The Talbott Company has received an order (#324) for 100 widgets. On January 20 the shop supervisor requisitioned 100 units part 503 at a cost of $5 per unit and 500 units part 456 at a cost of $3 per unit to begin work on the 100 widgets. On the same day 20 hours of direct labor at $20 per hour are used to work on the widgets. On January 21, 200 units of part 543 at $6 per un are requisitioned and 10 hours of direct labor at $15 per hour are performed on the 100 units of widgets to complete the job. Overhead is allocated to the job based on $5 per direct labor hour. Make a job order cost sheet for the 100 widgets.

The Talbott Company has received an order (#324) for 100 widgets. On January 20 the shop supervisor requisitioned 100 units part 503 at a cost of $5 per unit and 500 units part 456 at a cost of $3 per unit to begin work on the 100 widgets. On the same day 20 hours of direct labor at $20 per hour are used to work on the widgets. On January 21, 200 units of part 543 at $6 per un are requisitioned and 10 hours of direct labor at $15 per hour are performed on the 100 units of widgets to complete the job. Overhead is allocated to the job based on $5 per direct labor hour. Make a job order cost sheet for the 100 widgets.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cycle Gear Corporation has Incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end of next month: Direct materials: • On April 10, requisition number 15673 was Issued for 40 titanlum blanks to be used in the special order. The blanks cost $20 each. On April 11, requisition number 15678 was Issued for 420 hardened nibs also to be used In the special order. The nibs cost $1.75 each. Direct labour: • On April 12, Jamle Unser worked from 1:00 a.m. until 2:45 p.m. on job W456. He is pald $12.60 per hour. • On April 18, Mellssa Chan worked from 8:15 a.m. until 1130 a.m. on job W456. She is pald $13.20 per hour. Required: 1. On what documents would these costs be recorded? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Purchase requisition form of the Cycle Gear Corporatilon. The…
The Talbott Company has received an order (4324 for 100 widgets. On January 20 the shop supervisor requisitioned 100 units of part 503 at a cost of $5 per unit and 500 units of part 456 at a cost of $3 per unit to begin work on the 100 widgets. On the same day 20 hours of direct labor at $20 per hour are used to work on the widgets. On January 21, 200 units of part 543 at $6 per unit are requistioned and 10 hours of drect labor at S15 per hour are performed on the 100 units of widgets to complete the job. Overhead is allocated to the job based on $5 per drect labor hour Required Prepare a job onder cost sheet for the 100 widgets
Diane Buswell examined some of the accounting records and reported that Current Designs purchased 1,400 pounds of polyethylene powder for this order at a total cost of $3,640. Twenty Five (25) finishing kits were assembled at a total cost of $4,400. The payroll records showed that the type I employees worked 98 hours on this project at a total cost of $1,274. The type Il finishing employees worked 131 hours at a total cost of $1,408.25. A total of 25 kayaks were produced for this order. The standards that had been developed for this model of kayak were used in CD2 and are reproduced here. For each kayak: 52 pounds of polyethylene powder at $2.50 per pound 1 finishing kit (rope, seat, hardware, etc.) at $184 4 hours of type I labor from people who run the oven and trim the plastic at a standard wage rate of $13 per hour 5 hours of type Il labor from people who attach the hatches and seat and other hardware at a standard wage rate of $10 per hour. Calculate the eight variances that are…
Huron Company produces a commercial cleaning compound known as Zoom. The direct materialsand direct labor standards for one unit of Zoom are given below: (picture) During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. All of the material purchased was used to produce 4,000 units of Zoom. c. 750 hours of direct labor time were recorded at a total labor cost of $10,425. Required:1. Compute the materials price and quantity variances for the month.2. Compute the labor rate and efficiency variances for the month.
