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Stine Company uses a job order cost 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. During May, a summary of source documents reveals the following Labor Time Tickets Job Number 429 430 431 General use Materials Requisition Slips 2,500 3,500 4,400 10,400 800 11,200 1,900 3,000 7,600 12,500 1,200 13,700 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Instructions (a) Prepare FOUR summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of mfg overhead to jobs, and (4) the completion of Job No. 429. Instructors Note: Beginning WIP (Work-In-Process as of Mayo 1) has 53,500 composed of amounts already transferred in for jobs 429 and 430 as stated in the problem. (FYI: The 3,500 under Job 430 in Materials Requisition is NOT the same 3,500 that is in WIP - they are different 2 different things). Instruction (a) needs an entry transferring the TOTAL of 10,400 (the summary of the job costs) "from" out of) RAW MAT INV into WIP. Hence PART of the first entry increases the asset WIP and decreases the asset RAW MAT INV by $10.400. (How do you know to debit WIP? ... The three job costs being transferred, totalling $10,400 are Direct Materials - since they are associated with a specific job #. Indirect costs are not associated with any specific job #. They are considered "factory-wide" use or "general" use. The other part of the first entry involves increasing the asset MFG OH (manufacturing overhead) by the general use materials. Therefore, debit the asset MFG OH (a control account) and decrease the asset RAW MAT by another $800. (Your credit amount should be the total of both debits.) Materials Labor Overhead Ikerd Company applies factory overhead to jobs on the basis of machine hours used. Overhead costs are estimated toat $300,000 for the year. Machine usage is estimated at 125,000 hours. For the year, $322,000 of overhead costs are incurred, and 130,000 machine hours are used. Instructions: (a) Compute the factory overhead rate for the year. (b) What is the amount of under-or overapplied overhead at December 31? (c) Prepare the adjusting entry to assign the under-or overapplied overhead for the year to cost of goods sold. (a) Factory Overhead rate is (Based on EST OH costs and Mach Hrs NOT on "actual" incurred). (Actual OH costs - (Fact OH rate x "actual" MHr's used) (b) The Amount of over or under applies overhead Amount Indicate EITHER Over or Under applied Account Name Credit Debit (c) A job cost sheet of Sandoval Company is given below. Job Cost Sheet Job No. 469 Quantity 2.500 item: White lion Cages Date Requested: July 02 For Todd Company Date Completed: July 31 Date Direct Materials Direct Labor Manufacturing Overhead 7/10 690 7/12 900 7/15 440 550 7/22 380 475 7/24 1,600 7/27 1,500 7/31 540 675 Answer the following questions. (a) What are the source documents for: (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs assigned to this job? (b) Overhead is applied on the basis of direct labor cost. What is the predetermined manufacturing overhead rate? (c) What are the total cost and the unit cost of the completed job? (a) The source documents are: (1) (2) 113) b) The predetermined overhead rate is Pick a date with both Fact OH and DL above. what percentage of direct labor costs? Divide one by the other to get the Pick az date and do it again to confirm) POR Rate = (c) Cost of Completed Job: Direct Materials Direct Labor Factory Overhead Total $ Cost Unit Cost Pedriani Company uses a job order cost system and applies overhead on the basis of direct labor hours. On Jan01, 2017, Job No. 25 was the only job in process. Costs incurred prior to Jan01 on this job were as follows: direct materials $10,000; direct labor $6,000; and manufacturing overhead $9,000. Job No. 23 had been completed at a cost of $42,000 and was part of finished goods inventory. There was a $5,000 balance in the Raw Materials Inventory account. During the month of January, the company began production on Jobs 26 and 27, and completed Jobs 25 and 26. Jobs 23 and 25 were sold on account during the month for $63,000 and $74,000, respectively. These additional events occurred during the month. 1. Purchased additional raw materials of $45,000 on account. 2. Incurred factory labor costs of $33,500. of this amount, $7,500 related to employer payroll taxes. 3. Incurred manufacturing overhead costs: indirect materials $10,000; indirect labor $9,500; deprec. expense on equipment $12,000; and various other manufacturing overhead costs on account $11,000. 4. Assigned direct materials and direct labor to jobs as follows. Direct Job No. Materials Direct Labor 25 $ 5,000 $3,000 26 17,000 12,000 27 13,000 9,000 5. Company uses direct labor hours as the activity base to assign overhead. Direct labor hours incurred on each job were: Job #25, 200; Job #26, 800; and Job #27, 600. Instructions (a) Calculate the predetermined overhead rate for the year 2017, assuming Company A job cost sheet of Sandoval Company is given below. Job Cost Sheet Job No. 469 Quantity 2,500 Item: White lion Cages Date Requested: July 02 For Todd Company Date Completed: July 31 Date Direct Materials Direct Labor Manufacturing Overhead 7/10 690 7/12 900 7/15 440 550 7/22 380 475 7/24 1,600 7/27 1,500 540 7131 675 Answer the following questions. (a) What are the source documents for: (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs assigned to this job? (b) Overhead is applied on the basis of direct labor cost. What is the predetermined manufacturing overhead rate? (c) What are the total cost and the unit cost of the completed job? (a) The source documents are: (1) (2) (3) (b) The predetermined overhead rate is Pick a date with both Fact OH and DL above. what percentage of direct labor costs? Divide one by the other to get the % (Pick a 2" date and do it again - to confirm) POR Rate $ (c) Cost of Completed Job: Direct Materials Direct Labor Factory Overhead Total $ Cost Unit Cost Instructions (a) Calculate the predetermined overhead rate for the year 2017, assuming Company estimates total manufacturing overhead costs of $440,000, direct labor costs of $300,000, and direct labor hours of 20,000 for the year. Note: Use "Direct Labor Hours" to calculate the predetermined overhead rate. fb) Open job-cost sheets for Jobs-25, 26, and 27. Enter the January 1 balances on the job cost sheet for Job No. 25. (Completed for you) (c) Prepare entries to record: purchase of raw materials, factory labor costs incurred, and the manufacturing overhead costs incurred during the month of JAN. (d) Prepare entries to record the assignment of direct materials, direct labor, and mfg overhead costs to production. (In assigning overhead, use the rate calculated in "a"). Post all costs to the job cost sheets as necessary. (e) Total the job cost sheets for any job(s) completed during the month. Prepare the entry (or entries) to record the completion of any job(s) during JAN. 0 Prepare journal entry for entries) to record the sale of any job(s) during JAN. What is the balance in the Work in Process Inventory account at the end of JAN? (9) (h) What is the amount of over- or underapplied overhead? (Your answer should be in "dollars per hour"... NOT a percentage) (b) See solution to part (e) for job cost sheets (b) See solution to part (e) for job cost sheets (c) From erase this Lab From #2 or erases Mfg Ov From 3. orase this erh ead From #4 (e) Job 25 Date Direct Materials Beg 10,000 Direct Labor Manufacturing Overhead 9,000 6,000 Jan Total Total Cost of Job Direct Labor Manufacturing Overhead Job #26 Date Direct Materials Beg Jan Total Total Cost of Job Direct Labor Manufacturing Overhead Job # 26 Date Direct Materials Beg Jan Total Total Cost of Job! Job #27 Date Direct Materials Direct Labor Begl Jan Manufacturing Overhead * $22 x 600 dir lbr hr. (e) continued ... journal entry for completion of jobs in JAN Remember back to Fin Acc. "Selling" requires TWO entries each with a different amount. 1) for SALE itself on credit. The other reduces INV and recognizes CGS (9) Work in Process (TW Beginning balance Direct materials Direct labor Manufacturing overhead 35,200 84,000 Cent el completed jote 25 and Ending balance 35,200 The balance in this account consists of the current 1 95% . cricket Back 8:13 PM MGR_Ch02_work.doc (9) Work in Process Beginning balance Direct materials Direct labor Manufacturing overhead 35.200 84,000 Core/corpid juhe Ending balance 35.200 The balance in this account consists of the current costs assigned to Job No. 27 Direct Materials $13,000 Direct Labor 9,000 Manufacturing Overhead 13.200 Total costs assigned $35.200 (h) Manufacturing Overhead Ace (Indicate either underapplied" or "overapplied" below) The balance in the Manufacturing Overhead account is: underapplied or overapplied. (Indicate one or the other) FYI: This is NOT the homework. It is the answer to the very similar Prob 2-1A. Your assignment is Prob 2-16. Use these to help you complete your assignment "B" (above) PROBLEM 2-1A Dashboard Calendar To Do Notifications Inbox ! AaBbccbd AaBbccdd AaBbct AaBbce Aa 1 Normal T No Spac... Heading 1 Heading 2 Title Paragraph Styles Wie 10,400 Materials Manufacturing Overhead 800 Raw Materials love fory 11,200 W.LP Inventory 12,500 Labor Manufacturing Overhead 1,200 Factory Labor 13,700 WIP 7,500 Overhead 31 Manufacturing Overhead 7,500 Finished goods Inventory 7.540 Work in Process 7,540 Exercise 2-5 2.40 (a) Factory Overhead rate is 300,000/125,000= (b) The Amount of over or under applies overhead 322,000-130,000*2.40= 10,000 Underapplied Content and ad 10 Exercise 2-5 2.40 (a) Factory Overhead rate is 300,000/125,000- (b) The Amount of over or under applies overhead 322,000-130,000*2.40= 10,000 Underapplied (c) Costs of goods sold 10,000 Manufacturing Overhead 10,000 I Exercise 2-6 (a) The source documents are (1) Direct Materials-Materials Requisition Slips (2) Direct Labor-Time Tickets (3) Overhead Predetermined overhead rate (b) The predetermined overhead rate is what percentage of direct Inbox Pick a date with both Fact OH and DL above. Divide one by the other to get the Search 29.2021 SP - Last Modified: Sun at 4:46 PM References Mailings Review View Help A A A A E 21 A--A . 1 No Spac... Heading 1 Heading 2 1 Normal Title Styles Paragraph Exercise 2-6 (a) The source documents are (1) Direct Materials Materials Requisition Slips (2) Direct Labor-Time Tickets (3) Overhead - Predetermined overhead rate (b) The predetermined overhead rate is what percentage of direct labor costs? POR Rate % = 125 Pick a date with both Fact OH and DL above Divide one by the other to get the %. Pick a 2nd date and do it again to confirm) (c) Cost of Completed Job Direct Materials 4,690 Direct Labor 1,360 Factory Overhead 1,700 Total $ Cost 7,750 Unit Cost 3.10 Prob 2-16 (a)440,000/20,000= 22.00 per direct Ihne he Prob 2-1B (a)440,000/20,000= 22.00 per direct labor hour I (c) Raw Materials 45,000 Accounts Payable 45,000 Factory Labor 33,500 Labor Factory Wapes Payable 26,000 Employer Payroll Taxe Payable 7,500 Manufacturing over head 42,500 Accounts payable 10,000 Mia Overhead Ace Dep equipment 12,000 Raw Materials 11 Paragraph Mla Overhead Ace Dep equipment 12,000 Raw Materials Inventory 11,000 Factory Labor 9,500 From 4 (d) Work in Process Inventory 35.000 Raw Materials lovory 35,000 Work in Process Inventory 24,000 Factory Labor 24,000 Work in Process Inventory 35,200 Mufacturing Overhead 35,200 Job #25 Date Direct Materials Direct Labor Manufacturing Overhead Beg 10,000 6,000 9,000 Jan 5.000 3,000 4.400 1 Total 15,000 9,000 13,400 Total Cost of Job 37,400 Job # 26 Date Direct Materials Direct Labor Manufacturing Overhead Beg Jan 17.000 12.000 17.600 Total 17,000 12.000 17.600 Total Cost of Job 40,000 Job 27 Date Direct Materials Duect Labor Manufacturing Overhead Beg Jan 13.000 522 x 600 dit ihr 9.00 1200 137.000 Sales Work in Process (T account) (9) (T account) Beg. Balance 25,000 Direct Materials 35,000 Direct labor 24,000 35,200 84,000 Man. Overhead Ending balance 35,200 The balance in this account consists of the current costs assigned to Job No. 27 (h) (T account) Manufacturing Overhead Actual Applied (debit) (credit) 42,500