* Question Completion Status:Mon Inc. a manufacturer of jewellery reported the following last monthAssembly line, jewellery manufacturing salariesFinished goods inventory, beginningFinished goods inventory, endingGeneral & administrative expensesIndirect materials requisitioned to factoryProduction Supervisor, SalaryPurchases of raw materialsRaw materials inventory, endingRaw materials inventory, beginningRent on production factoryRent, retail storeSalesUtilities on manufacturing factoryUtilities, retail storeWages, retail staffWIP inventory, beginningWIP inventory, endingAssume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO $What is the cost of raw materials used in production?What is Direct Labour?What is Manufacturing Overhead?What is the Total Manufacturing Costs?OWhat is the Cost of Goods Manufactured?Type here to search18,00017,00020,00022,00017,50021,00028,00019,00018,00019,00018,000200,00017,50017,00020,00018,50021,500O EE СпN 00 Remaining Time: 1 hour, 36 minutes, 35 seconds.* Question Completion Status:Rent on production factoryRent, retail storeSalesUtilities on manufacturing factoryUtilities, retail storeWages, retail staffWIP inventory, beginningWIP inventory, endingAssume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO $What is the cost of raw materials used in production?What is Direct Labour?What is Manufacturing Overhead?What is the Total Manufacturing Costs?What is the Cost of Goods Manufactured?What is the Cost of Goods Sold?What is Net Income?A Click Submit to complete this assessment.19,00018,000200,00017,50017,00020,00018,50021,500Type here to searchTh

The cost of goods manufactured is calculated as follows - Total Manufacturing Cost = Direct Material…

Mon Inc. a manufacturer of jewellery reported the following last month Assembly line, jewellery manufacturing salaries Finished goods inventory, beginning Finished goods inventory, ending General & administrative expenses Indirect materials requisitioned to factory Production Supervisor, Salary Purchases of raw materials Raw materials inventory, ending Raw materials inventory, beginning Rent on production factory Rent, retail store Sales Utilities on manufacturing factory Utilities, retail store Wages, retail staff WIP inventory, beginning WIP inventory, ending Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO S What is the cost of raw materials used in production? What is Direct Labour? What is Manufacturing Overhead? 18,000 17,000 20,000 22,000 17,500 21,000 28,000 19,000 18,000 19,000 18,000 200,000 17,500 17,000 20,000 18,500 21,500 What is the Total Manufacturing Costs?

Mon Inc. a manufacturer of jewellery reported the following last month Assembly line, jewellery manufacturing salaries Finished goods inventory, beginning Finished goods inventory, ending General & administrative expenses Indirect materials requisitioned to factory Production Supervisor, Salary Purchases of raw materials Raw materials inventory, ending Raw materials inventory, beginning Rent on production factory Rent, retail store Sales Utilities on manufacturing factory Utilities, retail store Wages, retail staff WIP inventory, beginning WIP inventory, ending Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO S What is the cost of raw materials used in production? What is Direct Labour? What is Manufacturing Overhead? 18,000 17,000 20,000 22,000 17,500 21,000 28,000 19,000 18,000 19,000 18,000 200,000 17,500 17,000 20,000 18,500 21,500 What is the Total Manufacturing Costs?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each...

See similar textbooks

Similar questions

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.)
Statement of cost of goods manufactured; income statement; balance sheet The adjusted trial balance for Rochester Electronics, Inc. on November 30, the end of its first month of operation, is as follows: The general ledger reveals the following additional data: a. There were no beginning inventories. b. Materials purchases during the period were 33,000. c. Direct labor cost was 18,500. d. Factory overhead costs were as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of November. 2. Prepare an income statement for the month of November. (Hint: Check to be sure that your figure for Cost of Goods Sold equals the amount given in the trial balance.) 3. Prepare a balance sheet as of November 30. (Hint: Do not forget Retained Earnings.)
Hughes Products Inc. uses a job order cost system. Selected transactions dealing with factory items for the month follow: a. Requisitioned indirect materials from storeroom, 3,200. b. Purchased, on account, factory supplies for future needs, 4,400. c. Purchased parts, on account, for repairing a machine, 1,400. d. Requisitioned factory supplies from storeroom, 900. e. Returned other defective factory supplies to vendor, 700. f. Factory rent accrued for the month, 2,400. g. Returned previously requisitioned factory supplies to store room, 350. h. Depreciation of machinery and equipment, 2,800. i. Payroll taxes liability for month, 3,200. j. Heat, light, and power charges payable for the month, 6,400. k. Expired insurance on inventories, 1,350. l. Factory overhead applied to production, 34,600. m. Indirect labor for the month, 2,600. n. Goods completed and transferred to finished goods: materials, 14,400; labor, 40,400; factory overhead, 30,400. Required: Record the previous transactions. Assume that the records include a control account and a subsidiary ledger for factory overhead, to which the entries will be posted at some later date.
JOURNAL ENTRIES FOR FACTORY OVERHEAD Huang Company manufactures toys. It keeps a factory overhead account where actual factory overhead costs are recorded as a debit, and factory overhead applied is recorded as a credit. At the end of the month, under- or overapplied factory overhead is calculated and transferred to the cost of goods sold account. For the month of January, Huang had the following overhead transactions. Make appropriate general journal entries to record factory overhead and factory overhead applied, and to close the under- or overapplied factory overhead to the cost of goods sold account. Jan.1 Paid rent, 1,000. 10 Paid electricity bill, 250. 15 Paid repair expense, 1,500. 21 Vacation pay for machine operator, 500 (Wages Payable). 31 Depreciation expense for the month, 450. 31 Factory overhead applied was 3,500.
JOURNAL ENTRIES FOR MATERIAL, LABOR, OVERHEAD, AND SALES Micro Enterprises had the following job order transactions during the month of April. Record the transactions in the general journal, including issuance of materials, labor, and factory overhead applied; completed jobs sent to finished goods inventory; closing of the under- or overapplied factory overhead to the cost of goods sold account; and sale of finished goods. Apr.1 Purchased materials on account, 35,000. 10 Issued direct materials to Job No. 33, 10,000. 11 Issued direct materials to Job No. 34, 8,000. 12 Issued direct materials to Job No. 35, 11,000. 25 Incurred direct labor: On Job No. 33, 6,000 On Job No. 34, 4,000 On Job No. 35, 5,000 25 Applied factory overhead: To Job No. 33, 1,500 To Job No. 34, 1,200 To Job No. 35, 1,600 30 Transferred Job Nos. 3335 to the finished goods inventory account as products F, G, and H, respectively. 30 Sold products F, G, and H for 20,000, 16,000, and 22,000, respectively. 30 Actual factory overhead for Job Nos. 3335, 4,220.
The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
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.
The following events occurred during March for Ajax Company. Prepare a journal entry for each transaction. Materials were purchased on account for $35,429. Materials were requisitioned to begin work on Job C1S In the amount of $25,259. Direct labor expense for Job C15 was $24,129. Actual overhead was incurred on account of $32,852. Factory overhead was charged to Job C15 at the rate of 200% of direct labor. Job C15 was transferred to finished goods at $97,646. Job C15 was sold on account for $401,000.
Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
Sultan, Inc. manufactures goods to special order and uses a job order cost system. During its first month of operations, the following selected transactions took place: Required: 1. Prepare a schedule reflecting the cost of each of the four jobs. 2. Prepare journal entries to record the transactions. 3. Compute the ending balance in Work in Process. 4. Compute the ending balance in Finished Goods.
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: a. Prepare a cost of goods manufactured statement for March. b. Determine the cost of goods sold for March.