{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-06T09:21:49-04:00", "answer_date": "2024-06-06 09:21:49", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2355663", "url": "\/study-help\/questions\/ravsten-company-uses-a-joborder-costing-system-on-january-1-2355663", "question_creation_date_js": "2024-06-06T09:21:49-04:00", "question_creation_date": "Jun 06, 2024 09:21 AM", "meta_title": "[Solved] Ravsten Company uses a job-order costing | SolutionInn", "meta_description": "Answer of - Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the com were as foll | SolutionInn", "meta_keywords": "ravsten,company,job-order,costing,system,january,1,beginning,current,year,raw,materials", "question_title_h1": "Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the com were as follows: Raw materials Work in", "question_title": "Ravsten Company uses a job-order costing system. On January 1, the beginning", "question_title_for_js_snippet": "Ravsten Company uses a job order costing system On January 1, the beginning of the current year, the com were as follows Raw materials Work in process Finished goods $18,000 $10,800 $30,400 The company applies overhead cost to jobs on the basis of machine hours For the current year, the comp work 36,400 machine hours and incur $161,980 in manufacturing overhead cost The following transactio year a Raw materials were purchased on account $208,000 b Raw materials were requisitioned for use in production $194,000 (80 direct and 20 indirect) c The following costs were incurred for employee services $163 200 3 oints eBook Print References Ravsten Company uses a job order costing system On January 1, the beginning of the current year, the company's Inventory balances were as follows Raw materials Work in process Finished goods $18,000 $10,800 $30,400 The company applies overhead cost to jobs on the basis of machine hours For the current year, the company estimated that it would work 36,400 machine hours and incur $161,980 in manufacturing overhead cost The following transactions were recorded for the year a Raw materials were purchased on account $208,000 b Raw materials were requisitioned for use in production $194,000 (80 direct and 20 indirect) c The following costs were incurred for employee services Direct labour Indirect labour Sales commissions $163,200 $ 27,800 $ 37,200 Administrative salaries i $ 81,600 d Heat, power, and water costs were incurred in the factory $43,800 Dronaid insurance expired during the year $12,000 (85 relates to factory operations, and 15 relates to selling and administrative ok ces Raw materials Work in process Finished goods $18,000 $10,800 $30,400 The company applies overhead cost to jobs on the basis of machine hours For the current year, the compam work 36,400 machine hours and incur $161,980 in manufacturing overhead cost The following transactions year a Raw materials were purchased on account $208,000 b Raw materials were requisitioned for use in production $194,000 (80 direct and 20 indirect) c The following costs were incurred for employee services Direct labour Indirect labour Sales commissions $163,200 $ 27,800 $ 37,200 Administrative salaries $ 81,600 rondwater costs were incurred in the factory $43 800 C The following costs were incurred for employee services Direct labour Indirect labour $163,200 $ 27,800 Sales commissions $ 37,200 Administrative salaries $ 81,600 d Heat, power, and water costs were incurred in the factory $43,800 e Prepaid insurance expired during the year $12,000 (85 relates to factory operations, and 15 relates to selling and administram activities) f Advertising costs were incurred, $52,000 g Depreciation was recorded for the year $62,400 (90 relates to factory operations, and 10 relates to selling and administrative activities) h Manufacturing overhead cost was applied to production The company recorded 40,800 machine hours for the year 1 Goods that cost $497,600 to manufacture according to their job cost sheets were transferred to the finished goods warehouse J Sales for the year totalled $718,600 and were all on account The total cost to manufacture these goods according to their job co sheets was $491,800 Required 1 Prepare journal entries to record the transactions given above (Do not round intermediate calculations If no entry is required a transaction event, select No journal entry required in the first account field ) View transaction list View journal entry worksheet Ook Required 1 Prepare journal entries to record the transactions given above (Do not round intermediate calculations If no entry is required for a transaction event, select No journal entry required in the first account field ) View transaction list View journal entry worksheet nt No 1 Transaction General Journal Raw materials Accounts payable ences 2 b Work in process Manufacturing overhead Raw materials 3 C Work in process Manufacturing overhead Salaries and wages payable Debit Credit 208,000 208,000 10,800 183,200 194,000 28 points 2 Prepare T accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold Post relevant data from your journal entries to these T accounts (don't forget to enter the opening balances in your inventory accounts) Compute an ending balance in each account eBook Print References Raw Materials Beg Bal End Bal 0 Manufacturing Overhead Beg Bal End Bal Work in Process Cost of Goods Sold Beg Bal Beg Bal End Bal End Bal 0 Finished Goods Beg Bal End Bal 0 28 points eBook Print References 3 a Is manufacturing overhead underapplied or