Required Enter the appropriate information on a job order cost sheet.
Q: What is the cost per unit of Job Order 01 if the rework costs were attributable to the exacting…
A: Job order costing is a type of costing system in which costs are accumulated and assigned on the…
Q: Explain the job order costing income statement and provide a hypothetical example of job order…
A: Step 1 Job Order Costing Income Statement is an Income Statement that expresses Profitability for…
Q: Desc ribe the purpose and the content of a job cost sheet.
A: The job cost sheet serves the purpose of maintaining the record of each job in a job order costing…
Q: Which of the following would usually be found on a job cost sheet under a normal cost system? Actual…
A: As posted two independent questions we are answering only first question kindly repost the…
Q: Under a job order costing system, individual jobs are allocated an estimated amount of overhead…
A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…
Q: How is the predetermined factory overhead rate used in job order costing to help management and…
A: Solution- A predetermined factory overhead rate acts as a benchmark for your indirect production…
Q: In a work-order costing system, what is the objective of the job cost sheet
A: This question explains the objective of the job cost sheet:
Q: A typical job-cost record would provide information about all of the following items related to an…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Which of the following would usually be found on a job cost sheet under a normal cost system? Actual…
A: Overheads are considered as fixed and common expenses that should be allocated to the products on…
Q: In a job-order costing system, direct labor cost is usually recorded as a credit to: O a. Cash or…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Firsts step…
Q: Which one of the following journal entries is correct to for the issuance of direct materials to…
A: Job costing refers to a costing method that is suitable for the ascertainment of cost of the…
Q: job order cost system
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: For each item below indicate the source documents that would most likely authorize the journal entry…
A: A source document is the original record for a accounting transaction which acts as a supporting…
Q: Which of the following statements related to job cost sheets is TRUE? Job cost sheets normally…
A: Job costing is one of the method of costing used to determine cost of particular /specific job. All…
Q: 5) Which one of the following best describes a job cost sheet? a. It is a form used to record the…
A: Financial statements are statements which states the business activities performed by the company .…
Q: Define the term job cost record.
A: Job cost sheet is a document used in a job-order costing system to record all the costs incurred on…
Q: The centrepiece of a job-costing system is the: Oa uogeted overhadrate job-cost sheet 0 labour tme…
A: The job order costing is used to complete an order for a particular job.... This sheet is useful to…
Q: Information about which of the following items is not covered on a job cost sheet? Multiple Choice…
A: the job cost sheet is a complete sheet that is prepared by the factory accountant for every job that…
Q: What are the three types of costs that are typically recorded on a job cost sheet?
A: A job cost sheet is a record of all expenses relating to a single job or job segment. Companies that…
Q: In a job-order costing system that is based on machine-hours, which of the following formulas is…
A: Job-order costing: The process of estimating the cost of each and every product of manufacturing…
Q: Which of the following statements are true? 1. A cost driver is a factor, such as machine-hours,…
A: Direct costs are those costs which are directly involved in converting raw material into finished…
Q: The following journal entry would be made to apply overhead cost to jobs in a job-order costing…
A: Job order costing is the system of costing which happen when the customers order unique and small…
Q: The journal entry to record the completion of a contract in a job costing system for a service firm…
A: Journal entry for completion of job is passed by amount in work-in-process to finished goods.…
Q: A job order cost system records and summarizes manufacturing costs by jobs? True False
A: True, A job order cost system records and summarises manufacturing costs by jobs
Q: A job order cost system identifies costs with a particular job rather than with a set time period. O…
A: Job costing includes the aggregation of the expenses of materials, overhead and labor for a…
Q: Determining the flow of costs in job order costing For the following accounts, indicate What Causes…
A: Definition: Material Inventory: Material inventory comprises of the direct material costs and…
Q: Jane Neff believes that the cost of good manufactured schedule in job order cost accounting is the…
A: Job order costing system is one of the costing system which helps in accumulation and assignment of…
Q: What information is presented on a job cost sheet and what is i
A: A job cost sheet tracks the job number, information about the customer, and the job. This includes…
Q: Indicate the source documents that are used in charging costs to specific jobs?
A: A Source document is an original record that contains overall information to validate a transaction…
Q: which of the following is not among the features of Job-order costing system Select one: O a. Work…
A: Job-order costing system: A Job-order costing system is one of the costing systems which is used to…
Q: Explain the terms accumulate, assign, allocate, and adjust as they apply to job order costing.
A: Accumulate: Accumulation of cost occurs when a cost pool is created and costs are accumulated. The…
Q: What document is used to determine the actual amount of direct labor to record on a job cost sheet?…
A: Direct Labor: Direct labor is that the variable cost that will increase with an increase within the…
Q: true (T) or false (F) Costs per job are computed in both job order and process costing systems.
A: Job order costing: Job order cost system provides a separate record of each particular quantity of…
Q: Prepare a job order cost sheet, in good form, for Goode Equipment Inc.
