Show the solution in excel Required: - Schedule of labor hours and schedule of labor costs (Factory payroll distribution sheet)
Q: Which of the following would be included in factory overhead? Group of answer choices a salary of…
A: There are two types of factory costs that are direct and indirect cost.
Q: 8. The warehouse management team members of a manufacturing company submits their timesheets. The…
A: job order costing system determination of price of each individual product and assurance of cost of…
Q: Required: What is the company's assembly department overhead rate using direct labor hours? The…
A: Assembly department overhead rate based on direct labour hours = Estimated manufacturing overhead of…
Q: How can the predetermined factory overhead rate be used in job order cost accounting to assist…
A: Factory overheads refer to the total cost of manufacturing and operating a manufacturing process, is…
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: Which of the following is the formula to calculate the predetermined factory overhead rate? Group of…
A: Concept:
Q: The company uses normal costing and applies overhead on the basis of direct labor costs. The total…
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
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: Journalize the entry to record the factory labor costs. If an amount box does not require an entry,…
A: Introduction:- All the direct cost related to labor will go to the work in progress account and the…
Q: he following are considered part of overhead accounts, except: a. Indirect Materials b.…
A: Solution:- Introduction:- Overhead means expenses that cannot directly traced to a particular…
Q: of the following is an example of direct labor? Salary of the vice-president of op
A: Direct Labour refers to the labour directly involved in the manufacturing process for producing the…
Q: You have to find out the under or over valued Manufacturing overheads for the company A and B while…
A: Formula: Over Valued MOH: Applied MOH>Actual MOH Under Valued MOH: Applied MOH<Actual MOH
Q: In ABC Company, in which basic document is used to accumulate the cost of each order in job order…
A: Cost accounting is a process that records, categorizes, and summarizes the costs incurred during the…
Q: Journalize the entry to record the factory labor costs. If an amount box does not require an entry,…
A: Total direct cost of labour = 2450 + 2030 + 3720 + 4240 + 2590 + 1700 + 11490 = $28220 Indirect…
Q: e in the Work-in-Process Inventory account equals: the balance in the Finished Goods Inventory…
A: Work in Progress is referred to as the unfinished inventory that an organization possess and is…
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: Discuss how the predetermined factory overhead rate can be used in job order cost accounting to…
A: Predetermined overhead means the budgeted indirect factory costs which are incurred in the…
Q: What is the journal entry to record the completion of a job and transfer that job into finished…
A: Finished Goods - Finished Goods is the final output of the company that will be sold to customers.…
Q: In a job order cost system, which account shows the overhead used by the company?A. work in process…
A: In job order costing system costing is done based on different products so each product is…
Q: Explain how a sales order, a production order, a materials requisition form, and a labor time…
A:
Q: Which account is used in the job order cost system to accumulate direct materials, direct labor, and…
A:
Q: Instructions: Answer the following questions (i) What are the source of documents for direct…
A: Step 1 Manufacturing overhead is all indirect costs incurred during the production process.
Q: In a job order cost system, indirect labor incurred is debited to which account?A. work in process…
A: Job order costing system is generally used by the entities who are involved in the production of…
Q: Factory Wages for plant supervisors are ordinarily: A) Debited to Work-in-Process B) Debitèd to…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
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: Name two principal types of cost accounting systems. Which system provides for a separate record of…
A: Answer: The two principal types of cost accounting systems: 1. Job Order costing system This is the…
Q: Discuss how the predetermined factory overhead rate can be used in job order cost accounting to…
A:
Q: Why must a company estimate the amount of factory overhead assigned to individual jobs or job lots?
A: Overhead: It can be defined as the expense that is centrally incurred by the business in continuing…
Q: Overtime salary and Nightshift allowance are examples of _______. A. Direct Labour cost B. General…
A: Overtime salary and night shift allowance is paid to employees for working beyond prescribed working…
Q: Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and…
A: Expenditure Cycle is a process of purchasing of goods to their final payment. Conversion Cycle is a…
Q: Calculating under/overallocated overhead The T-account showing the manufacturing overhead activity…
A: Manufacturing overhead costs: The costs, which do not relate directly with the manufacturing of…
Q: A cost driver is used to allocate support department expenses. Match each of the following cost…
A: Cost drivers are the base for allocating the cost to various activities. For example, the Cost…
Q: In a job-order costing system, manufacturing overhead applied is recorded as a credit to: a. None of…
A: Job costing means where actual direct cost is included in specific cost and overhead is applied on…
Q: if the overtime premium is charge to specific job, it should be debited to: Work in process…
A: Job costing is a specific type of costing system in which all indirect costs or overhead costs are…
Q: In which basic document is used to accumulate the cost of each order in job order costing? Job cost…
A: Solution: Job cost sheet is used to accumulate the cost of each order in job order costing.
Q: Under the job-order costing system, the peso amount of the entry involved in the transfer of…
A:
Q: Which one of the following accounts is debited when direct labor is issued for production? Cash Work…
A: Labor is applied on the work in process units to convert the raw material into the finished goods.
Q: Determine the following: A. total accrued payroll. B. the amount charged to Worked in Process…
A:
Q: a. Determine the prorated amount of the overapplied factory overhead that is chargeable to each of…
A: Requirement a:
Q: Classify each cost as either a product cost or a period cost. Indicate whether each product cost is…
A: Direct Material Cost : The material cost require for production of goods. Direct Labor Cost :- 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: In job order cost accounting, the three elements of manufacturing cost are charged directly to job…
A: Job order costsIt is a method of cost accounting, in which cost is collected and accumulated for…
Q: 1. Cost of completed jobs are debited to what account in managerial accounting? 2. Cost of jobs…
A: A job costing system is used for allocating costs to a specific job. A job is an unit cost driver.…
Q: The entry to record the application of Factory Overhead to Jobs in a Job Order Cost system would be:…
A: Journal entries are the basic method of recording transactions. The job cost is used for measuring…
Step by step
Solved in 2 steps
- During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Quality Repairs. Using the forms supplied below, complete the following forms for the fourth quarter. If an amount or input box does not require an entry, leave it blank or enter "0". Quarterly Payroll Data Total Earnings 5 Employees OASDI HI FIT SIT $18,860.00 $1,169.32 $273.47 $1,886.00 $1,320.20 Employer's OASDI $1,169.32 Employer's HI 273.47 Federal deposit liability each pay 681.65 a. Complete the Federal Deposit Information Worksheets reflecting electronic deposits (monthly depositor). Federal deposit liability each pay, $681.65. FEDERAL DEPOSIT INFORMATION WORKSHEET Employer Identification Number 00-0004701 Name QUALITY REPAIRS Month Tax Year Ends 12 Amount of Deposit Type of Tax (Form) Tax Period 4th quarter Address 10 SUMMIT SQUARE Phone Number (501) 555-7331 City,…A company's telephone bill consists of two elements. One is a quarterly rental charge, payable in advance; the other is a quarterly charge for calls made, payable in arrears. At 1 April 20X9, the previous bill dated 1 March 20X9 had included line rental of $90. Estimated call charges during March 20X9 were $80. During the following 12 months, bills totalling $2,145 were received on 1 June, 1 September, 1 December 20X9 and 1 March 20Y0, each containing rental of $90 as well as call charges. Estimated call charges for March 20Y0 were $120. What is the amount to be charged to the statement of profit or loss for the year ended 31 March 20Y0? A $2,185 B $2,205 C $2,155 D $2,215 Please provide detailed answer with proper explanation that why and what is done .. thankyouThe following table gives the average monthly balances for one bank customer for April through June. Calculate the weighted average balance for the three-month period. Note that each average monthly balance must be weighted by the number of days in that month. Round to the nearest cent. April-$435.21 May- $377.93 June- $261.79
- ABC, Incorporated, has a beginning receivables balance on January 1st of $620. Sales for January through April are $380, $410, $490 and $510, respectively. The accounts receivable period is 60 days. How much did the firm collect in the month of March? Assume 365 days per year.Following is the aging schedule for Lure Corporation: Account Age Amount Outstanding Average Days 0-30 days $75,000 21 31-60 days $50,000 37 over 60 days $27,000 ? If its DSO is 39 days on average, on what day does Lure Corporation collect from customers who take longer than 60 days to pay for thier purchases?Sales and delivery wages are paid on Saturday. The weekly payroll is 2520. September 30 falls on a Thursday, and the company has a six-day pay week.
- The average daily balance of a credit card for the month of February was $1600$1600 and the unpaid balance at the end of the month was $900$900. If the annual percentage rate is 37.2%37.2% of the average daily balance, what is the total balance on the next billing date, March 1? Round your answer to the nearest cent.Fitbands’ estimated sales are: Oct. $131,989 Nov. 195,710 Dec. 249,288 Jan 124,318 Feb. 124,276 Mar. 124,361 What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale? Round your answers to two decimal places. Ending Balance January February MarchOn a 365-day basis, if payment is made on the twentieth day under trade credit terms of 2/10, net 30. How many compunding periods are there in
- Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a half for working more than 40 hours in any one week. The payroll data for the week ended December 10 is as follows: Name # ofAllowances MaritalStatus TotalHours Rate CumulativeEarnings B. Russo 0 S 44 $ 8.00 $ 8,300 P. Higgins 1 M 46 28.00 52,176 S. Minsky 2 M 40 9.00 18,560 A. Mendez 4 M 40 34.00 86,000 Social Security tax is withheld at 6.2% and Medicare tax at 1.45%. Each employee that is single has $40 withheld for health insurance and each that is married has $70 withheld. Higgins has $25 withheld for United Way. Number the checks beginning with 803.The following sales and purchases are expected over the Four-month period from December to March Purchases Sales December OMR 30000 OMR 26000 January OMR 25000 OMR 30000 February OMR 24000 OMR 24000 March OMR 26000 OMR 28000 Additional Information: 1. Wages are paid each month of OMR 2000, which are paid in month that they are incurred 2. 30% of the Sales are on credit - and we allow one-month credit period - and 70% of the sales for immediate settlement 3. 40% of the Purchases are on credit - and 1 month credit period - and 60% of the purchases are for immediate settlement 4. The balance of cash as at 1 January was OMR 9000 If the company is preparing a budget from January to March, what will be the Closing balance of cash on March ? Select one: a. OMR 7800 b. OMR 7200 c. OMR 5800TERM OF A NOTE Calculate total time in days for the following notes. (Assume there are 28 days in February.)