Job Number 544 $ 15,050 A company reports the following information on April 30, the end of its first month of operations. Manufacturing Costs Job Status at April 30 Completed and sold during April 545 4,300 Completed and sold during April 546 33,000 In process 547 62,000 548 14,600 Completed but not sold during April In process 549 3,600 550 1,000 Completed but not sold during April In process Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the cost of Work in Process Inventory on April 30? Work in Process Inventory Total Total $ 0 Required A Required B >
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- (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.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.The Following events occurred during March for Ajax Company. Prepare a journal entry for each transaction. Materials were purchased on account for $5,429. Materials were requisitioned to begin work on Job C15 In the amount of $2,500. Direct labor expense for job C15 was $4,250. Actual overhead was incurred on account for $5,385. Factory overhead was charged w Job C15 at the rate of 200% direct labor. Job C15 was transferred to finished goods at $15,250. Job C15 was sold on account for $28,000.
- 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.Selected account balances and transactions of Titan Foundry Inc. follow: May Transactions: a. Purchased raw materials and factory supplies on account at costs of 45,000 and 10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of 65,000 (15,000 was for indirect labor). c. Incurred factory overhead costs in the amount of 42,000 on account. d. Made adjusting entries to record 10,000 of factory overhead for items such as depreciation (credit Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred to Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare journal entries for the following: 1. The purchase of raw materials and factory supplies. 2. The issuance of raw materials and supplies into production. (Hint: Be certain to consider the beginning and ending balances of raw materials and supplies as well as the amount of the purchases.) 3. The recording of the payroll. 4. The distribution of the payroll. 5. The payment of the payroll. 6. The recording of factory overhead incurred. 7. The adjusting entry for factory overhead. 8. The entry to transfer factory overhead costs to Work in Process. 9. The entry to transfer the cost of completed work to Finished Goods. (Hint: Be sure to consider the beginning and ending balances of Work in Process as well as the manufacturing costs added to Work in Process this period.) 10. The entry to record the cost of goods sold. (Hint: Be sure to consider the beginning and ending balances of Finished Goods as well as the cost of the goods finished during the month.)Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,400 February Not sold AA4 4,840 January February AA5 3,230 February March ААЗ 3,408 $2,321 April Not sold Total $7,440 $8,038 $2,321 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Finished Process Goods COGS January $ February $ March
- Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,400 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,408 $2,319 April Not sold Total $7,437 $8,068 $2,319 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2 February fill in the blank 3 fill in the blank 4 $fill in the blank 5 March fill in the blank 6 fill in the blank 7 fill in the blank 8Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 25 Rize Company reports the following (partial) T-account activity at the end of its first year of operations. Factory Overhead Debit 80,700 125,300 194,600 Credit 404,800 1. Compute the under- or overapplied overhead for the year. 2. Prepare the journal entry to close Factory Overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead for the year. The under- or overapplied overhead for the year Actual overhead Applied overhead a 49 Q Search Required 2 > DB W
- Problem1 The Mayhem Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year: Raw materials purchased on account, P210,000. Raw materials issued to production, P190,000 (P178,000 direct materials and P12,000 indirect materials). a. b. c. Direct labor cost incurred, P90,000; and indirect labor cost incurred, d. P110,000. Depreciation recorded on factory equipment, P40,000. e. Other manufacturing overhead costs incurred during October, P70,000 (credit Accounts Payable). The company applies manufacturing overhead cost to production on the basis of P8 per machine-hour. There were 30,000 machine-hours recorded for October Production orders costing P520,000 according to their job cost sheets were completed during October and transferred to Finished Goods f. g.h. Production orders that had cost P480,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold at 25% above…Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at year-end: Job 1 Job 5 $1,000 $1,500 12,000 800 1,500 200 Jun 30 Not completed Jul 10 N/A $25,000 N/A What was the balance in Finished Goods Inventory at year-end? Direct Materials Direct Labor Allocated Mfg. Overhead Job completed: Job sold: Revenues: OA. $43,300 OB. $33,700 OC. $23,200 O D. $20,100 Job 2 $7,500 20,000 6,000 Sep 1 Sep 12 $39,000 Job 3 $4,200 13,600 2,300 Oct 15 Not sold N/A Job 4 $3,400 12,500 7,300 Nov 1 Not sold N/ARecording Jobs Completed The following account appears in the ledger after only part of the postings have been completed for October: Work in Process Balance, October 1 $11,250 Direct materials 76,500 Direct labor 91,130 Factory overhead 50,630 Jobs finished during October are summarized as follows: Job 1004 $41,310 Job 1030 25,250 Job 1037 48,200 Job 1041 80,330 a. Determine the cost of jobs completed.$fill in the blank 1 b. Determine the cost of the unfinished jobs at October 31.$fill in the blank 2