A:
Q: Under a job order costing system, individual jobs are charged with actual overhead costs when they…
A:
Q: The job cost sheet does not showa. costs chargeable to a specific job.b. the total costs of a…
A: Job cost sheet provides information regarding the actual cost of the job. Actual costs include costs…
Q: True or false In a job costing system companies must accumulate costs and then assign costs to each…
A: Under the Job costing the company accumulates the cost and thereafter assigns the cost to various…
Q: All the following companies is most likely to use a job costing system, EXCEPT:
A: Job order costing is useful to the management of the company to identify the cost of the product…
Q: What do you think would happen if a company didn't use a job cost sheet? What are some specific…
A: Job Cost sheet Record of each job is maintained in a job-order costing system and it is served as a…
Q: :Total manufacturing cost in a job-sheet for job-order costing, includes All of the given costs in…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: A typical job-cost sheet would provide information about all the following items related to an order…
A: Job order costing is a method of estimating profit for each individual job manufactured by comparing…
Q: why and what the answer is. Period costs are a.found on the balance sheet b.found on the job…
A: Period costs: Period costs are the costs other than the product costs. These costs are not incurred…
Q: A completed job cost record shows the unit cost of the products. How is this calculated?
A: Job cost record: The job cost record is a statement summarizing the detailed information of costs…
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- Lorrimer Company has a job-order cost system. The following debits (credits) appeared in the Work-in-Process account for the month of June. During the month of June, direct labor totaled 30,000 and 24,000 of overhead was applied to production. Finished Goods was debited 100,000 during June. Lorrimer Company applies overhead at a predetermined rate of 80% of direct labor cost. Job number 83, the only job still in process at the end of June, has been charged with manufacturing overhead of 3,400. What was the amount of direct materials charged to Job number 83? a. 3,400 b. 4,250 c. 8,350 d. 7,580Leen 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.Terrills Transmissions uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of November 1, follows: The following transactions were completed during November: a. Materials purchases on account during the month, 74,000. b. Materials requisitioned during the month: 1. Direct materials, 57,000. 2. Indirect materials, 11,000. c. Direct materials returned by factory to storeroom during the month, 1,100. d. Materials returned to vendors during the month prior to payment, 2,500. e. Payments to vendors during the month, 68,500. Required: 1. Prepare general journal entries for each of the transactions. 2. Post the general journal entries to T-accounts. 3. Balance the accounts and report the balances of November 30 for the following: a. Cash b. Materials c. Accounts Payable
- Entries and schedules for unfinished jobs and completed jobs Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: A. Materials purchased on account, 45,000. B. Materials requisitioned and factory labor used: C. Factory overhead costs incurred on account, 1,800. D. Depreciation of machinery and equipment, 2,500. E. The factory overhead rate is 30 per machine hour. Machine hours used: F. Jobs completed: 301, 302, 303, and 305. G. Jobs were shipped and customers were billed as follows: Job 301, 8,500; Job 302, 16,150; Job 303, 13,400. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: A. Materials purchased on account, 147,000. B. Materials requisitioned and factory labor used: C. Factory overhead costs incurred on account, 6,000. D. Depreciation of machinery and equipment, 4,100. E. The factory overhead rate is 40 per machine hour. Machine hours used: F. Jobs completed: 101, 102, 103, and 105. G. Jobs were shipped and customers were billed as follows: Job 101, 62,900; Job 102, 80,700; Job 105, 45,500. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.During August, Skyler Company worked on three jobs. Data relating to these three jobs follow: Overhead is assigned on the basis of direct labor hours at a rate of 2.30 per direct labor hour. During August, Jobs 39 and 40 were completed and transferred to Finished Goods Inventory. Job 40 was sold by the end of the month. Job 41 was the only unfinished job at the end of the month. Required: 1. Calculate the per-unit cost of Jobs 39 and 40. (Round unit costs to nearest cent.) 2. Compute the ending balance in the work-in-process inventory account. 3. Prepare the journal entries reflecting the completion of Jobs 39 and 40 and the sale of Job 40. The selling price is 140 percent of cost.
- During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account. $400 in factory depreciation expense, and $200 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.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.Gerken Fabrication Inc. 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 March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.
- K company production was working on Job 1 and Job 2 during the month. Of the $780 in direct materials. $375 in materials was requested for Job 1. Direct labor cost, including payroll taxes, are $23 per hour, and employees worked 18 hours on Job 1 and 29 hours on Job 2. Overhead is applied at the rate of $20 per direct labor hours. Prepare job order cost sheets for each job.JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Eto Manufacturing had the following transactions during the month: (a) Purchased raw materials on account, 70,000. (b) Issued direct materials to Job No. 300, 25,000. (c) Issued indirect materials to production, 10,000. (d) Paid biweekly payroll and charged direct labor to Job No. 300, 8,000. (e) Paid biweekly payroll and charged indirect labor to production, 3,000. (f) Issued direct materials to Job No. 301, 20,000. (g) Issued indirect materials to production, 4,000. (h) Paid miscellaneous factory overhead charges, 6,000. (i) Paid biweekly payroll and charged direct labor to Job No. 301, 10,000. (j) Paid biweekly payroll and charged indirect labor to production, 2,000. REQUIRED Prepare general journal entries for transactions (a) through (j).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.