Post the relevant items from your journal entries to thesaccounts.3. Prepare a journal entry for item (g) above.4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be inclucost of goods sold for February?Answer is not complete.Complete the question by entering your answers in the tabs below.Required 1Required 2Required 3Required 4If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will beincluded in cost of goods sold for February? (Round your intermediate calculations to 2 decimal places and final answer to thenearest whole dollar amount.)Portion of job cost included in cost of goods sold45 X< Required 3 Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system andapplies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a Cost formula toestimate that it would incur $4,232,800 in manufacturing overhead cost at an activity level of 572,000 machine-hours.The company spent the entire month of January working on a large order for 12,700 custom-made machined parts. The company hadno work in process at the beginning of January. Cost data relating to January follow:a. Raw materials purchased on account, $321,000.b. Raw materials used in production, $271,000 (80% direct materials and 20% indirect materials).c. Labor cost accrued in the factory, $168,000 (one-third direct labor and two-thirds indirect labor). .d. Depreciation recorded on factory equipment, $62,400.e. Other manufacturing overhead costs incurred on account, $84,100.f. Manufacturing overhead cost was applied to production on the basis of 40,880 machine-hours actually worked during the month.g. The completed job for 12,700 custom-made machined parts was moved into the finished goods warehouse on January 31 to awaitdelivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of directmaterials, direct labor, and applied overhead.)Required:1. Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment].2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T-accounts.3. Prepare a journal entry for item (g) above.4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included incost of goods sold for February?

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Description: Post the relevant items from your journal entries to thesaccounts.3. Prepare a journal entry for item (g) above.4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be inclucost of

Cost of goods sold are manufactured or purchased then its sold.it include qll expenses incurred on…

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Post the relevant items from your journal entric accounts. 3. Prepare a journal entry for item (g) above. 4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost wil cost of goods sold for February? Answer is not complete. Complete the question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February? (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Portion of job cost included in cost of goods sold 45 X < Required 3

