The following events occurred during March for Ajax Company. Materials were purchased on account for $35,425. Materials were requisitioned to begin work on Job C15 in the amount of $25,261. Direct labor expense for Job C15 was $24,128. Actual overhead was incurred on account of $32,849. Factory overhead was charged to Job C15 at the rate of 200% of direct labor. Job C15 was transferred to finished goods at $97,645. Job C15 was sold on account for $403,000. Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory  fill in the blank 2 fill in the blank 3   Accounts Payable  fill in the blank 5 fill in the blank 6 B. Work in Process Inventory  fill in the blank 8 fill in the blank 9   Raw Materials Inventory  fill in the blank 11 fill in the blank 12 C. Work in Process Inventory  fill in the blank 14 fill in the blank 15   Factory Wages Payable  fill in the blank 17 fill in the blank 18 D. Manufacturing Overhead  fill in the blank 20 fill in the blank 21   Accounts Payable  fill in the blank 23 fill in the blank 24 E. Work in Process Inventory  fill in the blank 26 fill in the blank 27   Manufacturing Overhead  fill in the blank 29 fill in the blank 30 F. Finished Goods Inventory  fill in the blank 32 fill in the blank 33   Work in Process Inventory  fill in the blank 35 fill in the blank 36 G. Cost of Goods Sold  fill in the blank 38 fill in the blank 39   Finished Goods Inventory  fill in the blank 41 fill in the blank 42   Accounts Receivable  fill in the blank 44 fill in the blank 45   Sales

Q: Time tickets indicated 9,000 labor hours in the production of Job .115, out of which 6,000 were…

A: Overhead means the cost incurred indirectly in production of goods . For examples , supervisor…

Q: 12. Job 765 produced 152 units, and Job 766 consisted of 250 units. Assuming that the predetermined…

A:

Q: Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed…

A: Calculation of direct material work in process: Direct Material = ( Direct material job301 + Direct…

Q: At the end of August, Ellis Company had completed Jobs 40 and 42. Job 40 is for 1,000 units, and Job…

A: Job costing involves allocation of the incurred costs to the specific jobs for which it is incurred.

Q: Prepare a journal entry for each of the eight transactions listed.

A: 1.Calculation of Direct labour Hours :- Direct labour costs $500000 Rate per hour $20 Direct labour…

Q: Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed…

A: JOURNAL ENTRIES: it is  used to record of  business transactions in the accounting book of a…

Q: Docie Company, which applies overhead at the rate of 190% of direct material cost, began work on job…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Zelda Manufacturing organized in June and recorded the following transactions during its first month…

A:

Q: Juarez Bullders Incurred $285,000 of labor costs for construction Jobs completed during the month of…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed…

A: Direct materials used = Direct materials for Job 301 + Job 302 + Job 303 + Job 304 = $10,900 +…

Q: At the end of August, Carrothers Company had completed Jobs 50 and 56. Job 50 is for 1,000 units,…

A: The cost sheet is prepared by the management in identifying the total amount and cost per unit…

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A: Given, Selling Price = Cost + 50% of Cost   Now, we need to calculate Cost and by adding 50% to it,…

Q: Required: Note, 1) what was the overapplied or underapplied overhead for the year.  2) Calculate the…

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

Q: Lotz Corporation has two manufacturing departments--Casting and Finishing. The company used the…

A: Absorption costing is a method used to allocate fixed overhead costs to each unit produced in the…

Q: At the end of August, Carrothers Company had completed Jobs 50 and 56. Job 50 is for 200 units, and…

A: Factory Overhead: This overhead cost is also known as manufacturing overhead. It is the total cost…

Q: Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed…

A: Working: a. Work in progress = Summation of direct materials=$10,100 + $19,000 + $23,700…

Q: During March, Hart Company incurred the following costs on Job 122 for the manufacture of 200…

A: Cost per finished unit = Total cost / Total number of units where, Total cost = Production cost +…

Q: (The following information opplies to the questions displayed below] Information on Kwon…

A: The cost of goods manufactured includes direct materials, direct labor and applied overhead cost.