overapplied for the year O Underapplied overhead O Overapplied overhead 3 b Prepare a journal entry to properly dispose of any balance in the Manufacturin calculations and round your final answers to nearest whole dollar amount If na No journal entry required in the first account field ) View transaction list eBook Print Journal entry worksheet", "question_description": "\"image\"image\"image\"image\"image\"image\"image\"image\"image Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the com were as follows: Raw materials Work in process Finished goods $18,000 $10,800 $30,400 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the comp work 36,400 machine-hours and incur $161,980 in manufacturing overhead cost. The following transactio year: a. Raw materials were purchased on account: $208,000. b. Raw materials were requisitioned for use in production: $194,000 (80% direct and 20% indirect). c. The following costs were incurred for employee services: $163 200 3 oints eBook Print References Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's Inventory balances were as follows: Raw materials Work in process Finished goods. $18,000 $10,800 $30,400 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,400 machine-hours and incur $161,980 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $208,000. b. Raw materials were requisitioned for use in production: $194,000 (80% direct and 20% indirect). c. The following costs were incurred for employee services: Direct labour Indirect labour Sales commissions $163,200 $ 27,800 $ 37,200 Administrative salaries i $ 81,600 d. Heat, power, and water costs were incurred in the factory: $43,800. Dronaid insurance expired during the year: $12,000 (85% relates to factory operations, and 15% relates to selling and administrative ] ok ces Raw materials Work in process Finished goods $18,000 $10,800 $30,400 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the compam work 36,400 machine-hours and incur $161,980 in manufacturing overhead cost. The following transactions year: a. Raw materials were purchased on account: $208,000. b. Raw materials were requisitioned for use in production: $194,000 (80% direct and 20% indirect). c. The following costs were incurred for employee services: Direct labour Indirect labour Sales commissions $163,200 $ 27,800 $ 37,200 Administrative salaries $ 81,600 rondwater costs were incurred in the factory: $43.800 C. The following costs were incurred for employee services: Direct labour Indirect labour $163,200 $ 27,800 Sales commissions $ 37,200 Administrative salaries $ 81,600 d. Heat, power, and water costs were incurred in the factory: $43,800. e. Prepaid insurance expired during the year: $12,000 (85% relates to factory operations, and 15% relates to selling and administram activities). f. Advertising costs were incurred, $52,000. g. Depreciation was recorded for the year: $62,400 (90% relates to factory operations, and 10% relates to selling and administrative activities). h. Manufacturing overhead cost was applied to production. The company recorded 40,800 machine-hours for the year. 1. Goods that cost $497,600 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. J. Sales for the year totalled $718,600 and were all on account. The total cost to manufacture these goods according to their job co sheets was $491,800. Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required a transaction\/event, select \"No journal entry required\" in the first account field.) View transaction list View journal entry worksheet Ook Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction\/event, select \"No journal entry required\" in the first account field.) View transaction list View journal entry worksheet nt No 1 Transaction General Journal Raw materials Accounts payable ences 2 b. Work in process Manufacturing overhead Raw materials 3 C. Work in process Manufacturing overhead Salaries and wages payable Debit Credit 208,000 208,000 10,800 183,200 194,000 28 points 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account. eBook Print References Raw Materials Beg. Bal End. Bal. 0 Manufacturing Overhead Beg Bal End. Bal. Work in Process Cost of Goods Sold Beg. Bal Beg. Bal End. Bal. End. Bal. 0 Finished Goods Beg. Bal End. Bal 0 28 points eBook Print References 3-a. Is manufacturing overhead underapplied or overapplied for the year? O Underapplied overhead O Overapplied overhead 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturin calculations and round your final answers to nearest whole dollar amount. If na \"No journal entry required\" in the first account field.) View transaction list eBook Print Journal entry worksheet", "transcribed_text": "", "related_book": { "title": "Contemporary Auditing Real Issues And Cases", "isbn": "0538466790, 9780538466790", "edition": "8th Edition", "authors": "Michael C. Knapp", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/632d67b8674dd_16522.jpg", "uri": "\/textbooks\/contemporary-auditing-real-issues-and-cases-8th-edition-9780538466790", "see_more_uri": "" }, "free_related_book": { "isbn": "0593639669", "uri": "\/textbooks\/some-kind-of-perfect-978-0593639665-336314", "name": "Some Kind Of Perfect", "edition": "" }, "question_posted": "2024-06-06 09:21:49", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/do-unions-make-it-difficult-for-companies-to-attain-a", "description": "Do unions make it difficult for companies to attain a competitive advantage? 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