please fill out this sheet given the following information

PR 16-4A Analyzing manufacturing cost accounts Obj. 2 Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. (Conttnuea) Order Costing In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June: b. Factory overhead is applied to each job at a rate of 140% of direct labor cost. c. The June 1 Work in Process balance consisted of two jobs, as follows: d. Customer jobs completed and units sold in June were as follows: Instructions 1. Determine the missing amounts associated with each letter. Provide supporting computations by completing a table with the following headings: 1. Supporting calculations: July 18. Received invoice from consultants Wadsley and Harden for $30,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $62 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $28,500 for the month. 31. Used office supplies for the month, $4,000. 31. Paid professional salaries of $74,350 for the month. 31. Billed Obsidian $172,500 for successful defense of the case. a. Provide the journal entries for each of these transactions. b. How much office overhead is over- or underapplied? c. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services. EX 16-16 Job order cost accounting for a service company Obj. 3 f The Fly Company provides advertising services for clients across the nation. The Fly Company is presently working on four projects, each for a different client. The Fly Company accumulates costs for each account (client) on the basis of both direct costs and allocated indirect costs. The direct costs include the charged time of professional personnel and media purchases (air time and ad space). Overhead is allocated to each project as a percentage of media purchases. The predetermined overhead rate is 65% of media purchases. On August 1, the four advertising projects had the following accumulated costs: During August, The Fly Company incurred the following direct labor and media purchase costs related to preparing advertising for each of the four accounts: At the end of August, both the Vault Bank and Take Off Airlines campaigns were completed. The costs of completed campaigns are debited to the cost of services account. Journalize the summary entry to record each of the following for the month: a. Direct labor costs b. Media purchases c. Overhead applied d. Completion of Vault Bank and Take Off Airlines campaigns eries A PR 16-1A Entries for costs in a job order cost system Obj. 2 Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: a. Materials purchased on account, $315,500. b. Materials requisitioned, $290,100, of which $8,150 was for general factory use. c. Factory labor used, $489,500 of which $34,200 was indirect. d. Other costs incurred on account for factory overhead, $600,000; selling expenses, $150,000; and administrative expenses, $100,000. e. Prepaid expenses expired for factory overhead were $18,000; for selling expenses, $6,000; and for administrative expenses, $5,000. f. Depreciation of office building was $30,000; of office equipment, $7,500; and of factory equipment, $60,000. g. Factory overhead costs applied to jobs, $711,600. h. Jobs completed, $1,425,000. i. Cost of goods sold, $1,380,000. Instructions Journalize the entries to record the summarized operations. PR 16-2A Entries and schedules for unfinished jobs and completed jobs Obj. 2 3. Work in Process Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations balance, $11,840 related to production for March, the first month of operations: a. Materials purchased on account, \$45,000. b. Materials requisitioned and factory labor used: c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, \$2,500. e. The factory overhead rate is $30 per machine hour. Machine hours used: f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, \$8,500; Job 302, \$16,150; Job 303, \$13,400. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. PR 16-3A Job cost sheet Obj. 2 Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the PR 16-3A Job cost sheet Obj. 2 Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the Chapter 16 Job Order Costing offer is accepted, a number is assigned to the job, and the costs incurred are recorded in the usual manner on the job cost sheet. After the job is completed, reasons for the variances between the estimated and actual costs are noted on the sheet. The data are then available to management in evaluating the efficiency of operations and in preparing quotes on future jobs. On October 1, Remnant Carpet Company gave Jackson Consulting an estimate of $9,450 to carpet the consulting firm's newly leased office. The estimate was based on the following data: On October 3, Jackson Consulting signed a purchase contract, and the delivery and installation were completed on October 10. The related materials requisitions and time tickets are summarized as follows: Instructions 1. Complete that portion of the job cost sheet that would be prepared when the estimate is given to the customer. 