Paki answer po with solution po During August of the current year, Job 067 for 2,000 handsaws was completed at thefollowing cost per unit:P5.00Direct materialsDirect làbor4.00Factory overhead (applied at 150% of DLC) 6.00Final inspection revealed 100 defective units, which were reworked at a cost of P2.00per unit for direct labor plus overhead at the predetermined rate.25. If the defect is due to internal failure, what is the total rework cost and to whataccount should it be charged?Rework costP 200Р 200P 500P 500Account chargedWork in processFactory overhead controlWork in processFactory overhead controla.b.с.d. Norman buys baseball bats from a'manufacturer at P10 each. Norman expects to sell90,000 bats evenly over the next year. Norman's cost of capital is 10 percent, Thetotal out-of-pocket cost to carry one bat in inventory is P0.50 and the cost of orderingbats is P15per order.22. Suppose that Norman orders 3,000 bats at a time. What is the total annualinventory cost?Р 750b. Р1,200P 2,250d. P 2,700(10% X PI5) = 1's0.5a.с.23. What is the economic order quantity?a. 1,342 unitsb. 1,643 unitsc. 2,324 unitsd. 3,000 units24. How many times would Norman have to place an order in one year?a. 67 timesb. 55 timesc. 39 timesd. 30 times

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Norman buys baseball bats from a manufacturer at P10 each. Norman expects to sell 90,000 bats evenly over the next year. Norman's cost of capital total out-of-pocket cost to carry one bat in inventory is P0.50 and the cost of ordering bats is P15per order. 10 percent. The Suppose that Norman orders 3,000 bats at a time. What is the total annual inventory cost? Р 750 b. Р 1,200 P 2,250 P 2,700 22. (10% X PIS) = 1.5 1.5 а. 0.5 с. d. 23. What is thẹ economic order quantity? a. 1,342 units b. 1,643 units c. 2,324 units d. 3,000 units 24. How many times would Norman have to place an order in one year? a. 67 times b. 55 times c. 39 times d. 30 times

Norman buys baseball bats from a manufacturer at P10 each. Norman expects to sell 90,000 bats evenly over the next year. Norman's cost of capital total out-of-pocket cost to carry one bat in inventory is P0.50 and the cost of ordering bats is P15per order. 10 percent. The Suppose that Norman orders 3,000 bats at a time. What is the total annual inventory cost? Р 750 b. Р 1,200 P 2,250 P 2,700 22. (10% X PIS) = 1.5 1.5 а. 0.5 с. d. 23. What is thẹ economic order quantity? a. 1,342 units b. 1,643 units c. 2,324 units d. 3,000 units 24. How many times would Norman have to place an order in one year? a. 67 times b. 55 times c. 39 times d. 30 times

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter16: Job Order Costing

Section: Chapter Questions

Problem 1CMA: Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A...

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Luna Manufacturing Inc. completed Job 2525 on May 31, and there were no jobs in process in the plant. Prior to June 1, the predetermined overhead application rate for June was computed from the following data, based on an estimate of 5,000 direct labor hours: The factory has one production department and uses the direct labor hour method to apply factory overhead. Three jobs are started during the month, and postings are made daily to the job cost sheets from the materials requisitions and labor-time records. The following schedule shows the jobs and amounts posted to the job cost sheets: The factory overhead control account was debited during the month for actual factory overhead expenses of 27,000. On June 11, Job 2526 was completed and delivered to the customer using a mark-on percentage of 50% on manufacturing cost. On June 24, Job 2527 was completed and transferred to Finished Goods. On June 30, Job 2528 was still in process. Required: 1. Prepare job cost sheets for Jobs 2526, 2527, and 2528, including factory overhead applied when the job was completed or at the end of the month for partially completed jobs. 2. Prepare journal entries as of June 30 for the following: a. Applying factory overhead to production. b. Closing the applied factory overhead account. c. Closing the factory overhead account. d. Transferring the cost of the completed jobs to finished goods. e. Recording the cost of the sale and the sale of Job 2526.
Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined overhead rate on 27,500 direct labor hours. At the end of the year, actual overhead was $106,000 and the total direct labor hours were 29,000. What is the entry to dispose of the over applied or under applied overhead?
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
AAA Appliances Inc. has two production departments. The nature of the process is such that no units remain in process in Finishing at the end of the period. At the beginning of the period, 10,000 units with a cost of 30,000 were transferred from Assembly to Finishing. Finishing incurred costs of 8,800 for materials, 7,200 for labor, and 8,800 for factory overhead, and finished 10,000 units during the month. Using the data in E5-9, prepare a statement of cost of goods manufactured for the month ended January 31, 2016, assuming that no further work was done in Assembly during January.
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When setting its predetermined overhead application race, Tasty Box Meals estimated its overhead would be $100,000 and would require 25,000 machine hours in the next year. At the end of the year. It found that actual overhead was $102,000 and required 26,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under applied or over applied overhead.
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.
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