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I want all my answer correct and I download all the problems 1. Manufacturing cost data for Orlando Company, which uses a job order cost
I want all my answer correct and I download all the problems
1. Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. Case A Case B Case C $ Direct materials used Direct labor (a) $85,100 53,900 $73,000 (h ) 144,600 Manufacturing overhead applied 43,120 (d ) Total manufacturing costs (e) 222,900 149,900 (b 19,400 ) Work in process 1/1/14 Total cost of work in process 203,000 Work in process 12/31/14 Cost of goods manufactured (i) 19,100 (f) (c) 12,200 194,100 2. Torre Corporation incurred the following transactions. (j) (k) (g) 223,800 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $46,930. Raw Materials of $39,750 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,560 was classified as indirect materials. Factory labor costs incurred were $57,060, of which $51,260 pertained to factory wages payable and $5,800 pertained to employer payroll taxes payable. Time tickets indicated that $50,960 was direct labor and $6,100 was indirect labor. Manufacturing overhead costs incurred on account were $82,730. Depreciation on the company's office building was $8,440. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $90,600 were completed and transferred to finished goods. Finished goods costing $80,530 to manufacture were sold on account for $111,030. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and . Explanation (1) (2) (3) (4) (5) Debit Credit (6) (7) (8) (9) (To record the sale) (To record the cost of the sale) 3. Stellar Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2014, the general ledger for Stellar Inc. contains the following data. Raw Materials Inventory Work in Process Inventory $5,859 $7,728 Manufacturing Overhead Applied Manufacturing Overhead Incurred Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job $45,533 $44,152 Cost Element Direct materials Direct labor Manufacturing overhead Gannon $837 446 558 Rosenthal $1,116 753 942 Linton $1,256 809 1,011 $1,841 $2,811 $3,076 During June, raw materials purchased on account were $6,836, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $977 and miscellaneous costs of $558 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Gannon Koss Rosenthal Linton Gannon Materials Requisition Slips $1,116 2,790 698 1,814 419 Time Tickets $628 1,116 502 1,674 544 General use 6,837 2,093 4,464 1,674 $8,930 $6,138 Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Gannon, Rosenthal, and Linton were completed during June and sold for a total of $26,366. Each customer paid in full. (a) Journalize the June transactions: (i) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (ii) assignment of direct materials, labor, and overhead to production; and (iii) completion of jobs and sale of goods. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 1,250.) No Account Titles and . Explanation (i) Debit Credit (To record purchase of raw materials) (To record factory labor costs incurred) (To record manufacturing overhead costs incurred) (ii) (To record assignment of direct materials) (To record assignment of factory labor) (To record assignment of manufacturing overhead) (iii) (To record completion of jobs) (To record sale of goods) (To record the cost of goods sold) 4.Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $329,940 for the year, and machine usage is estimated at 126,900 hours. For the year, $348,545 of overhead costs are incurred and 132,300 hours are used (a) Compute the manufacturing overhead rate for the year. (Round answers to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate $ per machine hour 5. Don Lieberman and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Direct materials Auditor labor costs Auditor hours Lynn $690 $6,210 77 Brian $420 $6,840 90 Mike $300 $4,000 47 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $53 per auditor hour. The Lynn job is the only incomplete job at the end of November. Actual overhead for the month was $13,990. (a) Determine the cost of each job. Cost Lynn Brian Mike $ $ $ (b) Indicate the balance of the Service Contracts in Process account at the end of November. $ Balance in service contracts in process account (c) Calculate the ending balance of the Operating Overhead account for November. $ Balance in operating overhead account 6. Agassi Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Department K. In establishing the predetermined overhead rates for 2014, the following estimates were made for the year. Manufacturing overhead Direct labor costs Direct labor hours Machine hours D $ 1,050,000 $ 1,500,000 134,000 536,000 Department E $ 1,500,000 $ 1,675,000 125,000 670,000 K $ 840,000 $ 603,000 53,600 120,000 During January, the job cost sheets showed the following costs and production data. Direct materials used Direct labor costs Manufacturing overhead incurred Direct labor hours Machine hours D $ 187,600 $ 160,800 $ 132,660 10,720 45,560 Department E K $ 168,840 $ 104,520 $ 147,400 $ 50,250 $ 166,160 $ 105,860 14,740 4,690 60,300 10,300 Don't show me this message again for the assignment (a) Compute the predetermined overhead rate for each department. Overhead rate Department D (Round answers to 2 decimal places, e.g. 10.25%.) % Department E (Round answers to 2 decimal places, e.g. $10.25.) $ per direct labor hour Department K (Round answers to 2 decimal places, e.g. $10.25.) $ per machine hourStep by Step Solution
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