A job order cost sheet for Lowry Company is shown below. Instructions (a) On the basis of
Question:
Instructions
(a) On the basis of the foregoing data, answer the following questions.
(1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job?
(2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year?
(b) Prepare summary entries at January 31 to record the current years transactions pertaining to Job No.92.
Transcribed Image Text:
Job No. 92 For 2,000 Units Direct DirManufacturing Date Materials Labor 6,000 8,000 4,000 18,000 Overhead 5,100 6,400 3,200 Beg. bal. Jan. 1 5,000 12 25 27 6,000 2,000 13,000 14,700 Cost of completed job: Direct materials Direct labor Manufacturing o $13,000 18,000 14,700 $45,700 verhead Total cost Unit cost ($45,700 2,000) 22.85
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
a 1 16100 or 5000 6000 5100 2 Last year 85 or 5100 6000 this year 80 either 64...View the full answer
Answered By
Aun Ali
I am an Associate Member of Cost and Management Accountants of Pakistan with vast experience in the field of accounting and finance, including more than 17 years of teaching experience at university level. I have been teaching at both undergraduate and post graduate levels. My area of specialization is cost and management accounting but I have taught various subjects related to accounting and finance.
5.00+
13+ Reviews
32+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
A job order cost sheet for Lowry Company is shown below. Job No. 92 For 2,000 Units Date Direct Materials Direct Labor Manufacturing Overhead Beg. bal. Jan. 1 6,400 6,300 4,977 8 6,300 12 9,000 7,560...
-
A job order cost sheet for Rolen Company is shown below. Instructions(a) On the basis of the foregoing data answer the following questions.(1) What was the balance in Work in Process Inventory on...
-
A job order cost sheet for Ryan Company is shown below. Instructions (a) On the basis of the foregoing data, answer the following questions. (1) What was the balance in Work in Process Inventory on...
-
Determine the length of the hydrogen bonds between: TYR41H and GLU37O ALA39H and MET35O GLU38H and ILE34O THR36H and ARG32O ARG32H and TYR28O by using PyMOL And identify the residues located at...
-
Laker Incorporated's fiscal year-end is December 31, 2012. The following is an adjusted trial balance as of December 31. Required: Prepare the necessary closing entries? Debit Credit Accounts Cash...
-
Championship Sports Inc. operates two divisions-the Winter Sports Division and the Summer Sports Division. The following income and expense accounts were provided from the trial balance as of...
-
Consider two identical closed rigid vessels \(A\) and \(B\). Vessel A contains \(32 \mathrm{~kg}\) oxygen at \(373 \mathrm{~K}\) while \(\mathrm{B}\) contains \(28 \mathrm{~kg}\) nitrogen at \(373...
-
Li Company produces large quantities of a standardized product. The following information is available for its production activities for January. Additional information about units and costs of...
-
Tesla, Inc. was sued by Owen Diaz for unethical practices associated with racial discrimination in the workplace. Owen Diaz was an elevator operator at the Tesla Fremont Factory. Black workers have...
-
Rainbow Life Insurance Company, based in Toronto, uses a job evaluation system of their own design. The system is based on five job characteristics: Skill, Mental Effort, Physical Effort,...
-
Stine Manufacturing uses a job order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500....
-
Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Instructions Indicate the missing amount for each letter. Assume that in all cases manufacturing...
-
Find the x- and y-components of each resultant vector R and graph the resultant vectorR. Vector x-componen y-component r-component y-component +2 +7 +3 +2
-
What is operating leverage? How is operating leverage measured? What are the implications of operating leverage for the financial manager? What are the two parts of total return? Why are unrealized...
-
Why are money market preferred stocks an attractive short-term investment? What is a target cash balance? What is the basic trade-off in the BAT model? 20A.1c Describe how the Miller-Orr model works....
-
What your company owns, what your debts are, and what you have invested, display this report?
-
What law was designed to protect the accuracy and privacy of credit reports?
-
Providing information for 2021: Total assets $165,221, Net income: $3,832, Debt ratio: 61.0%, Net Assets: $64,474, ROE: 13.7% 2020: Total Assets: $123,067, Net Income: $7,930, Debt ratio: 56.0%, Net...
-
Irving owns a chain of movie theaters. He is considering whether he should build a new theater downtown. The expected rate of return is 15 percent per year. He can borrow money at a 12 percent...
-
In Exercises find dy/dx by implicit differentiation. xy - y = x
-
Which of the following is not a risk of investing in cryptocurrency? a. Losing the digital wallet on which the cryptocurrency is stored b. Higher volatility that traditional assets c. Uncertainty in...
-
The management of Clare Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2010, the accounting records show the following data....
-
Hector Inc. is a retailer operating in British Columbia. Hector uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is...
-
Fontana Co. began operations on July 1. It uses Instructions(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO,(2) moving-average cost, and (3) LIFO.(b) Which...
-
How can you fairly measure what an employee has contributed? What criteria and measures would you use? What records would you keep for this purpose to be able to compare contributions? Using the...
-
Read "Strategic Management in Action: Making Over Avon" a. What went wrong with Avon? What went right? b. Is the independent sales representative still the most appropriate means for distribution for...
-
What factors are most relevant in overall business planning and key account planning? How do you think the development of AI (Artificial Intelligence) will affect sales planning through tools like...
Study smarter with the SolutionInn App