a. Direct and indirect materials used. If an amount box does not require an entry, leave it bank38b. Direct and indirect labor used. If an amount box does not require an entry, leave it blankc. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an amount box does not require an entry.leave it blank.88d. Completion of Jobs 301 and 302. of an amount box does not require an entry, leave it blank188evious Entries for Factory Costs and Jobs CompletedCollegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to themwere recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factury verheadhave been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $2,220 of indirect materials and$26,920 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows insummary form:Job 301Job 302Direct materialsDirect materials$10,700$23,0208,000Direct laborDirect labor4,000Factory overhead4,640Factory overhead2,530Total$36,660Total$17,890Job 303Job 304Direct materials$29,420Direct materials14,630Direct laborDirect labor1,300Factory overheadFactory overheadJournalize the summary entry to record each of the following operations for March (one entry for each operation)

Name: a. Direct and indirect materials used. If an amount box does not requ
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Description: a. Direct and indirect materials used. If an amount box does not require an entry, leave it bank38b. Direct and indirect labor used. If an amount box does not require an entry, leave it blankc. Factory overhead applied to all four jobs (a single ove

The direct costs incurred are debited to work in process and indirect costs are debited to…

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Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all cats licable to the were recorded on the related cost sheets Jobs 303 and 304 are still in process at the end of the month, and all applicable costs exopt factory svad have been recorded on the related cost sheets. In addition to the materials and labor charged directly t $26.920 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month summary form Job 301 Job 302 Direct materials $23,620 $10,700 8,800 Direct labor 4,500 Factory overhead 4.HO Factory overhead 2,530 $36,660 $17,300 Direct materials $29,429 Direct materials $4,830 Direct laber 9,300 1,300 Factory overhead " Jub 303 Job 304 Come

Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all cats licable to the were recorded on the related cost sheets Jobs 303 and 304 are still in process at the end of the month, and all applicable costs exopt factory svad have been recorded on the related cost sheets. In addition to the materials and labor charged directly t $26.920 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month summary form Job 301 Job 302 Direct materials $23,620 $10,700 8,800 Direct labor 4,500 Factory overhead 4.HO Factory overhead 2,530 $36,660 $17,300 Direct materials $29,429 Direct materials $4,830 Direct laber 9,300 1,300 Factory overhead " Jub 303 Job 304 Come

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter17: Job Order Costing (job)

Section: Chapter Questions

Problem 1R: Nutt Products manufactures screws and bolts made to customer specifications. During August, Nutt...

