Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE HELP Kaitlyn, Inc. is a manufacturer who uses a job order costing system. The data below summarizes the operations related to production and sales

PLEASE HELPimage text in transcribed

image text in transcribed

image text in transcribed

Kaitlyn, Inc. is a manufacturer who uses a job order costing system. The data below summarizes the operations related to production and sales for January, the first month of operations. Kaitlyn, Inc. allocates factory overhead on a monthly basis based upon total monthly factory overhead costs and direct labor hours. Total direct labor hours for January are 75,000 hours. - Purchased the following raw materials: - 6,000 units for Job 1@$10/ unit - 5,500 units for Job 2@$15/ unit - 12,300 units for Job 3@$5/ unit - Requisitioned materials for production: - 5,000 units for Job 1@$10/ unit - 4,000 units for Job 2@$15/ unit - 10,000 unit for Job 3@$5/ unit - Direct labor costs: - 2,000 hours of direct labor on Job 1 at $15 per hour - 10,000 hours of direct labor on Job 2 at $14 per hour - 8,000 hours of direct labor on Job 3 at $20 per hour - Total factory overhead costs for the month: - $70,000 of indirect materials - $115,000 of indirect labor - $97,000 of utilities costs - $18,000 of factory depreciation - Production data: - Job 1 produced 5,000 units out of an estimated possible 8,000 units, - Job 2 produced 20,000 units out of an estimated possible 24,000 units - Job 3 produced 11,000 units out of an estimated possible 12,100 units, - Sales data: - Job 14,000 units sold on credit for $25 per unit - Job 218,000 units sold on credit for $30 per unit - Job 310,000 units sold on credit for $50 per unit To Do: Complete the T-Accounts on the following page, as well as the Cost Flow Worksheets. Helpful Hint: While not required for this assignment, it might be helpful to create the related journal entries. Question 13 (4 points) Saved What is the Job 1's cost per unit? $11 $15 $10 $18 $20 Question 14 (4 points) What is the Job 2's cost per unit? $20 $15 $11 $10 $18 Question 15 (4 points) Saved What is the Job 3's cost per unit? $10 $18 $15 $11 $20 Question 16 (4 points) What is the ending value of Raw Materials (also referred to as Raw Materials Inventory) relating to Jobs 1,2 and 3 ? $45,000$53,000$44,000$59,000$51,000 What is the ending value of WIP (also referred to as Work in Process Inventory) relating to Jobs 1,2 and 3 ? $51,000$95,000$53,000$45,000$44,000 Question 18 (4 points) What is the ending value of Finished Goods (also referred to as Finished Goods Inventory) relating to Jobs 1,2 and 3 ? $44,000$53,000$45,000$59,000$51,000 Question 19 (3 points) What is the January Sales Revenue related to Job 1? $380,000$450,000$500,000$100,000$540,000 Question 20 (3 points) What is the January Sales Revenue related to Job 2? $100,000$540,000$380,000$450,000$500,000

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions