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4 Required information Part 1 of 2 Use the following information to answer questions. (Static) [The following information applies to the questions displayed below.] 2.5 Information on Kwon Manufacturing's activities for its first month of operations follows: points a. Purchased $100,000 of raw materials on credit. eBook b. Materials requisitions show the following materials used for the month. Print Job 201 $ 48, 200 References Job 202 23, 600 Total direct materials 71, 800 Indirect materials 8, 620 Total materials used $ 80, 420 c. Time tickets show the following labor used for the month. Job 201 $ 39, 200 Job 202 12, 600 Total direct labor 51, 800 Indirect labor 24, 200 Total labor used $ 76,000 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory.4 f. Sold Job 201 for $163,760 on credit. g. Incurred the following actual other overhead costs for the month. Part 1 of 2 Depreciation of factory equipment $ 32,000 Rent on factory building (payable) 500 Factory utilities (payable) 800 3,000 2.5 Expired factory insurance $ 36,300 points Total other factory overhead costs eBook Print Exercise 15-6 (Static) Computing job costs and gross profit LO P1, P2, P3 References 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. 2. Compute gross profit on the sale of Job 201.4 Required information 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. Part 1 of 2 2. Compute gross profit on the sale of Job 201. Complete this question by entering your answers in the tabs below. 2.5 points Required 1 Required 2 eBook Prepare a job cost sheet for Job 201 and for Job 202 for the month. Print References Job Number Job Number 201 202 Materials Labor Overhead Total cost $ 0 $4 Required information 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. Part 1 of 2 2. Compute gross profit on the sale of Job 201. 2.5 Complete this question by entering your answers in the tabs below. points Required 1 Required 2 eBook Print Compute gross profit on the sale of Job 201. References Job 201 Gross Profit 5 Required information Use the following information to answer questions. (Static) [The following information applies to the questions displayed below.] Part 2 of 2 Information on Kwon Manufacturing's activities for its first month of operations follows: 2.5 a. Purchased $100,000 of raw materials on credit. points b. Materials requisitions show the following materials used for the month. eBook Job 201 $ 48, 200 Job 202 23, 600 Print Total direct materials 71, 800 Indirect materials 8, 620 References Total materials used $ 80, 420 c. Time tickets show the following labor used for the month. Job 201 $ 39, 200 Job 202 12, 600 Total direct labor 51, 800 Indirect labor 24, 200 Total labor used $ 76,000 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $163,760 on credit.5 g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,000 Rent on factory building (payable) 500 Factory utilities (payable) 800 Part 2 of 2 Expired factory insurance 3,000 Total other factory overhead costs $ 36, 300 2.5 points Exercise 15-6 (Static) Computing job costs and gross profit LO P1, P2, P3 eBook Print 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. 2. Compute gross profit on the sale of Job 201. References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a job cost sheet for Job 201 and for Job 202 for the month. Job Number Job Number 201 202 Materials Labor Overhead Total cost5 0Required information 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. Pm 2 of2 2. Compute gross profit on the sale of Job 201. 275 Complete this question by entering your answers in the tabs below. points Required 1 Required 2 eBook Prlnt Compute gross profit on the sale of Job 201. References Gross Prot ( Required 1 points EBDQK Pmi References Exercise 15-11 (Static) Computing inventory balances and over- or underapplied overhead L0 P1, P2. P3. P4 The following information is available for a custom manufacturer. Inventories Costs incurred for the period Raw materials, beginning $ 33,666 Raw materials purchases Work in process, beginning 121468 Direct materials used Finished goods, beginning 3,756 Direct labor used Cost at goods manufactured 95,298 Factory overhead (actual) (ost at goods sold (not Considering over? or Indirect materials used underapplied overhead) 83,266 Sales 1601009 Indirect labor used Predetermined overhead rate based on direct materials used 88% Other overhead costs 1. Complete the Teaccounts tor each of the three inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. $ 18,468 43,256 22,886 91392: 161466 4,332: Check my 6 Sales 100, 000 Indirect labor used 16, 400 Predetermined overhead rate based on direct materials used 80% Other overhead costs 4, 300 1. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. 5 2. Compute overapplied or underapplied overhead. points Complete this question by entering your answers in the tabs below. eBook Print Required 1 Required 2 References Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. Raw Materials Inventory Work in Process Inventory Finished Goods Inventory6 - - c --1 - - Cost of goods manufactured 95, 290 Factory overhead (actual) Cost of goods sold (not considering over- or underapplied overhead) 83, 200 Indirect materials used 9, 300 Sales 100, 000 Indirect labor used 16, 400 Predetermined overhead rate based on direct materials Other overhead costs 4,300 5 used 80% points 1. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. eBook Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Compute overapplied or underapplied overhead. 7 Part1 of 5 - points EBB-3h Prli't Reiererces Problem 15-2A (Static) Computing and recording job costs: preparing schedule of cost of goods manufactured L0 P1, P2, P3, P4 [ The following information applies to the questions displayed below] Marco Company shows the following costs for three jobs worked on in April. Job 386 Job 337 Job 398 Balances on March 31 Direct materials used (in March) in 29,688 $ 35,888 Direct labor used (in March) 28,888 18,888 Overhead applied (March) 18,888 9,888 Costs during April Direct materials used 135,988 2281888 $ 168,888 Direct labor used 85,888 1581888 165,888 Overhead applied ? ? ? Finished Finished Status on April 39 In process (sold) (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $80000 b. Raw materials purchases in April are $500000: and total factory payroll cost in April is $363000. c. Actual overhead costs incurred in April are indirect materials. $50000: indirect labor, $23000: factory rent. $32,000: factory utilities, $19000; and factory equipment depreciation $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635000 cash in April. Problem 15-2A (Static) Part 1 7 C. Actual Overneau COSis Incurred In APIII are Indirect materials, $50, VVU; Indirect IaDoI, $23,UVV; Iaciory Ter, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. Part 1 of 5 Problem 15-2A (Static) Part 1 1 points Required: 1. Determine the amount of overhead applied to each job in April. eBook Print 306 307 308 April Total References Predetermined overhead rate 0.50 0.50 0.50 0.50 Overhead applied8 Problem 15-2A (Static) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Part 2 of 5 Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 1 Balances on March 31 points Direct materials used (in March) $ 29,000 $ 35,000 Direct labor used (in March) 20,000 18, 000 Overhead applied (March) 10,000 9,000 eBook Costs during April Direct materials used 135, 000 220, 000 $ 100, 000 Print Direct labor used 85,000 150, 000 105, 000 Overhead applied References Status on April 30 Finished Finished (sold) (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April.8 Problem 15-2A (Static) Part 2 Part 2 of 5 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Job 306 Job 307 Job 308 April Total 1 points March Direct materials $ 29,000 $ 35,000 Direct labor 20,000 18,000 eBook Overhead applied 10,000 9,000 Print Work in process, beginning References April Direct materials 135,000 220,000 100,000 455,000 Direct labor 85,000 150,000 105,000 340,000 Overhead applied Costs added in April Total costs Status on April 30 Finished (sold) Finished (unsold) In process April 30 cost included in:9 Part 3 of 5 points EBGQH Pm PETE'FEI'CES Problem 15-2A (Static) Computing and recording job costs; preparing schedule of cost of goods manufactured L0 P1, P2, P3, P4 [The following information applies to the questions displayed below] Marco Company shows the following costs for threeiobs worked on in April. Job 336 lab 33? Job 388 Balances on March 31 Direct materials used (in March) $ 29,888 $ 35,888 Direct labor used (in March) 28,888 18,888 Overhead applied (March) 18,888 9,888 Costs during April Direct materials used 135,888 228,888 $ 188,888 Direct labor used 85,888 158,888 185,888 Overhead applied ? ? ? Finished Finished Status on April 38 In process (sold) (unsold) Additional Information :3. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000: and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials. $50,000: indirect labor, $23000; factory rent. $32,000 factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermlned overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. 9 Problem 15-2A (Static) Part 3 Part 3 of 5 a. Materials purchases (on credit). b. Direct materials used. c. Direct labor used (and paid in cash) and assigned to Work in Process Inventory. d. Indirect materials used and assigned to Factory Overhead. 1 e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. points f. Overhead costs applied to Work in Process Inventory. g. Actual other overhead costs incurred (Factory rent and utilities are paid in cash.) h. Transfer of Jobs 306 and 307 to Finished Goods Inventory. eBook i. Cost of goods sold for Job 306. Print j. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of Goods Sold account. References 3. Prepare journal entries for the month of April to record the above transactions.9 Required information Journal entry worksheet Part 3 of 5 2 3 4 5 6 7 8 . . . .. 11 > points Record the entry for material purchased on credit. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit a Record entry Clear entry View general journal9 ! Required information Part 3 of 5 Journal entry worksheet 1 2 3 4 5 6 7 8 11 1 points Record the direct materials used in production. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit b. Record entry Clear entry View general journal9 Required information Journal entry worksheet Part 3 of 5 1 points Record the indirect materials used. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit d. Record entry Clear entry View general journal9 ! Required information Journal entry worksheet Part 3 of 5 1 points Record the indirect labor (paid in cash). eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit e. Record entry Clear entry View general journal9 Required information Journal entry worksheet Part 3 of 5 1 2 3 4 5 6 7 8 .. . .. 11 points Record the application of overhead costs. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit f. Record entry Clear entry View general journal9 Required information Part 3 of 5 Journal entry worksheet 11 $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. Part 5 of 5 Problem 15-2A (Static) Part 5 1 points 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. eBook Print Complete this question by entering your answers in the tabs below. References Req 5A Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories12 Exercise 15-31 (Static) Gross profit ratio LO A1 Rolex Company reports the following information. 5 points Current Year Prior Year Sales $ 220,000 $ 180, 000 Cost of goods sold 132, 000 135, 000 eBook Print 1. Compute the gross profit ratio for each of the two years reported. 2. Did the company outperform or underperform the industry average gross profit ratio of 30% in the current year? References 3. Did the gross profit ratio improve or decline in the current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit ratio for each of the two years reported. Current Year Prior Year Gross profit ratio % % 12 Exercise 15-31 (Static) Gross profit ratio LO A1 Rolex Company reports the following information. 5 points Current Year Prior Year Sales $ 220,000 $ 180, 000 Cost of goods sold 132, 000 135, 000 eBook Print 1. Compute the gross profit ratio for each of the two years reported. 2. Did the company outperform or underperform the industry average gross profit ratio of 30% in the current year? References 3. Did the gross profit ratio improve or decline in the current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Did the company outperform or underperform the industry average gross profit ratio of 30% in the current year? Did the company outperform or underperform the industry average gross profit ratio of 30% in the current year? 12 Exercise 15-31 (Static) Gross profit ratio LO A1 Rolex Company reports the following information. 5 points Current Year Prior Year Sales $ 220,000 $ 180, 000 Cost of goods sold 132, 000 135, 000 eBook Print 1. Compute the gross profit ratio for each of the two years reported. 2. Did the company outperform or underperform the industry average gross profit ratio of 30% in the current year References 3. Did the gross profit ratio improve or decline in the current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Did the gross profit ratio improve or decline in the current year? Did the gross profit ratio improve or decline in the current year? Exercise 15-2 (Static) Preparing job cost sheet and computing costs LO C1 5 The following information is from the materials requisitions and time tickets for Job 9 completed by Great Bay Boats. Materials points requisitions are identified by code numbers starting with the letter M, and the time tickets start with T. Estimated (applied) overhead for Job 9 is $1,400. eBook Date Document Amount July 1 M-46 $ 1, 250 Print July 1 T-33 600 July 5 M-47 1, 000 References July 5 T- 34 450 July 10 T -35 300 Prepare a job cost sheet for Job 9, which includes costs for direct materials, direct labor, overhead, and total cost. JOB COST SHEET: Job 9 Direct Materials Direct Labor Overhead Date Requisition Cost Time-Ticket Total Cost Cost Number Cost Date Number July 01 M-46 $ 1,250 T-33 $ 600 July July 05 M-47 1,000 T-34 450 July 10 T-35 300 $ 2,250 $ 1,350