2. Record the costs incurred, and prepare a job cost sheet. Comment on the reasons for the variances between actual costs and estimated costs. For this purpose, assume that the additional meters of material used in the job were spoiled, the factory overhead rate has proven to be satisfactory, and an inexperienced employee performed the work. PR 16-4A Analyzing manufacturing cost accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June: PR 16-4A Analyzing manufacturing cost accounts Obj. 2 Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. (Continued) Order Costing In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June: b. Factory overhead is applied to each job at a rate of 140% of direct labor cost. c. The June 1 Work in Process balance consisted of two jobs, as follows: d. Customer jobs completed and units sold in June were as follows: Instructions 1. Determine the missing amounts associated with each letter. Provide supporting computations by completing a table with the following headings: PR 16-5A Flow of costs and income statement Obj. 2 V 1. Operating Ginocera Inc. is a designer, manufacturer, and distributor of custom gourment kitchen knives. A new income, \$432,000 kitchen knife series called the Kitchen Ninja was released for production in early 20Y8. In January, the company spent $600,000 to develop a late-night advertising infomercial for the new product. During 20Y, the company spent an additional $1,400,000 promoting the product through these infomercials, and $800,000 in legal costs. The knives were ready for manufacture on January 1, 20Y8. EXCEL TEMPLATE Ginocera uses a job order cost system to accumulate costs associated with the Kitchen Ninja Knife. The unit direct materials cost for the knife is: The production process is straightforward. First, the hardened steel blanks, which are purchased directly from a raw material supplier, are stamped into a single piece of metal that includes both the blade and the shaft. The stamping machine requires one hour per 250 knives. After the knife shafts are stamped, they are brought to an assembly area where an employee attaches the handle to the shaft and packs the knife into a decorative box. The direct labor cost is $0.50 per unit. Chapter 16 Job Order Costing The knives are sold to stores. Each store is given promotional materials, such as posters and aisle displays. Promotional materials cost $60 per store. In addition, shipping costs average $0.20 per knife. Total completed production was 1,200,000 units during the year. Other information is as follows: Factory overhead cost is applied to jobs at the rate of $800 per stamping machine hour after the knife blanks are stamped. There were an additional 25,000 stamped knives, handles, and cases in process and waiting to be assembled on December 31, 20 Y8. Instructions 1. Prepare an annual income statement for the Kitchen Ninja knife series, including supporting computations, from the information provided. 2. Determine the balances in the work in process and finished goods inventories for the Kitchen Ninja knife series on December 31, 20 Y8. PR 16-4A Analyzing manufacturing cost accounts Obj. 2 Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. (Conttnuea) Order Costing In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June: b. Factory overhead is applied to each job at a rate of 140% of direct labor cost. c. The June 1 Work in Process balance consisted of two jobs, as follows: d. Customer jobs completed and units sold in June were as follows: Instructions 1. Determine the missing amounts associated with each letter. Provide supporting computations by completing a table with the following headings: 1. Supporting calculations: July 18. Received invoice from consultants Wadsley and Harden for $30,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $62 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $28,500 for the month. 31. Used office supplies for the month, $4,000. 31. Paid professional salaries of $74,350 for the month. 31. Billed Obsidian $172,500 for successful defense of the case. a. Provide the journal entries for each of these transactions. b. How much office overhead is over- or underapplied? c. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services. EX 16-16 Job order cost accounting for a service company Obj. 3 f The Fly Company provides advertising services for clients across the nation. The Fly Company is presently working on four projects, each for a different client. The Fly Company accumulates costs for each account (client) on the basis of both direct costs and allocated indirect costs. The direct costs include the charged time of professional personnel and media purchases (air time and ad space). Overhead is allocated to each project as a percentage of media purchases. The predetermined overhead rate is 65% of media purchases. On August 1, the four advertising projects had the following accumulated costs: During August, The Fly Company incurred the following direct labor and media purchase costs related to preparing advertising for each of the four accounts: At the end of August, both the Vault Bank and Take Off Airlines campaigns were completed. The costs of completed campaigns are debited to the cost of services account. Journalize the summary entry to record each of the following for the month: a. Direct labor costs b. Media purchases c. Overhead applied d. Completion of Vault Bank and Take Off Airlines campaigns eries A PR 16-1A Entries for costs in a job order cost system Obj. 2 Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: a. Materials purchased on account, $315,500. b. Materials requisitioned, $290,100, of which $8,150 was for general factory use. c. Factory labor used, $489,500 of which $34,200 was