FUND. ACCOUNTING PRINCIPLES >CUSTOM<
24th Edition
ISBN: 9781307417692
Author: Wild
Publisher: MCG/CREATE
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Chapter 19, Problem 4QS
Raw materials
During the current month, a company that uses
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FUND. ACCOUNTING PRINCIPLES >CUSTOM<
Ch. 19 - Prob. 1DQCh. 19 - Some companies use labor cost to apply factory...Ch. 19 - Prob. 3DQCh. 19 - In a job order costing system, what records serve...Ch. 19 - What journal entry is recorded when a materials...Ch. 19 - Prob. 6DQCh. 19 - Google uses a "time ticket" for some employees....Ch. 19 - What events cause debits to be recorded in the...Ch. 19 - Prob. 9DQCh. 19 - Assume that Apple produces a batch of 1,000...
Ch. 19 - 11. Why must a company use predetermined overhead...Ch. 19 - How would a hospital apply job order costing?...Ch. 19 - Harley-Davidson manufactures 30 custom-made,...Ch. 19 - Prob. 14DQCh. 19 - Jobs and job lots C1 Determine which of the...Ch. 19 - Job cost sheets C2 Clemens Cars's job cost sheet...Ch. 19 - Documents in job order costing P1 P2 P3 The left...Ch. 19 - Raw materials journal entries P1 During the...Ch. 19 - Prob. 5QSCh. 19 - Prob. 6QSCh. 19 - Prob. 7QSCh. 19 - Prob. 8QSCh. 19 - Prob. 9QSCh. 19 - Prob. 10QSCh. 19 - Prob. 11QSCh. 19 - Prob. 12QSCh. 19 - Jab order costing of services A1 An advertising...Ch. 19 - Job order costing of services A1 An advertising...Ch. 19 - Job cost sheet C2 Eco Skate makes skateboards from...Ch. 19 - Exercise 19-1 Job order production C1 Match each...Ch. 19 - Exercise 19-2 Job cost computation C2 The...Ch. 19 - Exercise 19-3 Analysis of cost flows C2 As of the...Ch. 19 - Exercise 19-4 Recording product costs P1 P2 P3...Ch. 19 - Exercise 19-5 Manufacturing cost flows P1 P2 P3...Ch. 19 - Exercise 19-6 Recording events in job order...Ch. 19 - Exercise 19-7 Cost flows in a jab order costing...Ch. 19 - Exercise 19-8 Journal entries for materials P1 Use...Ch. 19 - Exercise 19-9 Journal entries for labor P2 Use...Ch. 19 - Exercise 19-10 Journal entries for overhead P3 Use...Ch. 19 - Exercise 19-11 Overhead rate; costs assigned to...Ch. 19 - Exercise 19-12 Analyzing costs assigned to work in...Ch. 19 - Exercise 19-13 Adjusting factory overhead P4 Refer...Ch. 19 - Exercise 19-14 Adjusting factory overhead P4...Ch. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Exercise 19-17 Overhead rate calculation,...Ch. 19 - Exercise 19-18 Job order costing for services A1...Ch. 19 - Exercise 19-19 Job order costing of services A1...Ch. 19 - Exercise 19-20 Direct materials journal entries P1...Ch. 19 - Problem 19-1A Production costs computed and...Ch. 19 - Problem 19-2 A Source documents, journal entries,...Ch. 19 - Prob. 3APSACh. 19 - Prob. 4APSACh. 19 - Problem 19-5A Production transactions, subsidiary...Ch. 19 - Problem 19-1B Production costs computed and...Ch. 19 - Prob. 2BPSBCh. 19 - Prob. 3BPSBCh. 19 - Problem 19-4B Overhead allocation and adjustment...Ch. 19 - Problem 19-5B Production transactions, subsidiary...Ch. 19 - The computer workstation furniture manufacturing...Ch. 19 - The General Ledger tool in Connect automates...Ch. 19 - Manufacturers and merchandisers can apply...Ch. 19 - Prob. 2AACh. 19 - Apple and Samsung compete in the global...Ch. 19 - Assume that your company sells portable housing to...Ch. 19 - Assume that you are preparing for a second...Ch. 19 - Prob. 3BTNCh. 19 - Consider the activities undertaken by a medical...Ch. 19 - Refer to the chapter opener regarding Brennan...Ch. 19 - Prob. 6BTN
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- A company has the following transactions during the week. Purchase of $1,000 raw materials inventory Assignment of $500 of raw materials inventory to Job 5 Payroll for 20 hours with $1,000 assigned to Job 5 Factory utility bills of $750 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week?arrow_forwardJOB ORDER COSTING TRANSACTIONS Stonestreet Enterprises makes garage doors. During the month of February, the company had four job orders: 205, 206, 207, and 208. Overhead was applied at predetermined rates, while actual factory overhead was recorded as incurred. All four jobs were completed. (a) Purchased raw materials on account, 44,000. (b) Issued direct materials to production: (c) Issued indirect materials to production, 5,700. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 3,400. (f) Paid electricity, heating oil, and repair bills for the factory and charged to production, 5,300. (g) Applied factory overhead to each of the jobs using a predetermined factory over-head rate as follows: (h) Finished Job Nos. 205-208 and transferred to the finished goods inventory account as products L, M, N, and O, respectively. (i) Sold products L, M, N, and O, on account, for 21,000, 20,300, 19,000, and 20,500, respectively. REQUIRED 1. Prepare general journal entries to record transactions (a) through (i). Make compound entries for (b), (d), and (g), with separate debits for each job. 2. Post the entries to the work in process and finished goods T accounts only.arrow_forwardJOB ORDER COSTING TRANSACTIONS Stonestreet Enterprises makes garage doors. During the month of February, the company had four job orders: 205, 206, 207, and 208. Overhead was applied at predetermined rates, while actual factory overhead was recorded as incurred. All four jobs were completed. (a) Purchased raw materials on account, 44,000. (b) Issued direct materials to production: (c) Issued indirect materials to production, 5,700. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 3,400. (f) Paid electricity, heating oil, and repair bills for the factory and charged to production, 5,300. (g) Applied factory overhead to each of the jobs using a predetermined factory overhead rate as follows: (h) Finished Job Nos. 205208 and transferred to the finished goods inventory account as products L, M, N, and O. (i) Sold products L, M, N, and O, on account, for 21,000, 20,300, 19,000, and 20,500, respectively. REQUIRED 1. Prepare general journal entries to record transactions (a) through (i). 2. Post the entries to the work in process and finished goods accounts only.arrow_forward
- A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?arrow_forwardJOB ORDER COSTING TRANSACTIONS D K Enterprises makes wicker baskets. During the month of August, the company had four job orders: 501, 502, 503, and 504. Overhead was applied at predetermined rates, while actual factory overhead was recorded as incurred. All four jobs were completed. (a) Purchased raw materials on account, 44,000. (b) Issued direct materials to production: (c) Issued indirect materials to production, 5,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 3,300. (f) Paid electricity, heating oil, and repair bills for the factory and charged to production, 5,200. (g) Applied factory overhead to each of the jobs using a predetermined factory overhead rate as follows: (h) Finished Job Nos. 501-504 and transferred to the finished goods inventory account as products W, X, Y, and Z, respectively. (i) Sold products W, X, Y, and Z for 17,500, 18,000, 16,900, and 19,000, respectively. REQUIRED 1. Prepare general journal entries to record transactions (a) through (i). Make compound entries for (b), (d), and (g), with separate debits for each job. 2. Post the entries to the work in process and finished goods T accounts only.arrow_forward(Appendix 4A) Journal Entries, Job Costs The following transactions occurred during the month of April for Nelson Company: a. Purchased materials costing 4,610 on account. b. Requisitioned materials totaling 4,800 for use in production, 3,170 for Job 518 and the remainder for Job 519. c. Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month. Direct laborers are paid at the rate of 14 per hour. d. Applied overhead using a plantwide rate of 6.20 per direct labor hour. e. Incurred and paid in cash actual overhead for the month of 973. f. Completed and transferred Job 518 to Finished Goods. g. Sold on account Job 517, which had been completed and transferred to Finished Goods in March, for cost (2,770) plus 25%. Required: 1. Prepare journal entries for Transactions a through e. 2. Prepare job-order cost sheets for Jobs 518 and 519. Prepare journal entries for Transactions f and g. (Note: Round to the nearest dollar.) 3. Prepare a schedule of cost of goods manufactured for April. Assume that the beginning balance in the raw materials account was 1,025 and that the beginning balance in the work-in-process account was zero.arrow_forward
