. Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month. Direct laborers are paid at the rate of 14 per hour. d. Applied overhead using a plantwide rate of 6.20 per direct labor hour. e. Incurred and paid in cash actual overhead for the month of 973. f. Completed and transferred Job 518 to Finished Goods. g. Sold on account Job 517, which had been completed and transferred to Finished Goods in March, for cost (2,770) plus 25%. Required: 1. Prepare journal entries for Transactions a through e. 2. Prepare job-order cost sheets for Jobs 518 and 519. Prepare journal entries for Transactions f and g. (Note: Round to the nearest dollar.) 3. Prepare a schedule of cost of goods manufactured for April. Assume that the beginning balance in the raw materials account was 1,025 and that the beginning balance in the work-in-process account was zero.
JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED FACTORY OVERHEAD M. Evans Sons manufactures parts for radios. For each job order, it maintains ledger sheets on which it records direct labor, direct materials, and factory overhead applied. The factory overhead control account contains postings of actual overhead costs. At the end of the month, the under- or over applied factory overhead is charged to the cost of goods sold account. Factory overhead is applied on the basis of direct labor hours. For Job Nos. 101, 102,103, and 104, direct labor hours are 12, 000, 10,000, 11, 000, and 18,000, respectively. The overhead application rate is 1.20/direct labor hour. (a) Purchased raw materials on account, 50,000. (b) Issued direct materials: (c) Issued indirect materials to production, 8,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 15,000. (f) Paid electricity bill, taxes, and repair fees for the factory and charged to production, 8,000. (g) Depreciation expense on factory equipment, 30,000. (h) Applied factory overhead to Job Nos. 101104 using the predetermined factory overhead rate (see above). (i) Finished Job Nos. 101103 and transferred to the finished goods inventory account as products N, O, and P. (j) Sold products N and for 50,000 and 45,400, respectively. (k) Transferred under- or over applied factory overhead balance to the cost of goods sold account. REQUIRED 1. Prepare general journal entries to record transactions (a) through (k). 2. Post the entries to the work in process and finished goods accounts only and determine the ending balances in these accounts. 3. Compute the balance in the job cost ledger and verify that this balance agrees with that in the work in process control account.
(Appendix 4A) Unit Cost, Ending Work in Process, Journal Entries During August, Leming Inc. worked on two jobs. Data relating to these two jobs follow: Overhead is assigned on the basis of direct labor hours at a rate of 11. During August, Job 64 was completed and transferred to Finished Goods. Job 65 was the only unfinished job at the end of the month. Required: 1. Calculate the per-unit cost of Job 64. 2. Compute the ending balance in the work-in-process account. 3. Prepare the journal entries reflecting the completion and sale on account of Job 64. The selling price is 175% of cost. (Note: Round all journal entry amounts to the nearest dollar.)