Chapter M:2 Homework

1.

Roosevelt Company completed jobs that cost $36,000 to produce. In the same period, the company sold jobs for $89,000 that cost $40,500 to produce. Prepare the journal entries for the completion and sales of the jobs. All sales are on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Prepare the journal entry to record the completion of jobs. Date Accounts and Explanations Debit CreditRequirements 1. Prepare the journal entry for production completed in June. 2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $55,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. 4. What is the gross profit on Job 143?June 1 balance Direct materials used Direct labor assigned to jobs Manufacturing overhead allocated to jobs June production generated the following activity in Van Day Chassis Company's Work-in-Process Inventory account: (Click the icon to view the activity.) Additionally, Van Day has completed Jobs 142 and 143, with total costs of $44,000 and $41,000, respectively. Read the requirements. . . . . . Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit JuneX Requirements 1. What is the actual manufacturing overhead of Nevada Enterprises? 2. What is the allocated manufacturing overhead? 3. Is manufacturing overhead underallocated or overallocated? By how much?\fNevada Enterprises reports the following information at December 31, 2024: Click the icon to view the information.) Read the requirements. Requirement 1. What is the actual manufacturing overhead of Nevada Enterprises? The actual manufacturing overhead of Nevada Enterprises isMore Info Incurred and paid Web site expenses, $2,200. . Incurred manufacturing wages of $13,000, 70% of which was direct labor and 30% of which was indirect labor. . Purchased raw materials on account, $15,000. . Used in production: direct materials, $9,500; indirect materials, $4,000. Recorded manufacturing overhead: depreciation on plant, $17,000; plant insurance (previously paid}, $1,300; plant property tax, $3,400 (credit Property Tax Payable). Allocated manufacturing overhead to jobs, 250% of direct labor costs. . Completed production on jobs with costs of $32,000. . Sold inventory on account, $20,000; cost of goods sold, $14,000. Adjusted for overallocated or underallocated overhead. Journalize the following transactions for Lake's Seats. Explanations are not required. i (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) . . . . . a. Incurred and paid Web site expenses, $2,200. Date Accounts Debit Credit a.X Data Table Work-in-Process Inventory Bal. 10 Direct Materials 200 ??? Cost of Goods Manufactured Direct Labor 290 Manufacturing Overhead 145 Bal. 70The following information pertains to Wolf Company for the year. All amounts in millions. .Click the icon to view the information.) Determine the cost of goods manufactured for the year by preparing a schedule of cost of goods manufactured. |:| Q |:| Q Q Cost of Goods Manufactured Data Table Inventory balances: Beginning Ending Work-in-Process 12 14 Finished Goods 1O 16 Other information: Sales Revenue Selling and Administrative Expenses Direct Labor Manufacturing Overhead; actual and allocated Direct Materials Used Turner Company has the following information for the year ended December 31 . 2024. .CIick the icon to view the information.) Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all amounts are shown in millions. Begin by preparing a schedule of cost of goods manufactured. WW U Cost of Goods Manufactured Data Table Direct labor hours (professionals) Direct labor costs (professionals) Office rent Support staff salaries Utilities 19,600 hours 2,450,000 370,000 1 ,395,000 440,000 Requirements 1. Compute Martin Realtors' (a) hourly direct labor cost rate and (b) predetermined overhead allocation rate. 2. Compute the predicted cost of the Chance Manufacturing job. 3. If Martin wants to earn a prot that equals 40% of the job's cost, how much should he bid for the Chance Manufacturing job? More Info Chance Manufacturing, Inc. is inviting several consultants to bid for work. Kenneth Martin wants to submit a bid. He estimates that this job will require about 210 direct labor hours. Martin Realtors, a real estate consulting rm, specializes in advising companies on potential new plant sites. The company uses a job order costing system with a predetermined overhead allocation rate, computed as a percentage of direct labor costs. At the beginning of 2024, managing partner Kenneth Martin prepared the following budget for the year: a (Click the icon to view the prepared budget.) .Click the icon to view additional information) Read the muirements. Requirement 1. Compute Martin Realtors' (a) hourly direct labor cost rate and (b) predetermined overhead allocation rate. Begin with (a) hour1y direct labor cost rate. Direct labor + = cost rate per hour