- Applying factory overhead Bergan Company estimates that total factory overhead costs will be 620,000 for the year. Direct labor hours are estimated to be 80,000. For Bergan Company, (A) determine the predetermined factory overhead rate using direct labor hours as the activity base, (B) determine the amount of factory overhead applied to Jobs 200 and 305 in May using the data on direct labor hours from BE 16-2, and (C) prepare the journal entry to apply factory overhead to both jobs in May according to the predetermined overhead rate.arrow_forward2-30 Cost of Goods Manufactured Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers. During the month of March, the company purchased 350,000 of materials. Also during the month of March, Morning Smiles incurred direct labor cost of 74,000 and manufacturing overhead of 190,000. Inventory information is as follows: Required: 1. Calculate the cost of goods manufactured for the month of March. 2. Calculate the cost of one coffee maker assuming that 8,100 coffee makers were completed during March.arrow_forwardJOURNAL 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).arrow_forward
- Review Problem for Chapters 1 and 2 UltraLift Corp. manufactures chain hoists. The raw materials inventories on hand on October 1 were as follows: The balances in the ledger accounts on October 1 were as follows: Transactions during October were as follows: a. Payroll recorded during the month: direct labor, 28,000; indirect labor, 4,800. b. Indirect materials purchased for cash, 1,000. c. Materials purchased on account: chain4,000 lb, 8,800; pulleys2,000 sets, 10,200; steel plates5,000 units, 3,000. d. Sales on account for the month, 126,375. e. Accounts receivable collected, 72,500. f. Materials used during October (FIFO costing): chain14,000 lb; pulleys4,400 sets; bolts and taps4,000 lb; steel plates3,800 units. g. Payroll paid, 32,800. h. Indirect materials issued to production in October, 650. i. Factory heat, light, and power costs for October, 3,000 (not yet paid). j. Office salaries paid, 6,000. k. Advertising paid, 2,000. l. Accounts payable paid, 33,750. m. Expired insuranceon office equipment, 100; on factory machinery, 300. n. Factory rent paid, 2,000. o. Depreciation on office equipment, 400; on office furniture, 180; on machinery, 1,200. p. Factory overhead charged to jobs, 11,950. q. Work in Process, October 31, 31,000. (Hint: The difference between the sum of the beginning balance in Work in Process plus the total charges to it during the period less the ending balance in Work in Process represents the cost of the goods completed during the period.) r. Cost of goods sold during the month, 84,250. Required: 1. Set up T-accounts and enter the balances as of October 1. 2. Prepare journal entries to record each of the previous transactions. 3. Post the journal entries to the accounts, setting up any new ledger accounts necessary. Only controlling accounts are to be maintained; however, show the calculation for the cost of materials used. 4. Prepare a statement of cost of goods manufactured for October. 5. Prepare an income statement. 6. Prepare a balance sheet showing the classifications of current assets, plant and equipment, current liabilities, and stockholders equity.arrow_forward(Appendix 4A) Overhead Application, Journal Entries, Job Cost At the beginning of the year, Smith Company budgeted overhead of 129,600 as well as 13,500 direct labor hours. During the year, Job K456 was completed with the following information: direct materials cost, 2,750; direct labor cost, 5,355. The average wage for Smith Company employees is 17 per hour. By the end of the year, 18,100 direct labor hours had actually been worked, and Smith incurred the following actual overhead costs for the year: Required: 1. Calculate the overhead rate for the year. 2. Calculate the total cost of Job K456. 3. Prepare the journal entries to record actual overhead and to apply overhead to production for the year. 4. Is overhead overapplied or underapplied? By how much? 5. Assuming that the normal cost of goods sold for the year is 635,600, what is the adjusted cost of goods sold?arrow_forwardDuring the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 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.arrow_forward
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