Each employee for the Gedding Manufacturing Co., a firm using ajob-cost inventory costing method, must reconcile his or her total hours worked with thehours worked on individual jobs using a job time sheet at the time weekly payroll time cardsare prepared. The job time sheet is then stapled to the time card. Explain how you could testthe direct labor dollars included in inventory as a part of the payroll and personnel tests

Each employee for the Gedding Manufacturing Co., a firm using ajob-cost inventory costing method, must reconcile his or her total hours worked with thehours worked on individual jobs using a job time sheet at the time weekly payroll time cardsare prepared. The job time sheet is then stapled to the time card. Explain how you could testthe direct labor dollars included in inventory as a part of the payroll and personnel tests

Name: Each employee for the Gedding Manufacturing Co., a firm using ajob-cos
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Description: Each employee for the Gedding Manufacturing Co., a firm using ajob-cost inventory costing method, must reconcile his or her total hours worked with thehours worked on individual jobs using a job time sheet at the time weekly payroll time cardsare pre

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 12E: Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was...

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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.
Summary information from a companys job cost sheets shows the following information: What are the balances in the work in process inventory, finished goods Inventory, and cost of goods sold for April, May, and June?
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.
Tuscany Products, Inc. uses a job order cost system. The following accounts have been taken from the books of the company: Required: 1. Analyze the accounts and describe in narrative form what transactions took place. (Use the reference letters a. through f. in your explanations and note that some accounts needed in your explanation have been purposely omitted.) 2. List the supporting documents or forms required to record each transaction involving the receipt or issuance of materials. 3. Determine the ending balances for Materials, Work in Process, and Finished Goods.
Bangor Products Co. obtained the following information from its records for April: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for April: a. The gross profit or loss for each job completed and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)
As you learned in the previous chapter, Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a workforce of both hourly and salaried employees. In the last chapter, gross wages were computed for each employee. Adjacent to their name, each employee's gross wages are shown in the Payroll Register. The next task is computing the FICA withholding for each employee and the employer's liability. Requirements: Compute the OASDI for each employee. Compute the HI for each employee. On the Employer Register, compute the employer FICA liability.
Please help me answer the problem attached in the photo and please provide me a clear step by step solutions and explanation. This problem requires us to determine the amount of total payroll and distribute the total payroll to work in process and factory overhead. It also asks us to refer to PD442 for the late shift premium and overtime rate. Thank you!
The questions to be answered. What is balance on the Cost of Goods Sold account after the adjustment Calculate the gross profit earned by Harriott on the jobs completed. Determine the balance in work in process inventory on November 30.
Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem and give examples of each subsystem . a. Preparing the weekly payroll for manufacturing personnel b. Releasing raw materials for use in the manufacturing cycle c. Recording the receipt of payment for goods sold d. Recording the order placed by a customer e. Ordering raw materials f. Determining the amount of raw materials to order?
The Work-in-Process inventory account shows a balance of P2,400 at the end of the accounting period. The job cost sheets of the 2 uncompleted jobs show charges of P400 and P200 for direct materials, and charges of P300 and P500 for direct labor. From this information, it appears that the company is using a predetermined overhead rate as a percentage of direct labor costs of:
Prepare for the jobs in process and determine the balances of three inventory accounts at the end of the year
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Prepare journal entries for manufacturing costs. Job Number Materials Labor Requisition Slips Time Tickets 429 $2,500.00 $1,900 430 3,500 3,000 431 4,400 7,600 General use 800 1200 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Instructions a. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs,…