Discussion Question _Job Costing I company uses job order costing system. The company uses n to jobs. At the beginning of 2020o, the company estimated th ked and $5,024,000 overhead cost would be incurred during place in the work in process inventory during February:
Q: Discussion Question _Job Costing I The Harriott manufacturing company uses job order costing system.…
A: (ii)
Q: pany uses job order costing system. The company uses machine hours to apply overhead cost to jobs.…
A: Journal entries refer to the process of collecting and documenting all the transactions f a company…
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: I need help with the attached image of an excel sheet. I did great in my first accounting course,…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Discussion Question Job Costing I The Harriott manufacturing company uses job order costing system.…
A: Statement of Harriotts predetermined manufacturing overhead rate for 2020 Predetermined overhead…
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A: Journal entries are prepared to record the financial and non-financial transactions of the business.
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to…
A: Since he student has asked for (ii) and (vi), we will answer that only. Overhead represents the…
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A: Solution: Job costing is accounting which tracks the costs and revenues by "job" and enables…
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to…
A: Since we answer only three subparts, we will answer the first three subparts. Please resubmit the…
Q: Can somebody check my work on the attached image that I have done so far? Additionally, I am having…
A: The value of applied manufacturing overhead is shown below:
Q: no handwriting please ,show working . The Hilton's manufacturing company uses job order costing…
A: Gross profit earned=Sales Revenue-Adjusted Cost of Goods Sold
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to…
A: Predetermined overhead rate = Estimated overhead Cost / Estimated machine hours = 5024000/31400 =…
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: 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: The Harriott manufacturing company uses job order costing system. The company uses machine hours to…
A: What is meant by Job Costing? It is a method of costing where all the costs like direct material,…
Q: he company estimated that 7,850 machine hours would be worked and $1,256,000 overhead cost would be…
A: Answer: e Manufacturing Overhead Control Raw Material Wages…
Q: e Harriott manufacturing company uses job order costing system. The company uses machine hours to…
A: The question is based on the concept of Cost Accounting.
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: 4th Bullet Point: Cost of goods completed is given = $564,0000 ($324,000 + $240,000)
Q: ) Calculate the manufacturing overhead variance for Fielder and state the journal entries necessary…
A: Given: Balance on February = $ 51,250 Used direct materials = $ 256,400 Cost of indirect materials…
Q: No handwriting ,please The Hilton's manufacturing company uses job order costing system. The…
A: Gross profit earned=Sales Revenue-Adjusted Cost of Goods Sold
Q: . At the beginning of 2020, the company estimated that 7,850 machine hours would be worked and…
A: Assume, Sale price = $100 Profit = 40% of sale price = $40 Cost of goods sold = $60 Profit % on cost…
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A: When overhead is under or overapplied the cost of sales account is adjusted for the same which is…
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A: Job costing means where actual direct cost is included in specific cost and overhead is applied on…
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A: Any over or under applied overhead if insignificant is closed to cost of goods sold account. If the…
Q: The Hilton's manufacturing company uses job order costing system. The company uses machine hours to…
A:
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to…
A: Solution Under applied overhead = Actual overhead - Applied overhead .
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: The Harriot company manufacturing company uses job order costing system. The company uses machine…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: The predetermined overhead cost is calculated on the basis of total cost estimated.
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A: What is meant by Job Costing? It is a method of costing where all the costs like direct material,…
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A: IV. CALCULATION OF COST OF GOODS SOLD : COST SHEET FOR THE MONTH ENDING OF FEBRUARY(amount in $)…
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A: Gross Profit- Gross profit is the revenue a company makes after subtracting all the overheads that…
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A: 1. Calculation of Predetermined Overhead rate Opening Factory overhead cost = 30,000 +20,000 =…
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A: Predetermined Manufacturing Overhead Rate=Estimated Overhead CostEstimated Machine Hours
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: Given that: Estimated machine hours = 7850 hours Estimated overhead = $12,56,000
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…
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A: a) Calculation of predetermined manufacturing overhead rate for 2018 : Given, Manufacturing overhead…
Q: Discussion Question _Job Costing I The Fielder manufacturing company uses job order costing system.…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: 1. Calculate the production cost value for all orders (L101 to L105) as of April 30, 2020 2.…
A: “Since you have posted a question with multiple sub parts, we will solve first 3 sub parts for you.…
Q: Discussion Question Job Costing I The Harriott manufacturing company uses job order costing system.…
A: Job costing: It is a method of costing where in all the costs like direct material, direct labor and…
Q: I need help with the circled (e), (f), and (g) parts on the attached screenshot of the spreadsheet.…
A: Journal entry is the record of financial transcations pertaining to a business.Working Note:
Q: AccountingQ&A LibraryThe Harriott manufacturing company uses job order costing system. The company…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Ryzen Company uses a job costing system. The WIP inventory on December 31, 2019 consisted of Job No.…
A: Ending WIP inventory = Direct material + Direct labor + Manufacturing overhead
Q: Required: i) Compute Fielder's predetermined manufacturing overhead rate for 2020. ii) State the…
A: Factory overheads (manufacturing overheads) are the fixed costs that don’t change with the…
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to…
A: As per the guidelines, only three parts of a question are allowed to be solved. Please upload…
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: 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…
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- PREDETERMINED FACTORY OVERHEAD RATE Millerlile Enterprises calculates a predetermined factory overhead rate so that factory overhead may be applied to production during the month. It calculates the overhead using three different methods and then decides which one to use. Total estimated factory overhead costs are 540,000. Total estimated direct labor hours are 50,000. Total estimated direct labor costs are 900,000. Total machine hours are estimated to be 80,000. Calculate the predetermined overhead application rates based on (1) direct labor hours, (2) direct labor costs, and (3) machine hours.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.PREDETERMINED FACTORY OVERHEAD RATE Marston Enterprises calculates a predetermined factory overhead rate so that factory overhead may be applied to production during the month. It calculates the overhead using three different methods and then decides which one to use. Total estimated factory overhead costs are 600,000. Total estimated direct labor hours are 30,000. Total estimated direct labor costs are 1,200,000. Total machine hours are estimated to be 200,000. Calculate the predetermined overhead application rates based on (1) direct labor hours, (2) direct labor costs, and (3) machine hours.
