2. Calculate the ending balance for each job as of April 30. When required, round your answers to the nearest dollar. Use your rounded answers in subsequent computations, if necessary.Ending Balance$ 24,669 xJob 114Job 11522,742 VJob 11619,062 V3. Calculate the ending balance of Work in Process as of April 30. When required, round your answer to the nearest dollar.43,7314. Calculate the cost of goods sold for April. When required, round your answer to the nearest dollar.5. Assuming that Sangvikar prices its jobscost plus 25 percent, calculate the pricethe one job that was sold during April. When required, round your answer to the nearest dollar. Predetermined Overhead Rate, Application of Overhead to Jobs, Job CostOn April 1, Sangvikar Company had the following balances in its inventory accounts:Materials Inventory$12,770Work-in-Process Inventory21,640Finished Goods Inventory8,730Work-in-process inventory is made up of three jobs with the following costs:Job 114Job 115Job 116Direct materials$2,379$2,682$3,174Direct labor1,8001,5604,300Applied overhead1,3501,1703,225During April, Sangvikar experienced the transactions listed below.a. Materials purchased on account, $29,210.b. Materials requisitioned: Job 114, $16,230; Job 115, $12,430; and Job 116, $5,370.c. Job tickets were collected and summarized: Job 114, 140 hours at $12 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 90 hours at $19 per hour.d. Overhead is applied on the basis of direct labor cost.e. Actual overhead was $4,265.f. Job 115 was completed and transferred to the finished goods warehouse.g. Job 115 was shipped, and the customer was billed for 125 percent of the cost.

The overhead is applied to production on the basis of predetermined overhead rate.

redetermined Overhead Rate, Application of Overhead to Jobs, Job Cost n April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,770 Vork-in-Process Inventory 21,640 inished Goods Inventory 8,730 Vork-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 birect materials $2,379 $2,682 $3,174 Direct labor 1,800 1,560 4,300 pplied overhead 1,350 1,170 3,225 uring April, Sangvikar experienced the transactions listed below. . Materials purchased on account, $29,210. . Materials requisitioned: Job 114, $16,230; Job 115, $12,430; and Job 116, $5,370. . Job tickets were collected and summarized: Job 114, 140 hours at $12 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 90 hours at $19 per hor . Overhead is applied on the basis of direct labor cost. . Actual overhead was $4,265. . Job 115 was completed and transferred to the finished goods warehouse. . Job 115 was shipped, and the customer was billed for 125 percent of the cost.

redetermined Overhead Rate, Application of Overhead to Jobs, Job Cost n April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,770 Vork-in-Process Inventory 21,640 inished Goods Inventory 8,730 Vork-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 birect materials $2,379 $2,682 $3,174 Direct labor 1,800 1,560 4,300 pplied overhead 1,350 1,170 3,225 uring April, Sangvikar experienced the transactions listed below. . Materials purchased on account, $29,210. . Materials requisitioned: Job 114, $16,230; Job 115, $12,430; and Job 116, $5,370. . Job tickets were collected and summarized: Job 114, 140 hours at $12 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 90 hours at $19 per hor . Overhead is applied on the basis of direct labor cost. . Actual overhead was $4,265. . Job 115 was completed and transferred to the finished goods warehouse. . Job 115 was shipped, and the customer was billed for 125 percent of the cost.

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 10E: Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair...

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Required:1. Calculate the predetermined overhead rate based on direct labor cost.2. Calculate the ending balance for each job as of August 31.3. Calculate the ending balance of Work in Process as of August 31.4. Calculate the cost of goods sold for August.5. Assuming that Cairle prices its jobs at cost plus 20 percent, calculate Cairle’s sales revenuefor August.
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a. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? b. What is the cost of Job SY-404 at the end of the month? c. How much was under or over applied service overhead for the month?
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Cavy Company estimates that total factory overhead costs will be $1,011,028 for the year. Direct labor hours are estimated to be 100,700. a. Determine the predetermined factory overhead rate. Round your answer to the nearest cent.$fill in the blank 8b99eb02a009f9f_1 b. Determine the amount of factory overhead applied to Job 567 if the amount of direct labor hours is 1,200 and Job 999 if the amount of direct labor hours is 2,800. Job 567 $fill in the blank 8b99eb02a009f9f_2 Job 999 $fill in the blank 8b99eb02a009f9f_3 c. Prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate. fill in the blank aa9138f9703b038_2 fill in the blank aa9138f9703b038_4
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Show the solution in good accounting form. Thank you! MLB Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to MLB Inc. for the year ended December 31, 2020: Job No. 101 Job No. 102 Job No. 103 Job in Process, January 1, 2020 Direct Materials 40 000 30 000 0 Labor 60 000 40 000 0 Factory Overhead 30 000 20 000 0 Cost added during 2020 Materials 20 000 10 000 100 000 Labor 100 000 200 000 400 000 Factory Overhead ? ? ? Additional information: 1) Actual overhead for the year 2020 amounted to P350,000. 2) Jobs No. 101 and 102 were completed and transferred to finished goods during the year 2020. 3) Job No. 101 was sold during the year 2020. 4) The gross profit rate is 20% based on cost. 1. What is the total manufacturing cost for 2020? a. 1,400,000 b. 1,180,000 c. 480,000 d. 1,200,000 2. What is the cost of goods manufactured for 2020? a.…
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