Curry Corp. uses a job order costing system and worked only on Job 101 during the current period. Job 101 was sold for $490,000. The following information pertains to costs incurred for Job 202. Additional Facts Direct materials $90,000 Indirect materials $30,000 Direct labor $120,000 Indirect labor $65,000 Depreciation of machinery $12,000 Factory supplies $8,000 Overhead rate 95% of direct labor After adjusting for the amount of over- or underapplied overhead, determine the amount of gross profit earned during the year. Three responses are required. Clearly indicate: 1.) Indicate whether the overhead is Over- or underappl 2.) The amount overhead is Over- or underapplied and, 2.) Gross Profit or (Loss) $.

Curry Corp. uses a job order costing system and worked only on Job 101 during the current period. Job 101 was sold for $490,000. The following information pertains to costs incurred for Job 202. Additional Facts Direct materials $90,000 Indirect materials $30,000 Direct labor $120,000 Indirect labor $65,000 Depreciation of machinery $12,000 Factory supplies $8,000 Overhead rate 95% of direct labor After adjusting for the amount of over- or underapplied overhead, determine the amount of gross profit earned during the year. Three responses are required. Clearly indicate: 1.) Indicate whether the overhead is Over- or underappl 2.) The amount overhead is Over- or underapplied and, 2.) Gross Profit or (Loss) $.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 1PB: Entries for costs in a job order cost system Royal Technology Company uses a job order cost system....

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f Sturdy Manufacturing Co. assembled the following cost data for job order #23: O A. $194,500 O B. $193,500 O C. $191,500 Direct manufacturing labor Indirect manufacturing labor Equipment depreciation O D. $195,500 Other indirect manufacturing costs Direct materials Indirect materials Manufacturing overhead overapplied $80,000 12,000 1,000 What are the total manufacturing costs for job order #23 if the company uses normal job-order costing? 1,500 95,000 4,000 2,000 Time left 1:23:33
redetermined Factory Overhead Rate Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $637,100 Shop direct labor 465,000 Shop and repair equipment depreciation 51,100 Shop supervisor salaries 142,000 Shop property taxes 25,800 Shop supplies 19,800 Advertising expense 12,700 Administrative office salaries 54,800 Administrative office depreciation expense 7,000 Total costs and expenses $1,415,300 The average shop direct labor rate is $15 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.$ per direct labor hour
Predetermined Factory Overhead Rate Turbo Shop uses job order costing to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $400,000 Shop direct labor 1,992,000 Shop and repair equipment depreciation 64,220 Shop supervisor salaries 210,000 Shop property taxes 57,390 Shop supplies 14,500 32,000 230,000 12,000 $3,012,110 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $40.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.
Cost Accounting and Control with SAP Job Order Costing and Process Costing HONESTY Company uses job order cost system. The company the company purchased direct materials of 15,000 units at P11.2 per unit. The inventories at the beginning of the period are as follows: Amount Inventory Finished Goods Work in Process Direct Materials Below are the costs incurred during the period: Job No. Direct Materials Direct Labor B C D E FC Job No. A B G 32,800 73,200 89,200 27,200 51,600 21,600 96,000 11,200 36,000 24,000 72,000 168,000 96,000 120,000 38,400 DL Hours Determine the following: 1. How much is the Total Manufacturing Cost? 2. How much is the Cost of Goods Manufactured? 50 150 350 200 During the period, manufacturing overhead costs of P140 per direct labor hour was applied to the job while actual manufacturing overhead costs incurred was P141,200. At the end of the period, Job No. D and G were still in process while Job No. B and F were left unsold. The rest of the jobs were sold. The…
Question Content Area Entries for Costs in Job Order Costing Royal Technology Company uses job order costing. The following data summarize the operations related to production for March: Materials purchased on account, $634,090. Materials requisitioned, $532,640, of which $69,240 was for general factory use. Factory labor used, $653,110, of which $124,090 was indirect. Other costs incurred on account for factory overhead, $152,180; selling expenses, $234,610; and administrative expenses, $139,500. Prepaid expenses expired for factory overhead were $29,170; for selling expenses, $24,730; and for administrative expenses, $17,750. Depreciation of factory equipment was $29,170; of office equipment, $43,120; and of office building, $84,970. Factory overhead costs applied to jobs, $361,430. Jobs completed, $837,000. Cost of goods sold, $811,640. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials…
expert assistance please Question _Job Costing I The Harriott manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400 machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C November 1 Bal. b/f $51,250Direct Materials Used $256,400Other transactions incurred: ▪ Indirect material issued to production was $40,360 ▪ Total manufacturing labour incurred in November was $368,000, 75% of this amount represented direct labour. ▪ Other manufacturing overhead costs incurred for November amounted to $340,490. ▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They were sold on account at a margin of 33⅓% on sales. Required: i) Compute Harriott’s predetermined manufacturing overhead…
Predetermined Factory Overhead Rate Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $949,400 Shop direct labor 693,000 Shop and repair equipment depreciation 59,300 Shop supervisor salaries 164,900 Shop property taxes 29,900 Shop supplies 23,100 Advertising expense 19,000 Administrative office salaries 81,600 Administrative office depreciation expense 10,400 Total costs and expenses $2,030,600 The average shop direct labor rate is $21 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour
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Predetermined Factory Overhead Rate Novus Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $652,100 476,000 48,700 135,500 24,600 19,000 13,000 56,100 7,200 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $14 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round your answer to the nearest cent. per direct labor hour $1,432,200
Check my work The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,500 machine-hours were used in October. g. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 40% above cost. Required: 1. Prepare journal entries to record the…