"Pages/ResponsePage.aspx 49 Determine the costs of jobs completed in January. vanuary 1, there were two jobs in process at the Fortune Manufacturing Company. Details of the jobs are: Job No. Direct Materials Direct Labor A-9 A-10 P 34,800 6,400 P12,800 16,800 Materials inventory at January 1 totaled P 184,000 and P 23,200 in materials were purchased during the month. A requisition for P16,00 in supplies was filled. On January 1, finished goods inventory consisted of two Jobs: Job No. A-7 costing P78,400 and Job No. 8 with a cost of P31,600. Both these Jobs were sold during the month. Also during January, Job Nos. A-9 and A-10 were completed. Completing Job No. A-9 required additional P13,600 in direct labor and P6,000 in direct materials. The completion costs for Job No. A-10 included P21,600 in direct materials and P 40,000 in direct labor Job No. 11 was started during the period but was not finished. A total of P62,800 of direct materials were brought from the storeroom during the period and a total direct labor costs during the month amounted to P81,600. Factory overhead was applied at 150 percent of direct labor costs to all the jobs

"Pages/ResponsePage.aspx 49 Determine the costs of jobs completed in January. vanuary 1, there were two jobs in process at the Fortune Manufacturing Company. Details of the jobs are: Job No. Direct Materials Direct Labor A-9 A-10 P 34,800 6,400 P12,800 16,800 Materials inventory at January 1 totaled P 184,000 and P 23,200 in materials were purchased during the month. A requisition for P16,00 in supplies was filled. On January 1, finished goods inventory consisted of two Jobs: Job No. A-7 costing P78,400 and Job No. 8 with a cost of P31,600. Both these Jobs were sold during the month. Also during January, Job Nos. A-9 and A-10 were completed. Completing Job No. A-9 required additional P13,600 in direct labor and P6,000 in direct materials. The completion costs for Job No. A-10 included P21,600 in direct materials and P 40,000 in direct labor Job No. 11 was started during the period but was not finished. A total of P62,800 of direct materials were brought from the storeroom during the period and a total direct labor costs during the month amounted to P81,600. Factory overhead was applied at 150 percent of direct labor costs to all the jobs

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FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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CengageNOWv2 | Online teachin X + now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A Σ The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $58,750 Direct materials 319,000 Direct labor 505.750 Factory overhead 212,250 Jobs finished during January are summarized as follows: Job 210 $198,000 Job 216 224,150 Job 224 149,600 Job 230 353,800 W Required: a. Journalize the entry on Jan. 31 to record the jobs completed. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. Determine the cost of the unfinished jobs at January 31. ▬▬▬▬ F11 & 응 L
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mpt.php?attempt%3D1764924&cmid%3D8751838&page%=16 DEMIC) E-LEARNING SERVICES - SQU LIBRARIES - SQU PORTAL ATTENDANCE Time left 0:31:08 XYZ Co. has provided the following data for the month of June. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Process Finished Goods Cost of Goods Sold Direct materials OMR 3,440 OMR 8,450 OMR 61,880 Direct labor OMR 6,160 OMR 16,250 OMR 119,000 Manufacturing overhead applied OMR 3,300 OMR 6,500 OMR 45,650 Manufacturing overhead for the month was underapplied by OMR 7,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The cost of goods sold for June after allocation of any underapplied or overapplied manufacturing overhead for…
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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
PoF bussiness stats bool.pdf cost accounting book.pdf E Chapter 1.pdf x + PRE PDF O File | C:/Users/RASAB/Downloads/Chapter%201%20.pdf P1-8 Job order cost; journal entries; ending work in process; inventory analysis Hidalgo Company manufactures goods to special order and uses a joh order cost system. During its first month of operations, the following selected transactions took place: LO7 a. Materials purchased on account $37,000 b. Materials issued to the factory: Job 101 $ 2,200 Job 102 5,700 Job 103 7,100 Job 104 1,700 For general use in the factory 1,350 c. Factory wages and salaries earned: Job 101 $ 2,700 Job 102 6,800 Job 103 9,200 Job 104 ..... 2,100 For general work in the factory 2,250 d. Miscellaneous factory overhead costs on account ... $ 2,400 e. Depreciation of $2,000 on the factory machinery recorded. f. Factory overhead allocated as follows: Job 101 $ 1,200 Job 102 2,000 Job 103 3,800 Job 104 ... 1,000 g. Jobs 101, 102, and 103 completed. h. Jobs 101 and 102 shipped to…
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C4Q5 Need help Prepare journal entries for the December 31 payroll. 2. Use T-accounts to compute the following: a. The total amount of materials requisitioned into work-in-process during December b. The total amount of direct manufacturing labor recorded in work in process during December (Hint: You have to solve requirements 2b and 2c simultaneously) c. The total amount of manufacturing overhead recorded in work-in-process during December d. Ending balance in work-in-process, December 31 e. Cost of goods sold for December before adjustments for under- or overallocated manufacturing overhead 3. Prepare closing journal entries related to manufacturing overhead. Assume that all under- or overallocated manufacturing overhead is closed directly to Cost of Goods Sold.
Discussion Question _Job Costing IThe Fielder manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February:WIP Inventory A/CFebruary 1 Bal. b/f 51,250Direct Materials Used 256,400Other transactions incurred:▪ Indirect material issued to production was $38,000▪ Total manufacturing labour incurred in February was $345,000, 80% of this amountrepresented direct labour.▪ Other manufacturing overhead costs incurred for February amounted to $340,750.▪ Two jobs were completed with total costs of $324,000 & $240,000 respectively. They weresold on account at a margin of 40% on sales.Required:i) Compute Fielder’s predetermined manufacturing overhead rate for 2020.ii) State the journal entries necessary to record…