Cullumber Printing Corp. uses a job-order cost system. The following data summarize the operations related to...
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Cullumber Printing Corp. uses a job-order cost system. The following data summarize the operations related to the first quarter's production: 1. Materials purchased on account were $192,900, and factory wages incurred were $94,100. 2. Materials requisitioned and factory labour used by job were as follows: Job Number Materials Factory Labour A20 $33,380 $18,000 A21 43,370 24,600 A22 36,800 17,500 A23 41,910 26.000 Indirect 4,450 8,000 $159,910 94,100 3. Manufacturing overhead costs incurred on account were $59,500. (Hint: Use Accounts Payable.) 4. Depreciation on machinery and equipment was $15,410. 5. The manufacturing overhead rate is 80% of the direct labour cost. 6. Jobs completed during the quarter were A20, A21, and A23. Prepare a schedule showing the individual cost elements and total cost for each job in item 6. Job Direct Materials Direct Labour A20 $ $ A21 A23 Manufacturing Overhead $ $ $ Total Question 9 of 16 View Policies Show Attempt History < > Current Attempt in Progress 0.13/0.4 E ||| ... Oriole Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year: Estimated overhead costs $936,100 Actual overhead costs $954,600 Estimated decorator hours 40,700 Actual decorator hours 41,320 The company uses Operating Overhead in place of Manufacturing Overhead, and Service Contracts in Process in place of Work in Process Inventory. (b) Prepare the entry to apply the overhead for the year. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question 10 of 16 View Policies Show Attempt History Current Attempt in Progress < > 0.1/0.4 !!! The gross earnings of factory workers for Wildhorse Company during the month of March are $91,000. The employer's payroll taxes for the factory payroll are $15,000. Of the total accumulated cost of factory labour, 75% is related to direct labour and 25% is attributable to indirect labour. Salaried office employees' monthly pay is based on the skills required and seniority, and averages $7,200 per month, plus the company's share of the required payroll taxes. (b) Prepare the entry to assign factory labour to production. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Cullumber Printing Corp. uses a job-order cost system. The following data summarize the operations related to the first quarter's production: 1. Materials purchased on account were $192,900, and factory wages incurred were $94,100. 2. Materials requisitioned and factory labour used by job were as follows: Job Number Materials Factory Labour A20 $33,380 $18,000 A21 43,370 24,600 A22 36,800 17,500 A23 41,910 26.000 Indirect 4,450 8,000 $159,910 94,100 3. Manufacturing overhead costs incurred on account were $59,500. (Hint: Use Accounts Payable.) 4. Depreciation on machinery and equipment was $15,410. 5. The manufacturing overhead rate is 80% of the direct labour cost. 6. Jobs completed during the quarter were A20, A21, and A23. Prepare a schedule showing the individual cost elements and total cost for each job in item 6. Job Direct Materials Direct Labour A20 $ $ A21 A23 Manufacturing Overhead $ $ $ Total Question 9 of 16 View Policies Show Attempt History < > Current Attempt in Progress 0.13/0.4 E ||| ... Oriole Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year: Estimated overhead costs $936,100 Actual overhead costs $954,600 Estimated decorator hours 40,700 Actual decorator hours 41,320 The company uses Operating Overhead in place of Manufacturing Overhead, and Service Contracts in Process in place of Work in Process Inventory. (b) Prepare the entry to apply the overhead for the year. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question 10 of 16 View Policies Show Attempt History Current Attempt in Progress < > 0.1/0.4 !!! The gross earnings of factory workers for Wildhorse Company during the month of March are $91,000. The employer's payroll taxes for the factory payroll are $15,000. Of the total accumulated cost of factory labour, 75% is related to direct labour and 25% is attributable to indirect labour. Salaried office employees' monthly pay is based on the skills required and seniority, and averages $7,200 per month, plus the company's share of the required payroll taxes. (b) Prepare the entry to assign factory labour to production. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
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Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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