indirect. d. Other costs incurred on account for factory overhead, $600,000; selling expenses, $150,000; and administrative expenses, $100,000. e. Prepaid expenses expired for factory overhead were $18,000; for selling expenses, $6,000; and for administrative expenses, $5,000. f. Depreciation of office building was $30,000; of office equipment, $7,500; and of factory equipment, $60,000. g. Factory overhead costs applied to jobs, $711,600. h. Jobs completed, $1,425,000. i. Cost of goods sold, $1,380,000. Instructions Journalize the entries to record the summarized operations. PR 16-2A Entries and schedules for unfinished jobs and completed jobs Obj. 2 3. Work in Process Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations balance, $11,840 related to production for March, the first month of operations: a. Materials purchased on account, \$45,000. b. Materials requisitioned and factory labor used: c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, \$2,500. e. The factory overhead rate is $30 per machine hour. Machine hours used: f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, \$8,500; Job 302, \$16,150; Job 303, \$13,400. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. PR 16-3A Job cost sheet Obj. 2 Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the PR 16-3A Job cost sheet Obj. 2 Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the Chapter 16 Job Order Costing offer is accepted, a number is assigned to the job, and the costs incurred are recorded in the usual manner on the job cost sheet. After the job is completed, reasons for the variances between the estimated and actual costs are noted on the sheet. The data are then available to management in evaluating the efficiency of operations and in preparing quotes on future jobs. On October 1, Remnant Carpet Company gave Jackson Consulting an estimate of $9,450 to carpet the consulting firm's newly leased office. The estimate was based on the following data: On October 3, Jackson Consulting signed a purchase contract, and the delivery and installation were completed on October 10. The related materials requisitions and time tickets are summarized as follows: Instructions 1. Complete that portion of the job cost sheet that would be prepared when the estimate is given to the customer. 2. Record the costs incurred, and prepare a job cost sheet. Comment on the reasons for the variances between actual costs and estimated costs. For this purpose, assume that the additional meters of material used in the job were spoiled, the factory overhead rate has proven to be satisfactory, and an inexperienced employee performed the work. PR 16-4A Analyzing manufacturing cost accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June: PR 16-4A Analyzing manufacturing cost accounts Obj. 2 Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. (Continued) Order Costing In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June: b. Factory overhead is applied to each job at a rate of 140% of direct labor cost. c. The June 1 Work in Process balance consisted of two jobs, as follows: d. Customer jobs completed and units sold in June were as follows: Instructions 1. Determine the missing amounts associated with each letter. Provide supporting computations by completing a table with the following headings: PR 16-5A Flow of costs and income statement Obj. 2 V 1. Operating Ginocera Inc. is a designer, manufacturer, and distributor of custom gourment kitchen knives. A new income, \$432,000 kitchen knife series called the Kitchen Ninja was released for production in early 20Y8. In January, the company spent $600,000 to develop a late-night advertising infomercial for the new product. During 20Y, the company spent an additional $1,400,000 promoting the product through these infomercials, and $800,000 in legal costs. The knives were ready for manufacture on January 1, 20Y8. EXCEL TEMPLATE Ginocera uses a job order cost system to accumulate costs associated with the Kitchen Ninja Knife. The unit direct materials cost for the knife is: The production process is straightforward. First, the hardened steel blanks, which are purchased directly from a raw material supplier, are stamped into a single piece of metal that includes both the blade and the shaft. The stamping machine requires one hour per 250 knives. After the knife shafts are stamped, they are brought to an assembly area where an employee attaches the handle to the shaft and packs the knife into a decorative box. The direct labor cost is $0.50 per unit. Chapter 16 Job Order Costing The knives are sold to stores. Each store is given promotional materials, such as posters and aisle displays. Promotional materials cost $60 per store. In addition, shipping costs average $0.20 per knife. Total completed production was 1,200,000 units during the year. Other information is as follows: Factory overhead cost is applied to jobs at the rate of $800 per stamping machine hour after the knife blanks are stamped. There were an additional 25,000 stamped knives, handles, and cases in process and waiting to be assembled on December 31, 20 Y8. Instructions 1. Prepare an annual income statement for the Kitchen Ninja knife series, including supporting computations, from the information provided. 2. Determine the balances in the work in process and finished goods inventories for the Kitchen Ninja knife series on December 31, 20 Y8