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The question that need answers are in the attached file. Question 1 Exercise 17.2 Flow of Costs in Job Order Costing L.O. 1, 2, 3,
The question that need answers are in the attached file.
Question 1 Exercise 17.2 Flow of Costs in Job Order Costing L.O. 1, 2, 3, 4, 5 The information below was taken from the job cost sheets of Bates Company. Ma nuf actu ring Cos ts as Job of Nu Jun mb e Manufacturing er 30 Costs in July 4,1 $ 101 00 3,5 102 00 860 2,0 103 $ 00 2,4 3,8 104 00 00 5,5 105 00 3,4 106 00 During July, jobs no. 103 and 104 were completed, and jobs no. 101, 102, and 104 were delivered to customers. Jobs no. 105 and 106 are still in process at July 31. a.Compute the work in process inventory at June 30. (Omit the "$" sign in your response) Work in process $ inventory b Compute the finished goods inventory at June 30. (Omit the . "$" sign in your response) Finished goods $ inventory c. Compute the cost of goods sold during July. (Omit the "$" sign in your response) Cost of $ goods sold d Compute the work in process inventory at July 31. (Omit the . "$" sign in your response) Work in process $ inventory e. Compute the finished goods inventory at July 31. (Omit the "$" sign in your response) Finished goods $ inventory Question 2 Exercise 17.3 Journal Entries in Job Order Costing L.O. 1, 2, 3, 4, 5 Riverside Engineering is a machine shop that uses job order costing. Overhead is applied to individual jobs at a predetermined rate based on direct labor costs. The job cost sheet for job no. 321 appears below. JOB COST SHEET JOB NUMBER: DATE STARTED: May 10 321 PRODUC T: 2" Brass DATE COMPLETED: May 21 Check Valves UNITS COMPLET ED: 4000 Direct materials $ 7,900 used Direct 1,300 labor Manufact uring 3,100 overhead applied Total cost of job no. 321 $ 12,300 Unit cost ($12,300 4,000 units) $ 3.08 a.Summarize the manufacturing costs charged to job no. 321. b Record the completion of job no. 321. . c. Record the credit sale of 2,200 units from job no. 321 at a unit sales price of $5. Record in a separate entry the related cost of goods sold. Prepare general journal entries to the above statements (Omit the "$" sign in your response): General Journal a. b. c. Debit Credit Question 3 Problem 17.1A Job Order Costing: Computations and Journal Entries L.O. 1, 2, 3, 4, 5 Chesapeake Sailmakers uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June: Debits to account: Balance, $ June 1 Direct materials Direct labor Manufacturi ng overhead (applied to jobs as 150% of direct labor cost) Total $ debits to account Credits to account: Transferred to Finished Goods Inventory account Balance, June 30 $ 7,200 13,000 9,400 14,000 43,600 33,200 10,400 a.Assuming that the direct labor charged to the jobs still in process at June 30 amounts to $2,200, compute the amount of manufacturing overhead and the amount of direct materials that have been charged to these jobs as of June 30. (Omit the "$" sign in your response.) Manufacturing $ overhead applied to jobs Direct materials charged to jobs $ Prepare general journal entries to summarize: (Omit the "$" sign in your response.) 1.The manufacturing costs (direct materials, direct labor, and overhead) charged to production during June. 2.The transfer of production completed during June to the Finished Goods Inventory account. 3.The cash sale of 90 percent of the merchandise completed during June at a total sales price of $50,000. Show the related cost of goods sold in a separate journal entry. b. General Journal Debit Credit 1. 2. 3. Question 4 Problem 17.2A Job Order Costing: Journal Entries and Cost Flows L.O. 1, 2, 3, 4, 5 The following information relates to the manufacturing operations of O'Shaughnessy Mfg. Co. during the month of March. The company uses job order costing. a.Purchases of direct materials during the month amount to $53,000. (All purchases were made on account.) b Materials requisitions issued by the Production Department . during the month total $53,000. c. Time cards of direct workers show 2,000 hours worked on various jobs during the month, for a total direct labor cost of $32,000. d Direct workers were paid $28,000 in March. . e. Actual overhead costs for the month amount to $35,000 (for simplicity, you may credit Accounts Payable). f. Overhead is applied to jobs at a rate of $18 per direct labor hour. g.Jobs with total accumulated costs of $120,000 were completed during the month. h During March, units costing $140,000 were sold for $220,000. . (All sales were made on account.) Prepare general journal entries to summarize each of these transactions in the company's general ledger accounts. (Omit the "$" sign in your response.) General Journal a. b. c. d. e. f. g. h. Debit CreditStep by Step Solution
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