Help me please
Manchester Ceramics makes custom ceramic tiles. During March, the company started and finished Job #266. Job #266 consists of 2,500 tiles; each tile sells for $12.00. The company's records show the following direct materials were requisitioned for Job #266. Basic terra cotta tiles: 2,500 units at $4.00 per unit Specialty paint: 5 quarts at $7.00 per quart High gloss glaze: 4 quarts at $12.00 per quart Labor time records show the following employees worked on Job #266: Alice Cooper: 18 hours at $24 per hour Matthew Kline: 20 hours at $13 per hour Manchester Ceramics allocates manufacturing overhead at a rate of $27 per direct labor hour. What is the gross profit per tile on Job #266? (Round your final answer to two decimal places and DO NOT include any units)
Park Industries manufactures custom-designed playground equipment for schools and city parks. Park expected to incur S784,700 of manufacturing overhead cost, 41,300 of direct labor hours, and S1,073,800 of direct labor cost during the year (the cost of direct labor is $26 per hour). The company allocates manufacturing overhead on the basis of direct labor nours. During August, Park completed Job 306. The job used 165 direct labor hours and required S12,700 of direct materials. The City of Jonestown has contracted to purchase the playground equipment at a price of 27% over manufacturing cost. Reac the requirements Requirement First identify the formulathen calculate the predetermined overhead rate. Estimated yearly overhead costs Estimated yearly direct labor hours - Predetermined overhead rate per hour
Picture It Inc. manufactures customized wooden frames. The direct materials needed to construct the frames are wood, glass, and cardboard. Picture It has 22 employees who work for 40 hours in a work week and are each paid $17 per hour. The company produced and sold 900 frames in the month of September. During the month of September the following purchases were made to produce the 900 frames: Wood-4000 ft. at $1.20/ft. Glass-400 pieces at $5.60/piece Cardboard-500 pieces at $0.50/piece Required: 1. Calculate the total product cost for the month. Assume that all employees worked for 4 weeks in September and that the company incurred $55,000 as manufacturing overhead costs. 2. Calculate the per-unit cost. Round your answer to two decimal places. 3. Calculate the gross margin for the month of September assuming that the company sells each frame for $250.
At the end of August, Carrothers Company had completed Jobs 50 and 56. Job 50 is for 1,000 units, and Job 56 is for 500 units. The following data relate to these two jobs: On August 4, Carrothers Company purchased on account 31,000 units of materials at $16 per unit. During August, raw materials were requisitioned for production as follows: 7,900 units for Job 50 at $11 per unit and 6,100 units for Job 56 at $16 per unit. During August, Carrothers Company accumulated 4,300 hours of direct labor costs on Job 50 and 5,100 hours on Job 56. The total direct labor was incurred at a rate of $21.00 per direct labor hour for Job 50 and $18.50 per direct labor hour for Job 56. Carrothers Company estimates that total factory overhead costs will be $960,000 for the year. Direct labor hours are estimated to be 80,000. a. Determine the balance on the job cost sheets for Jobs 50 and 56 at the end of August. Determine the cost per unit for Jobs 50 and 56 at the end of August. If required, round…
Diane Buswell examined some of the accounting records and reported that Current Designs purchased 1,190 pounds of polyethylene powder for this order at a total cost of $2,023. Twenty (20) finishing kits were assembled at a total cost of $3,220. The payroll records showed that the type I employees worked 56 hours on this project at a total cost of $784. The type Il finishing employees worked 87 hours at a total cost of $978.75. A total of 20 kayaks were produced for this order. The standards that had been developed for this model of kayak were used in CD2 and are reproduced here. For each kayak: 52 pounds of polyethylene powder at $1.50 per pound 1 finishing kit (rope, seat, hardware, etc.) at $168 3 hours of type I labor from people who run the oven and trim the plastic at a standard wage rate of $14 per hour 4 hours of type Il labor from people who attach the hatches and seat and other hardware at a standard wage rate of $11 per hour. Calculate the eight variances that are listed…
Anemone Company produces picture frames. During the year, 200,000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows: Direct materials (2 pieces of wood @ $3) $6.00 Direct labor (2 hours @ $12) $24.00 Anemone purchased and used 600,000 pieces of wood at $4.00 each, and its actual labor hours were 320,000 hours at a wage rate of $13. What is Anemone's labor rate variance? a. $450,000 F b. $320,000 U c. $445,000 U d. $660,500 F
On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows:7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit.Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom.