Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please can i get some help. my answers are incorrect Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing

please can i get some help. my answers are incorrect
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,260.000 in manufacturing overhead cost at an activity level of 568,000 machine-hours. The company spent the entire month of January working on a large order for 12.200 custom-made machined parts. The company had no work in process at the beginning of January Cost data relating to January follow a Raw materials purchased on account, $317.000. b. Raw materials used in production, $268.000 (80% direct materials and 20% indirect materials) CLabor cost accrued in the factory, $156,000 (one third direct labor and two thirds indirect labor) d. Depreciation recorded on factory equipment, $62700, e. Other manufacturing overhead cons incurred on account, 584100 1 Manufacturing overhead cost was applied to production on the basis of 40,990 machine-hours actually worked during the month The completed job for 12 200 custom made macred parts was moved into the finished goods warehouse on January 31 to wait delivery to the customer in computing the dolor amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and applied overhead) Required: 1. Prepare journal entries to record items (a) through ) above fignore item (o) for the momenti 2. Prepare Taccounts for Marvufacturing Overhead and Work in Process Post the relevant items from your journal entries to these accounts 3. Prepare a journal entry for item (a) above 4 1140,600 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February Complete the question by entering your answers in the tabs below. ged Pred2 feed Required - Prepare your cord through in above ligneo item () for the murent). (if country is required for radoresho journal entry equired in the first account fold Do not found intermediate calculation View Journal entry worksheet Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,260,000 in manufacturing overhead cost at an activity level of 568,000 machine hours. The company spent the entire month of January working on a large order for 12.200 custom-made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow - a. Raw materials purchased on account, $317.000 b Raw materials used in production. $268.000(80% direct materials and 20% indirect materials) Labor cost accrued in the factory, $156,000 (one third direct tabor and two-thirds indirect labor) d Depreciation recorded on factory equipmen, $62.700 e. Other marvufacturing overhead costs incurred on account, $84.100 1. Manufacturing overhead cost was applied to production on the basis of 40,990 machine hours actually worked during the month The completed job for 12.200 custom-made machined parts was moved into the finished goods warehouse on January 31 to wait delivery to the customer in computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor and applied overhead) PI Bo Required: 1. Prepare journal entries to record items as thought above ignore item (9) for the moment 2. Prepare T-accounts for Manufacturing Overhead and Work in Process Post the relevant items from your journal entries to these T. accounts 3. Prepare a journal entry for hem above 4. 10500 of the custom made machined parts are shoped to the customer in February, how much of this job's cost will be included In cost of goods sold for February Complete the question by entering your answers in the tabs below, www: wed ered Prept counts for manuturing Overhead and Work in Process Post the relevant items from your journal antes to the account WP Dengance 5145 314600 57000 2010 STT 10 FSI 11110 Dillon Prochucts manufactures vanous machined parts to customer specifications. The company uses a job order costing system and applies overhead cost to jobs on the basis of machine hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,260,000 in manufacturing overhead cost at an activity level of 568,000 machine-hours The company spent the entire month of January working on a large order for 12,200 custom made machined parts. The company had no work in process at the beginning of January. Cost dota relating to January follow 30 a Raw materials purchased on accour, 5317000 b. Raw materials used in production, $268.000 (80% direct materials and 20% indirect materials) c. Labor cost accrued in the factory, $156,000 (one third chect labor and two thirds indirect labo) d. Depreciation recorded on factory equipment, 562.700 e Other manufacturing overhead costs incurred on account, 584100 Manufacturing overhead cost was applied to production on the basis of 40.990 machine hours actually worked during the month 9. The completed job for 12.200 custom-made machined parts was moved into the finished goods warehouse on January 31 to await Gelivery to the customer on computing the dollar amount for this entry, temember that the cost of a completed Job consists of direct materials de labot, and applied overhead Required: 1. Prepare journal entries to record items as though it) above onore item to) for the moment 2. Prepare Taccounts for Manufacturing Overhead and Work in Process Post the relevant items from your journal entries to these T- accounts 3. Prepare your entry for em tal above 4 110.500 of the custom made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February Complete the question by entering your answers in the tabs below Required Desparente () wave (Davet for travers untry required in the Why work Hegd 4 Dilon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine hours. At the beginning of the year, the company used a cost formula to estimate that it would incur 54.260,000 in manufacturing overhead cost at an activity level of 568.000 machine hours. The company spent the entire month of January working on a large order for 2.200 custom-made machined parts. The company had no work in process at the beginning of January Cost data relating to January follow 5 a Raw materials purchased on account. 5317,000. b. Raw materials used in production. $268.000 (80% direct materials and 20% indirect materials) Labor cost accrued in the factory, 5156,000 (one-third direct labor and two-thirds Indirect labor) d. Depreciation recorded on factory equipment, $62700 e Oliver manufacturing overhead costs incurred on account, $84 100 Manufacturing overhead cost was applied to production on the basis of 40,990 machine.hows actually worked during the month The completed job for 12 200 custom-made machined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer on computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and applied overhead) Required: Prepare journal entries to record themsay thought above ignore vem (o) for the moment 2. Prepare T-accounts for Manufacturing Overhead and Work in Process Post the relevant tems from your journal entries to these T. accounts 3. Prepare your entry for item habove 4 0600 of the custom made machined parts are shipped to the customer in February, how much of this job's cost will be included inco Of goods sold for February Complete the question by entering your answers in the tabs below. 19.40 parts are to the customer in february, w mois job with included de Fundo and the 9501

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Information For Decision Making

Authors: Anthony A. Atkinson

7th Edition

1618533517, 9781618533517

More Books

Students also viewed these Accounting questions

Question

Distinguish between exposure and risk.

Answered: 1 week ago