For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the following data.JobNumber764076417642Other data:1.2.3.4.5.6.7.ExplanationBalance 1/1Current year's costsBalance 1/1Current year's costsCurrent year's costsDirectMaterials.$29,50035,40012,98050,74068,440DirectLabor$28,32042,48021,24056,64064,900ManufacturingOverheadTotalCosts25,488$91,804$33,98450,976 128,85659,70867.968 175,34877,880211.220Raw materials inventory totaled $17,700 on January 1. During the year, $165,200 of raw materials were purchased on account.Finished goods on January 1 consisted of Job No. 7638 for $102,660 and Job No. 7639 for $108,560.Job No. 7640 and Job No. 7641 were completed during the year.Job Nos. 7638,7639, and 7641 were sold on account for $625,400.Manufacturing overhead incurred on account totaled $141,600.Incurred depreciation on factory machinery $9,440.Assigned indirect materials of $16,520 and indirect labor of $21,240. (b).Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually.)Account Titles and ExplanationDebitCredit

Name: For the year ended December 31, 2022, the job cost sheets of Carla Vi
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Description: For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the following data.JobNumber764076417642Other data:1.2.3.4.5.6.7.ExplanationBalance 1/1Current year's costsBalance 1/1Current year's costsCurrent year's costs

Solution:- Calculation of Overapplied of Manufacturing overhead as follows under:- Overapplied of…

Business

Accounting

Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (List all debit entries before credit entries. indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (List all debit entries before credit entries. indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 1PB: Entries for costs in a job order cost system Royal Technology Company uses a job order cost system....

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Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the predetermined overhead rate using the labor rate of $17 per hour?
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.
Entries for costs in a job order cost system Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: A. Materials purchased on account, 770,000. B. Materials requisitioned, 680,000, of which 75,800 was for general factory use. C. Factory labor used, 756,000, of which 182,000 was indirect. D. Other costs incurred on account for factory overhead, 245,000; selling expenses, 171,500; and administrative expenses, 110,600. E. Prepaid expenses expired for factory overhead were 24,500; for selling expenses, 28,420; and for administrative expenses, 16,660. F. Depreciation of factory equipment was 49,500; of office equipment, 61,800; and of office building, 14,900. G. Factory overhead costs applied to jobs, 568,500. H. Jobs completed, 1,500,000. I. Cost of goods sold, 1,375,000. Instruction Journalize the entries to record the summarized operations.
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?
When direct labor hours for Job 101 are 30 and the predetermined factory overhead rate is 5/direct labor hour, what is the applied factory overhead amount? (a) 250 (b) 500 (c) 150 (d) It cannot be determined.
Job costs At the end of May, Bergan Company had completed Jobs 200 and 305. Job 200 is for 2,390 units, and Job 305 is for 2,053 units. Using the data from BE 16-1, BE 16-2, and BE 16-4, determine (A) the balance on the job cost sheets for Jobs 200 and 305 at the end of May, and (B) the cost per unit for Jobs 200 and 305 at the end of May.
The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was $3,325 over applied for the year. What is the overhead application rate per direct labor hour? What is the journal entry to dispose of the under applied overhead?
Source Documents For each of the following independent situations, give the source document that would be referred to for the necessary information. Required: 1. Direct materials costing 460 are requisitioned for use on a job. 2. Greiners Garage uses a job-order costing system. Overhead is applied to jobs based on direct labor hours. Which source document gives the number of direct labor hours worked on Job 2004-276? 3. Pasilla Investigative Services bills clients on a monthly basis for costs to date. Job 3-48 involved an investigator following the clients business partner for a week by automobile. Mileage is billed at number of miles times 0.75. 4. The foreman on the Jackson job wonders what the actual direct materials cost was for that job.
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.
The books of Petry Products Co. revealed that the following general journal entry had been made at the end of the current accounting period: The total direct materials cost for the period was $40,000. The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)
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Job order cost sheets show the following costs assigned to each job: The company assigns overhead at $1.25 for each direct labor dollar spent. What is the total cost for each of the jobs?