Work in Process Job 33 Job 34 Balance on 3/1 $ 7,500 6,000 $ 13,500 Source documents revealed the following during March Materials Requisitions Forms $ 3,500 6,000 4,200 1,300 $ 15,000 Job.33 Job 34 Job 35 Indirect Labor Time Tickets $6,500 7,800 3,250 2,140 $19,690 Status of Job at Month-End Completed and sold Completed, but not sold In process The company applies overhead to products at a rate of 150 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end Complete this question by entering your answers in the tabs below. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Required 1 Required 2 Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month- end.

Work in Process Job 33 Job 34 Balance on 3/1 $ 7,500 6,000 $ 13,500 Source documents revealed the following during March Materials Requisitions Forms $ 3,500 6,000 4,200 1,300 $ 15,000 Job.33 Job 34 Job 35 Indirect Labor Time Tickets $6,500 7,800 3,250 2,140 $19,690 Status of Job at Month-End Completed and sold Completed, but not sold In process The company applies overhead to products at a rate of 150 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end Complete this question by entering your answers in the tabs below. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Required 1 Required 2 Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month- end.

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter19: Job Order Costing

Section: Chapter Questions

Problem 19.4APR: Analyzing manufacturing cost accounts Fire Rock Company manufactures Designer paddle boards in a...

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Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.
(Appendix 4A) Journal Entries, T-Accounts Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. During the month of July, the following occurred: a. Purchased materials on account for 42,630. b. Requisitioned materials totaling 27,000 for use in production: 12,500 for Job 703 and the remainder for Job 704. c. Recorded direct labor payroll for the month of 26,320 with an average wage of 14 per hour. Job 703 required 780 direct labor hours; Job 704 required 1,100 direct labor hours. d. Incurred and paid actual overhead of 19,950. e. Charged overhead to production at the rate of 10 per direct labor hour. f. Completed Job 703 and transferred it to Finished Goods. g. Kept Job 704, which was started during July, in process at the end of the month. h. Sold Job 700, which had been completed in May, on account for cost plus 30%. Beginning balances as of July 1 were: Required: 1. Prepare the journal entries for transactions a through e. 2. Prepare simple job-order cost sheets for Jobs 703 and 704. 3. Prepare the journal entries for transactions f and h. 4. Calculate the ending balances of the following: (a) Raw Materials, (b) Work in Process, and (c) Finished Goods.
Analyzing manufacturing cost accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are .summarized for June: Matenals In addition, the following information is available: A. Materials and direct labor were applied to six jobs in June: Job No. Style Quantity Direct Materials Direct Labor 201 T100 550 55,000 41,250 202 T200 1,100 93,500 71,500 203 T400 550 38,500 22,000 204 S200 660 82,500 69,300 20S T300 480 60,000 48,000 206 S100 380 22,000 12,400 Total 3,720 351,500 264,450 B. Factory overhead is applied to each job at a rate of 140% of direct Libor cost. C. The June 1 Work Process balance consisted of two jobs, as follow Work in Process, Job No. Style June 1 201 T100 16,500 202 T200 44,000 Total 60,500 D. Customer jobs completed and units sold in June were at follows Job Mo. Style Completed In June Units Sold in June 201 T100 X 440 202 T200 X 880 203 T400 0 204 S200 X 570 20S T300 X 420 206 S100 0 Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings: Job No Quantity June 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold 2. Determine the June 30 balances for each of the inventory accounts and factory overhead.
Analyzing manufacturing cost accounts Fire Rock Company manufactures Designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June: In addition, the following information is available: a . Materials and direct labor were applied to the following jobs in June: b. factory overhead is applied to each job at a rate of 140% of direct labor cost c. The June 1 Work in Process balance consisted of two job as follows: Job No. Style Work In Process, June 1 201 T100 16,500 202 T200 44,000 Total 60,500 d. Customer jobs completed and units sold in June were as follows: Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings: 2. Determine the June 50 balances for each of the inventory accounts and factor overhead.
Cost of production report The Cutting Department of Karachi Carpet Company provides the following data for January 2016. Assume that all materials are added at the beginning of the process. Work in process. January 1, 1,400 units. 75% completed 22,960 Direct materials (1,400 12.65) 517,710 Conversion (1,400 75% .00) 5,250 22,960 Materials added during January from Weaving Department, 58,000 units 742,400 Direct labor for January 134,550 Factory overhead for January 151,611 Goods finished during January (includes goods in process, January 1), 5,.200 units Work in process. January 31, 3,200 units, 30% completed a. Prepare a cost of production report for the Cutting Department. b. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (December).