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Question 21                 What is the January Sales Revenue related to Job 3?   Question 21 options:   $380,000   $540,000   $500,000   $450,000   $100,000   Question 22                  What is the January Cost of Goods Sold (CGS) related to Job 1?   Question 22 options:   $148,000   $180,000   $200,000   $218,000   $44,000   Question 23                  What is the January Cost of Goods Sold (CGS) related to Job 2?   Question 23 options:   $180,000   $218,000   $44,000   $148,000   $200,000   Question 24                  What is the January Cost of Goods Sold (CGS) related to Job 3?   Question 24 options:   $218,000   $44,000   $180,000

Question 21                 What is the January Sales Revenue related to Job 3?   Question 21 options:   $380,000   $540,000   $500,000   $450,000   $100,000   Question 22                  What is the January Cost of Goods Sold (CGS) related to Job 1?   Question 22 options:   $148,000   $180,000   $200,000   $218,000   $44,000   Question 23                  What is the January Cost of Goods Sold (CGS) related to Job 2?   Question 23 options:   $180,000   $218,000   $44,000   $148,000   $200,000   Question 24                  What is the January Cost of Goods Sold (CGS) related to Job 3?   Question 24 options:   $218,000   $44,000   $180,000

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products
Section: Chapter Questions
Problem 6E: Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November,...
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Question

Question 21

 
 
 
 
 
 
 
 

What is the January Sales Revenue related to Job 3?

 
Question 21 options:
 

$380,000
 

$540,000
 

$500,000
 

$450,000
 

$100,000
 

Question 22 

 
 
 
 
 
 
 
 

What is the January Cost of Goods Sold (CGS) related to Job 1?

 
Question 22 options:
 

$148,000
 

$180,000
 

$200,000
 

$218,000
 

$44,000
 

Question 23 

 
 
 
 
 
 
 
 

What is the January Cost of Goods Sold (CGS) related to Job 2?

 
Question 23 options:
 

$180,000
 

$218,000
 

$44,000
 

$148,000
 

$200,000
 

Question 24 

 
 
 
 
 
 
 
 

What is the January Cost of Goods Sold (CGS) related to Job 3?

 
Question 24 options:
 

$218,000
 

$44,000
 

$180,000
 

$200,000
 

$148,000
Kaitlyn, Inc. is a manufacturer who uses a job order costing system. The data below summarizes the operations related to production and sales for January, the first month of operations. Kaitlyn, Inc. allocates factory overhead on a monthly basis based upon total monthly factory overhead costs and direct labor hours. Total direct labor hours for January are 75,000 hours. Purchased the following raw materials: • 6,000 units for Job 1 @ $10/unit • 5,500 units for Job 2 @ $15/unit • 12,300 units for Job 3 @ $5/unit Requisitioned materials for production: • 5,000 units for Job 1 @ $10/unit • 4,000 units for Job 2 @ $15/unit • 10,000 unit for Job 3 @ $5/unit • Direct labor costs: • 2,000 hours of direct labor on Job 1 at $15 per hour • 10,000 hours of direct labor on Job 2 at $14 per hour • 8,000 hours of direct labor on Job 3 at $20 per hour • Total factory overhead costs for the month: • $70,000 of indirect materials • $115,000 of indirect labor • $97,000 of utilities costs • $18,000 of factory depreciation • Production data: • Job 1 produced 5,000 units out of an estimated possible 8,000 units, • Job 2 produced 20,000 units out of an estimated possible 24,000 units • Job 3 produced 11,000 units out of an estimated possible 12,100 units, Sales data: • Job 1→ 4,000 units sold on credit for $25 per unit • Job 2 → 18,000 units sold on credit for $30 per unit • Job 3 → 10,000 units sold on credit for $50 per unit To Do: Complete the T-Accounts on the following page, as well as the Cost Flow Worksheets. Helpful Hint: While not required for this assignment, it might be helpful to create the related journal entries.
Transcribed Image Text:Kaitlyn, Inc. is a manufacturer who uses a job order costing system. The data below summarizes the operations related to production and sales for January, the first month of operations. Kaitlyn, Inc. allocates factory overhead on a monthly basis based upon total monthly factory overhead costs and direct labor hours. Total direct labor hours for January are 75,000 hours. Purchased the following raw materials: • 6,000 units for Job 1 @ $10/unit • 5,500 units for Job 2 @ $15/unit • 12,300 units for Job 3 @ $5/unit Requisitioned materials for production: • 5,000 units for Job 1 @ $10/unit • 4,000 units for Job 2 @ $15/unit • 10,000 unit for Job 3 @ $5/unit • Direct labor costs: • 2,000 hours of direct labor on Job 1 at $15 per hour • 10,000 hours of direct labor on Job 2 at $14 per hour • 8,000 hours of direct labor on Job 3 at $20 per hour • Total factory overhead costs for the month: • $70,000 of indirect materials • $115,000 of indirect labor • $97,000 of utilities costs • $18,000 of factory depreciation • Production data: • Job 1 produced 5,000 units out of an estimated possible 8,000 units, • Job 2 produced 20,000 units out of an estimated possible 24,000 units • Job 3 produced 11,000 units out of an estimated possible 12,100 units, Sales data: • Job 1→ 4,000 units sold on credit for $25 per unit • Job 2 → 18,000 units sold on credit for $30 per unit • Job 3 → 10,000 units sold on credit for $50 per unit To Do: Complete the T-Accounts on the following page, as well as the Cost Flow Worksheets. Helpful Hint: While not required for this assignment, it might be helpful to create the related journal entries.
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