5S of 150155.00BookRequired information[The following information applies to the questions displayed below)Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company hastwo manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March-Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (alldata and questions relate to the month of March):Estimated total machine-hours used.Estimated total fixed manufacturing overheadEstimated variable manufacturing overhead permachine-hourJob P$13,000$ 21,000PELLAJob O$8,000$7,5001,7006002,300Molding2,500$10,000$ 1.40Direct materialsDirect labor cost.Actual machine-hours used:HoldingFabricationTotalSweeten Company had no underapplied or overapplied manufacturing overhead costs during the month.Required:For questions 1 to 9, assume that Sweeten Company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions10 to 15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocationbase.6009001,700Fabrication1,500$15,000$2.20Total4,000.$25,000 5. If Job P included 20 units, what was its unit product cost? (Do not round intermediate calculations.)Unit product cost

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Description: 5S of 150155.00BookRequired information[The following information applies to the questions displayed below)Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company hastwo manufacturing departments-M

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Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Job P $13,000 $ 21,000 Job 0 $8,000 $7,500 1,700 400 2,300 Holding 2,500 $ 10,000 $1.40 800 900 1,700 Fabrication 1,500 $15,000 $2.20 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1 to 9, assume that Sweeten Company uses departmental predetermined overhead rates with machine- hours as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions 10 to 15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. Total $ 25,000 4,000

Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Job P $13,000 $ 21,000 Job 0 $8,000 $7,500 1,700 400 2,300 Holding 2,500 $ 10,000 $1.40 800 900 1,700 Fabrication 1,500 $15,000 $2.20 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1 to 9, assume that Sweeten Company uses departmental predetermined overhead rates with machine- hours as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions 10 to 15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. Total $ 25,000 4,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 1CE: LO2 Prepare adjusting entries at December 31 for J P Company based on the following data. (a)...

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LO2 Prepare adjusting entries at December 31 for J P Company based on the following data. (a) Factory overhead is applied at a rate of 75% of direct labor costs. At the end of the year, the direct labor costs associated with the jobs in process totaled 8,000. (b) A physical count of factory supplies at the end of the year shows that 4,920 of factory supplies were used during the year. (c) Depreciation expense for the year on the factory building was 8,700 and on factory equipment was 11,600, a total of 20,300. (d) The factory overhead account has a debit balance of 186,500 and a credit balance of 183,900 [after recording adjustments (a) through (c)].
At the end of February the inventory accounts of Bentley Inc. showed that the manufacturing overhead applied during the month could be traced to:Work in Process $8,320Finished Goods $15,600Cost of Goods Sold $30,080 Manufacturing overhead for the month was overapplied by $1535. What is the amount of the overhead actually incurred by Bentley in February? (Round your answer to the nearest $1.00, use positive numbers only)
Comfort Shoes Manufacturing Company began business on January 1, 2016. During its first year of operation, Comfort Shoes worked on 5 jobs, and reported the following information at year-end: Actual manufacturing overheads incurred on Jobs 101 – 105 during the period amounted to $189,000. Jobs 101 – 104 were completed and transferred out to Finished Goods Inventory. Jobs 101 & 102 were sold for $250,000 & $390,000 respectively. Given that any balance in the Manufacturing overhead account was adjusted to zero at year-end, what was the adjusted Cost of Goods Sold?
At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control: P20,000 cr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Case 1: Any under -or over-applied overhead is considered immaterial. 17. What is the adjusted balance of cost of goods sold after disposing the under -or overapplied overhead? a. 364,000 b. 372,000 c. 396,000 d. 404,000 18. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? a. 93,000 b. 96,000 c. 99,000 d. 102,000 19. What is the adjusted balance of work in process inventory after disposing the under -or over-applied overhead? a. 155,000 b. 160,000 c. 165,000 d. 170,000 20. What is the adjusted balance cost of goods sold after disposing the under-or overapplied overhead? a. 364,000 b. 372,000 c. 396,000 d. 404,000 21. What is the…
Before disposing of its year-end manufacturing overhead balance, Puppovich Enterprises had the following amounts on its records: Actual manufacturing overhead 690,000 Applied manufacturing overhead 655,000 Unadjusted cost of goods sold 1,700,000 If O’Pupper closes the balance of its manufacturing overhead account directly to cost of goods sold, how much is the adjusted cost of goods sold?
At the end of the period, Carson Company had the following balances in selected accounts: Materials $80,000 Finished Goods 190,000 Work in Process 70,000 Cost of Goods Sold 1,000,000 Factory Overhead 30,000 Required: a. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a debit balance. If an amount box does not require an entry, leave it blank. fill in the blank 2f144ff6305f012_2 fill in the blank 2f144ff6305f012_3 fill in the blank 2f144ff6305f012_5 fill in the blank 2f144ff6305f012_6 What does a debit balance mean? b. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a credit balance. If an amount box does not require an entry, leave it blank. fill in the blank 753e1804505307d_2 fill in the blank 753e1804505307d_3 fill in the blank 753e1804505307d_5 fill in…
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 Dr. Cost of goods sold, P384,000 Dr. Finished goods, P96,000 Dr. Work in process, P160,000 Dr. Raw Materials, P160,000 Dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead?
At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 cr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: Any under -or overapplied overhead is considered immaterial. What is the adjusted balance cost of goods sold after disposing of the under-or over-applied overhead?
At the end of 2018, Furry Balls Co. Had the following account balances after factory overheadhad been closed to manufacturing overhead control:Manufacturing overhead control: P20,000 cr.Cost of goods sold 384,000 dr.Finished goods 96,000 dr.Work in process 160,000 dr.Raw materials 160,000 dr.Case 1: Any under -or over-applied overhead is considered immaterial. a. What is the adjusted balance cost of goods sold after disposing the under-or overapplied overhead?b. What is the adjusted balance of work in process inventory after disposing the under -orover-applied overhead?c. What is the adjusted balance of finished goods inventory after disposing the under-orover-applied overhead? d. What is the adjusted balance of work in process inventory after disposing the under-orover-applied overhead?
At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control: P20,000 cr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Case 2: Any under-or over-applied overhead is considered material 14. What is the adjusted balance of cost of goods sold after disposing the under -or overapplied overhead? a. 364,000 b. 372,000 c. 396,000 d. 404,000 15. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? a. 93,000 b. 96,000 c. 99,000 d. 102,000 16. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead? a. 155,000 b. 160,000 c. 165,000 d. 170,000
At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control: P20,000 dr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Case 1: Any under -or over-applied overhead is considered immaterial. 20. What is the adjusted balance cost of goods sold after disposing the under-or overapplied overhead?a. 364,000 b. 372,000 c. 396,000 d. 404,00021. What is the adjusted balance of finished goods inventory after disposing the under-orover-applied overhead?a. 93,000 b. 96,000 c. 99,000 d. 102,000 22. What is the adjusted balance of work in process inventory after disposing the under-orover-applied overhead?a. 155,000 b. 160,000 c. 165,000 d. 170,000
XYZ Incorporation provides the following financial data for the month of July 2020: Beginning Inventories 'Rs.' Direct Material 12,000 WIP - Finished Goods - 1. Purchased material on accounts for Rs. 200,000 2. Defective material returned to supplier worth Rs. 5,000 3. Material and labor issued to job during the month Direct material Direct Labor Job # 101 40,000 65,000 Job # 102 50,000 80,000 Job # 103 30,000 50,000 Job # 104 25,000 40,000 Indirect 5,000 15,000 4. FOH rate is 120% of direct labor cost 5. Actual FOH cost incurred on account Rs. 250,000 Required a) Prepare journal entries to record the…