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Nutt Products manufactures screws and bolts made to customer specifications. During August, Nutt incurred the following manufacturing costs: direct materials, 28,019.00; direct labor, 15,276.75; and applied factory overhead, 9,854.50. The following data pertain to these costs: The overhead application rates are 4 per direct labor hour for Dept. 1 and 175% of direct labor cost for Dept. 2. Nutt had no beginning work in process for August. Job 8958, which cost 14,190.18 to manufacture, was completed in July and was sold on account in August for 19,000. The job cost sheet for this job is shown on page 103. Of the jobs begun in August, Job 8961 was completed and sold on account for 24,000, Jobs 8962 and 8964 were completed but not sold, and Job 8963 was still in process. As cost accountant for this company, you have been asked to prepare job cost sheets for each of the four jobs started in August. Review the printed worksheet called JOB that follows these requirements.
Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
A summary of material requisition slips and time tickets, along with the overhead allocation, show the following costs: Job No. MaterialRequisitionSlips FactoryLaborTimeTickets OverheadApplied 131 $505 $200 $80 132 235 260 104 133 380 160 64 134 325 320 128 Not job specific 60 160 0 $1,505 $1,100 $376 A. Prepare an entry to record the assignment of direct material to work in process. If an amount box does not require an entry, leave it blank. fill in the blank d3b310090003fc9_2 fill in the blank d3b310090003fc9_3 fill in the blank d3b310090003fc9_5 fill in the blank d3b310090003fc9_6 B. Prepare an entry to record the assignment of direct labor to work in process. If an amount box does not require an entry, leave it blank. fill in the blank 26a436ff9fa5f86_2 fill in the blank 26a436ff9fa5f86_3 fill in the blank 26a436ff9fa5f86_5 fill in the…
Which of the following statements is true? (You may select more than one answer.)a. The Manufacturing Overhead account is debited when manufacturing overhead isapplied to Work in Process.b. Job cost sheets accumulate the actual overhead costs incurred to complete a job.c. When products are transferred from work in process to finished goods it results ina debit to Finished Goods and a credit to Work in Process.d. Selling expenses are applied to production using a predetermined overhead ratethat is computed at the beginning of the period.
Manufacturing cost data for Sheridan Company, which uses a job order cost system, are presented below.Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Case C Direct materials used $ enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (a) $ 85,400 $ 64,150 Direct labor 51,000 146,700 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (h) Manufacturing overhead applied 43,350 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (d) enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (i) Total manufacturing costs…
Manufacturing cost data for Sunland Company, which uses a job order cost system, are presented below.Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Work in process 1/1/22 $enter a dollar amount (a) $14,570 Direct materials used enter a dollar amount (b) $78,020 Direct labor 47,000 131,600 Manufacturing overhead applied 39,480 enter a dollar amount (d) Total manufacturing costs 136,911 enter a dollar amount (e) Total cost of work in process 189,410 enter a dollar amount (f) Work in process 12/31/22 enter a dollar amount (c) 11,092 Cost of goods manufactured 180,762 enter a dollar amount (g)
Manufacturing cost data for Sheffield Company, which uses a job order cost system, are presented below.Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Case C Direct materials used $ enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (a) $ 88,800 $ 64,150 Direct labor 55,000 146,900 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (h) Manufacturing overhead applied 44,000 enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (d) enter a dollar amount rounded to 0 decimal placesenter a dollar amount rounded to 0 decimal places (i) Total manufacturing costs…
1 Assume Delph uses departmental predetermined overhead rates based on machine-hours.a Compute the departmental predetermined overhead rates.b Compute the total manufacturing cost assigned to Job D-70 and Job C-200.c If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D-70 andJob C-200?d What is Delph's cost of goods sold for the year? 2 Assume Delph chooses to combine its departmental rates from requirement 1 into a plantwide predetermined overhead rate based onmachine hours.a Compute the plantwide predetermined overhead rate.b Compute the total manufacturing cost assigned to Job D-70 and Job C-200.c If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D-70 andJob C-200?d What is Delph's cost of goods sold for the year? 3 What managerial insights are revealed by the computations that you performed in this problem? (Hint: Do the cost of…
What entry would Gell make to adjust the manufacturing overhead account for overallocated or underallocated overhead? Gell Corporation manufactures computers. Assume that Gell: • allocates manufacturing overhead based on machine hours • estimated 12,000 machine hours and $93,000 of manufacturing overhead costs • actually used 16,000 machine hours and incurred the following actual costs:
Select the correct answer The predetermined manufacturing overhead rate is usually computed: A) During the financial year B) When overheads have been incurred C)At the beginning of financial year D)At the end of financial year. The traditional cost drivers used in computing overhead absorption rates are: A)Direct labor hours, machine hours, direct labor costs B)Direct labor hours, machine costs, direct labor cost C)Floor space, rent & rates, machinery value D)Direct labor costs, machine hours, factory overhead. Overheads applied are calculated by: A)Cost driver divided by the OAR B)Budgeted production overheads divided by the budgeted cost driver activity C)OAR times the actual cost driver activity D)OAR times the estimated cost driver activity. Under allocated manufacturing overhead costs are always the result of which of the following situations. A)Estimated overhead costs are greater than actual overhead costs B)Applied overhead costs are less than actual overhead costs…
The information for the question is in the attached images. a. Assume Delph chooses to combine its departmental rates from requirement 1 into a plantwide predetermined overhead rate based on machine-hours. Compute the plantwide predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate $ [ ] per MH b. Assume Delph chooses to combine its departmental rates from requirement 1 into a plantwide predetermined overhead rate based on machine-hours. Compute the total manufacturing cost assigned to Job D-70 and Job C-200. (Round your intermediate calculations to 2 decimal places.) Total manufacturing cost Job D-70 [ ] Job C-200 [ ] c. Assume Delph chooses to combine its departmental rates from requirement 1 into a plantwide predetermined overhead rate based on machine-hours. If Delph establishes bid prices that are 150% of total manufacturing costs, what bid prices would it have…
Required: 1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost of Job 550. c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550? 2. Assume that Landen’s controller believes that machine-hours is a better allocation base than direct labor-hours. Under this approach: a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost of Job 550. c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?