Post the relevant items from your journal entric accounts. 3. Prepare a journal entry for item (g) above. 4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost wil cost of goods sold for February? Answer is not complete. Complete the question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February? (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Portion of job cost included in cost of goods sold 45 X < Required 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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File Edit View History Bookmarks Window Help g System (Academic) A elearn.squ.edu.om gerial Accounting || tall20 Company XYZ uses a job order costing system. During the year, Job XY was started and completed. The total manufacturing cost of this Job was $15,000. The job includes 100 units. If the company uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job XY? of Select one: a. $330 b. $345 c. $270 d. None of the answers given e. $180 The prime cost of Job No. 55 was $2,500. Manufacturing Overhead was applied based on machine hours. The POHR was $130 per machine hour. Assuming Job No. 55 needed 20 machine hours to complete, calculate the cost of Job No. 55. of Select one: a. $2,636
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $4,600 4,300 $ 8,900 Source documents revealed the following during March: Materials Requisitions Forms $ 3,600 3,700 4,400 1,300 $ 13,000 Job 33: Job 34 Job 35 Indirect Labor Time Tickets $ 4,900 4,600 3,600 1,100 $ 14,200 Status of Job at Month-End Completed and sold i Completed, but not sold i In process The company applies overhead to products at a rate of 60 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
Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $225,000, and budgeted direct labor hours were 18,000. The average wage rate for direct labor is expected to be $25 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Job 39 Job 40 Job 41 Job 42 Beginning balance $24,300 $34,100 $17,300 $1,000 Materials requisitioned 16,100 20,000 11,300 14,100 Direct labor cost 7,200 17,100 5,950 5,000 Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 110 percent of cost. (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods Inventory.)…
[The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Molding 22,000 $ 720,000 $ 4.00 Fabrication Total Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 32,000 $ 220,000 $ 1.50 54,000 $ 940,000 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It provided the following information related to those two jobs: Molding $ 370,000 $ 220,000 13,000 Job D-70 Direct materials cost Fabrication Total Direct labor cost Machine-hours $ 320,000 $ 180,000 $ 690,000 $ 400,000 22,000 9,000 Molding $ 300,000 $ 140,000 Job C-200 Fabrication Total $ 280,000 $ 240,000 23,000 $ 580,000 $ 380,000 32, 00ө Direct materials cost Direct labor cost Machine-hours 9,000 Delph…
like to set Microsoft Edge as your default browser? Set as default CD Job-order Costing System Activities Activity 1: The following information is for GANA Company that uses the job-order costing technique for determining cost of sales. The following data is obtained from its records for the year ended 31 st December 2020. Particular BD. Direct materials 8000 Direct labour 5000 Factory overheads 12500 Administrative overheads 3500 Selling and Distribution overheads 4500 Profit on cost 10% You are required to: 1- Prepare a Job cost sheet indicating prime cost, work cost, production cost, cost of sales and sales value.
Clemens Cars' job cost sheet for Job A40 shows that the cost to add security features to a car was $15,500. The car was delivered to the customer, who paid $20,200 in cash for the added features. What journal entries should Clemens record for the completion and delivery of Job A40? View transaction list Journal entry worksheet < 1 2 3 Record transfer of cost of completed job to Finished Goods. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
2 ts eBook Mc Graw Hill The following information is for Punta Company for July: a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: " Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: $ 16,500 48,750 Job Job T Indirect labor Total $ 19,500 84,750 Job S $ 32,250 Job T $75,000 37,250 14,250 $46,500 $ 112,250 Total 107,250 $ 51,500 158,750 214,750 $373,500 Material A Material B Subtotal Indirect materials Total g. Direct labor incurred for the two jobs and indirect labor are as follows: $ 63,000 52,500 148,000 $263,500…
Following are simplified job cost sheets for three custom jobs at the end of June for Custom Patios. Job Number 102 Materials Labor Overhead $ 33,000 17,000 5,610 Job Number 103 Materials Labor Overhead $ 66,000 26,400 8,712 Job Number 104 Materials Labor Overhead $ 45,000 40,000 13,200 All jobs were started in June. Overhead is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 will be finished in July. 1. What was the total cost of direct materials requisitioned in June? 2. How much total direct labor cost was incurred in June? 3. How much total cost is transferred to Finished Goods Inventory in June?
Required information Use the following information to answer questions [The following information applies to the questions displayed below] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Rav materials Work in process $37,000 9,100 65,000 51,000 20,300 34,500 Finished goods Activities and information for May Rav materiale purchases (paid with cash) Factory payroll (paid with cash) 177,000 200,000 Factory overhead 12,000 Indirect materials Indirect labor 46,000 Other overhead costs 103,500 Sales (received in cash) 1,900,000 Predetermined overhead rate based on direct labor cost 554 Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4 Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured 4. Cost of goods sold." 5. Gross profit. 6.…
Current Attempt in Progress Your answer is partially correct. In January, Sunland Tool & Die requisitions raw materials for production as follows: Job 1 $930, Job 2 $1,200, Job 3 $720, and general factory use $610. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Required: 1. Calculate the per-unit cost of Jobs 78 and 79. Round your answers to the nearest cent. Job 78 per unit Job 79 per unit 2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent. 3. Prepare the journal entries reflecting the completion of Jobs 78 and 79 and the sale of Job 79. The selling price is 140 percent of cost. Round your answers to the nearest cent. Completion of Jobs 78 & 79 Sale of Job 79 (cost) Sale of Job 79 (sale)
Problem 2-27A (Algo) Estimating fixed and variable cost LO 2-6 Benson Woodcraft Company manufactures "antique" wooden cabinets to house modern televisions. The Company began operations in January of last year. Sidney Myrick, the owner, asks for your assistance. He believes that he needs to better understand the cost of the cabinets for pricing purposes. You have collected the following data concerning actual production over the past year: Number of Cabinets Total Month Produced Cost $21,400 32,900 29,600 18,700 28,900 840 January February 3,610 1,970 March April Мay 640 1,590 1,320 1,140 1,760 27,200 25,500 31,900 32,400 31,700 32,100 9,800 June July August September October 2,340 2,970 3,340 November December 310 Required a. To understand the department's cost behavior, you decide to plot the points on graph paper and sketch a total cost line. (1) Enter the number of units and their costs in increasing order. b. Using the high-low method, compute the total cost equation for the…