- Overhead Assignment: Actual and Normal Activity Compared Reynolds Printing Company specializes in wedding announcements. Reynolds uses an actual job-order costing system. An actual overhead rate is calculated at the end of each month using actual direct labor hours and overhead for the month. Once the actual cost of a job is determined, the customer is billed at actual cost plus 50%. During April, Mrs. Lucky, a good friend of owner Jane Reynolds, ordered three sets of wedding announcements to be delivered May 10, June 10, and July 10, respectively. Reynolds scheduled production for each order on May 7, June 7, and July 7, respectively. The orders were assigned job numbers 115, 116, and 117, respectively. Reynolds assured Mrs. Lucky that she would attend each of her daughters weddings. Out of sympathy and friendship, she also offered a lower price. Instead of cost plus 50%, she gave her a special price of cost plus 25%. Additionally, she agreed to wait until the final wedding to bill for the three jobs. On August 15, Reynolds asked her accountant to bring her the completed job-order cost sheets for Jobs 115, 116, and 117. She also gave instructions to lower the price as had been agreed upon. The cost sheets revealed the following information: Reynolds could not understand why the overhead costs assigned to Jobs 116 and 117 were so much higher than those for Job 115. She asked for an overhead cost summary sheet for the months of May, June, and July, which showed that actual overhead costs were 20,000 each month. She also discovered that direct labor hours worked on all jobs were 500 hours in May and 250 hours each in June and July. Required: 1. How do you think Mrs. Lucky will feel when she receives the bill for the three sets of wedding announcements? 2. Explain how the overhead costs were assigned to each job. 3. Assume that Reynoldss average activity is 500 hours per month and that the company usually experiences overhead costs of 240,000 each year. Can you recommend a better way to assign overhead costs to jobs? Recompute the cost of each job and its price, given your method of overhead cost assignment. Which method do you think is best? Why?When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would be $75,000 and manufacturing would require 25,000 machine hours in the next year. At the end of the year, it found that actual overhead was $74,000 and manufacturing required 24,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under- or over applied overhead.Job costs At the end of May, Bergan Company had completed Jobs 200 and 305. Job 200 is for 2,390 units, and Job 305 is for 2,053 units. Using the data from BE 16-1, BE 16-2, and BE 16-4, determine (A) the balance on the job cost sheets for Jobs 200 and 305 at the end of May, and (B) the cost per unit for Jobs 200 and 305 at the end of May.
- 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.Source Documents For each of the following independent situations, give the source document that would be referred to for the necessary information. Required: 1. Direct materials costing 460 are requisitioned for use on a job. 2. Greiners Garage uses a job-order costing system. Overhead is applied to jobs based on direct labor hours. Which source document gives the number of direct labor hours worked on Job 2004-276? 3. Pasilla Investigative Services bills clients on a monthly basis for costs to date. Job 3-48 involved an investigator following the clients business partner for a week by automobile. Mileage is billed at number of miles times 0.75. 4. The foreman on the Jackson job wonders what the actual direct materials cost was for that job.
- 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) 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 TRANSACTIONS Stonestreet Enterprises makes garage doors. During the month of February, the company had four job orders: 205, 206, 207, and 208. 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, 5,700. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 3,400. (f) Paid electricity, heating oil, and repair bills for the factory and charged to production, 5,300. (g) Applied factory overhead to each of the jobs using a predetermined factory over-head rate as follows: (h) Finished Job Nos. 205-208 and transferred to the finished goods inventory account as products L, M, N, and O, respectively. (i) Sold products L, M, N, and O, on account, for 21,000, 20,300, 19,000, and 20,500, 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.