Q: Lotz Corporation has two manufacturing departments--Casting and Finishing. The company used the…

A: The Selling price of job is the total manufacturing cost plus mark up. Selling price of job = Total…

Q: Dixie Company, which applies overhead at the rate of 190% of direct material cost, began work on job…

A: Overhead costs are the indirect costs incurred in the manufacturing of products like indirect…

Q: Bedok Co. Ltd, which absorbs overhead at the rate of 190% of direct materials cost, began work on…

A: Job costing is used to estimate the total cost of a specific job. The overhead applied are…

Q: At the end of May, Lockmiller Company had completed Jobs 275 and 310. Job 275 is for 5,000 units,…

A: Estimated manufacturing overhead rate= $867,000/102,000= $8.5

Q: Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was…

A: Factory overhead cost is the cost other than the material and labor cost that are incurred while…

Q: Regirock Incorporated a manufacturer of gravel and sand, has provided the following data for the…

A: When calculating cost of goods manufactured we used applied overhead as cost of actual overhead is…

Q: The following events occurred during March for Ajax Company. A. Materials were purchased on account…

A: The journal entries follow the job costing process from the purchase of raw materials, allocation of…

Q: A Company, which applies overhead at the rate of 1709% of direct material cost, began work on job…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: On November 1, Arvelo Corporation had $32,000 of raw materials on hand. During the month, the…

A: Given,  Total materials used = $95,000 Indirect materials used = $3,000   Direct materials used =…

Q: Southern Rim Parts estimates its manufacturing overhead to be $374,500 and its direct labor costs to…

A:

Q: Time tickets indicated 8,000 labor hours in the production of Job .115, out of which 1,000 were…

A: Direct Labor Hours = 7,000 Indirect Labor Hours = 1,000 Factory Wages = 7000 x $ 10 = $ 70,000…

Q: The following transactions occurred during the month of April for Nelson Company:a. Purchased…

A: Normally, a journal entry is recorded in the main ledger, but it can alternatively be entered in a…

Q: The following account appears in the ledger prior to recognizing the jobs completed in August:…

A: Cost of unfinished job = Total cost - Job finished

Q: During March, Pendergraph Corporation incurred $78,000 of actual Manufacturing Overhead costs.…

A: The Journal entry to record the application of manufacturing overhead to work in process -…

Q: Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed…

A:

Q: The April Work in Process account for Coventry Co. contained the following: Beginning balance --…

A: Cost accounting is useful since it can show where a company spends money, how much it generates, and…

Q: Irene Manufacturing uses a predetermined overhead allocation rate based on direct labor cost. At the…

A: Predetermined Overhead Allocation Rate = Estimated total manufacturing overhead costs / total direct…

Q: The following transactions occurred during the month of April for Nelson Company: Apr. 1 Purchased…

A: 1. Journal entries for transactions from April 1 through 25 Date Particulars Debit ($) Credit…

Q: Aspen Company estimates its manufacturing overhead to be $625,000 and its direct labor costs to be…

A: Overhead rate = Estimated manufacturing overhead/Estimated direct labor cost = $625,000/$500,000 =…

Q: company uses a markup of 50% on manufacturing cost to establish selling prices. The calculated…

A:

Q: In June, Olympic Company purchased materials costing $38,000, and incurred direct labor cost of…

A: Cost of direct materials used = Beginning raw materials + Purchases - Ending raw materials Total…

Q: Opunul Corporation has two manufacturing departments-Molding and Finishing. The company used the…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. Duringthe month…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: Macnamara Corporation has two manufacturing departments--Casting and Finishing. The company used the…

A: Job costing: It is defined as a method of recording the costs of a manufacturing job, rather than…

Q: The April Work in Process account for Coventry Co. contained the following:…

A: Cost accounting is useful since it can show where a company spends money, how much it generates, and…

Q: Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed…

A: A journal entry is used to document a business deal in a company's accounting records. A record is…

Q: Warwick Company has the following transactions for the month of September:   ​ Purchased…

A: Following are the calculation of ending balance in work-in-process:

Q: Zelda Manufacturing organized in June and recorded the following transactions during its first month…

A:

Q: Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed…

A: The financial transactions are recorded in the journal form initially.

Q: Warwick Company has the following transactions for the month of September: Purchased materials on…

A: Overhead applied = Direct labor cost x 65% = $69,000 x 65% = $44,850

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.  

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.