Ellen Joyce Company is engaged in the manufacture of engines which are made only on customers' orders and to their specifications. During January, the company worked on Johs 201, 202, 203, and 204. The following figures summarize the cost records for the month. lob 201 lob 202 lob 203 lob 204 Direct Materials put into process: Jan. 2 P15,000 20,000 15,000 P5,000 16,000 1,000 P5,000 10,000 3,500 18 P6,000 2,000 22 28 Direct labor costs week ending Jan. 2 9. 1,000 27,000 32,000 20,000 1,000 9.000 16 27,000 3,000 1,500 11,500 9,000 23 5,000 18,000 17,500 25 30 Factory overhead Engines completed 60,000 32,000 100 60 Jobs 201 and 202 have been completed and delivered to the customer at a total selling price of P350,000. Job 204 is still in process. There was no work in process at the beginning of the month.
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- Black Company adds materials in the beginning of the process in Department 1, which is the first of two stages of its production cycle. Information concerning the materials used in Department 1 in July is as follows: Units Material Costs Work in process, March 1, 2018 Started in process Completed and transferred out 6,000 50,000 44,000 P3,000 25,560 Using the average cost method, what was the materials cost of work in process on March 31? а. Р6,120 b. Р3,060 С. Р3,000 d. P6,000Ellen Joyce Company is engaged in the manufacture of engines which are made only o customers' orders and to their specifications. During January, the company worked on Johs 201, 202, 203, and 204. The following figures summarize the cost records for the month. Job 201 lob 202 lob 203 Job 204 Direct Materials put into process: Jan. 2 P15,000 20,000 15,000 P5,000 16,000 1,000 P5,000 10,000 3,500 18 22 P6,000 2,000 28 Direct labor costs week ending Jan. 2 1,000 9.000 1,000 27,000 32,000 20,000 9. 16 27,000 3,000 5,000 18,000 17,500 25 1,500 11,500 9,000 23 30 Factory overhead Engines completed 60,000 32,000 100 60 Jobs 201 and 202 have been completed and delivered to the customer at a total selling price of P350,000. Job 204 is still in process. There was no work in process at the beginning of the month. Required: 1. Prepare the summary journal entries for the month to record the preceding information. (Assume a work in process accounts is maintained for each job.) 2. Prepare a cost sheet…Little Company uses a standard costing system. The following monthly cost functions apply to its manufacturing overhead items: Cost Function PO.80 per DLH P1.00 per DLH P0.40 per DLH P8,000 P32,000 Overhead Item Indirect materials Indirect labor Utilities Insurance Depreciation Information for the month of October is as follows: Actual overhead costs incurred: Indirect materials P20,800 24,000 9,600 8,800 32,000 P95,200 Indirect labor Utilities Insurance Depreciation Total Actual direct labor hours worked 24,000 Standard direct labor hours allowed for production achieved 27,000 Little uses expected capacity to calculate standard overhead rates. The monthly expected capacity is 25,000 hours. Required: а. Calculate the following standard overhead rates based upon expected capacity:
- Summit Incorporated produced by the end of the first month May 31, 202x - 40,000 units of its single product. The product requires three basic raw materials A, B and C which were purchased during the month as follows: Materials A B C Other costs consisted of: Purchase Price Factory wages and other salaries paid were: Direct labor Indirect labor P 0.25 0.20 0.50 Supplies Repairs and Maintenance Depreciation Utilities Insurance Delivery Expense Supervision Marketing and administrative salaries Quantities Purchased Factory Overhead P 1,400 900 800 1,740 560 0 35,000 10,000 8,000 P 18,750 2,800 3,000 12,400 Quantities on Hand, May 31 4,000 6,000 5,000 Marketing and Administrative Expenses P 800 400 350 310 280 2,460 At the end of the month, finished goods inventories contained 1,500 units and 38,500 units were sold at an average sales price of Php1.75 per unit.Decker Screw Manufacturing Company produces special screws made to customer specifications. During June, the following data pertained to these costs: Summary of Direct Materials Requisitions Department Job Requisition Cost per Number Number Number Quantity 4,950 Unit 1 2906 B9766 $ 1.30 2 2907 B9767 190 22.00 1 2908 B9768 1,160 9.00 1 2906 B9769 4,830 1.31 2 2908 B9770 31 48.00 Summary of Direct Labor Time Tickets Cost per Department Job Ticket Number Number Number Hours Unit $ 6.50 1,118 152 1 2906 1056-1168 2907 2121-2130 9.00 1 2908 1169-1189 167 6.50 2 2908 2131-1239 48 9.00 2906 1190-1239 826 6.50 Summary of Factory Overhead Application Rates Department Number Basis of Application Rates $3 per direct labor hour 1 2 150% of direct labor cost Decker had no beginning Work-in-Process Inventory for June. Of the jobs begun in June, Job 2906 was completed and sold on account for $30,000, Job 2907 was completed but not sold, and Job 2908 was still in process. Required: 1. Calculate the…The debits to Work-in - Process for Department #2 for the month of April of the current year, together with information concerning production, are presented below. All direct materials come from Department #1. The units completed include the 1, 200 in process at the beginning of the period. Department #2 uses FIFO costing. Work-in - Process - Department #2 Debit Credit 1, 200 units, 1/4 completed $ 1,200 Product X, 6,200 units ? ? ? ? From Department 1, 6,000 units 3,600 Direct Labor 8,000 Factory OH 4,800 1,000 units, (1)/(2) complete ? ? ? ? The cost of goods transferred to finished goods is:
- Cost data for Johnstone Manufacturing Company for th month ended March 31 are as follows: Inventories Materials Work in process Finished goods March 1 $199,500 131,670 101,750 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: March 31 Factory overhead: $173,570 114,560 118,030 $359,100 383,040 a. Prepare a cost of goods manufactured statement fo March. Cost of goods manufactured Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 38,300 23,140 Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs 7,980 6,380 5,590 10,370 00 $ $ b. Determine the cost of goods sold for March.Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds e $7 per pound 2 DLH e $16 per DLH 2 DLH e $12 per DLH Actual Results 44,900 pounds e $7.10 per pound 14,500 hours e $16.40 per hour $ 182,800 7,400 units Direct materials Direct labor Overhead Units manufactured Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard CostAl-Can Products, Inc. began work on an order for 80 benches. Complete the cost sheet for this work order. a. Record the following items: i. ii. iii. May 4. Direct labor, $248.00. iv. v. vi. May 6. Direct labor, $192.00. vii. May 7. Direct labor, $295.00. viii. May 10. Direct materials, $360.00. Req. No. 428. ix. May 10. Direct labor, $165.00. x. May 11. Direct labor, $152.00. xi. May 12. Direct labor, $124.00. b. Complete the cost sheet by totaling the Direct Labor and Direct Materials columns, calculating total cost using those totals and the factory overhead rate answer from step 3, and calculating cost per unit. May 3. Direct materials, $862.50. Req. No. 392. May 3. Direct labor, $129.00. May 5. Direct materials, $472.50. Req. No. 399. May 5. Direct labor, $175.00.
- Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December,2022. Company presented the following costs on processes: In January, under FIFO method, what is the total cost to be accounted for in Process 1? P659,434 P666,510 P683,654 P656,400Caprice, Inc. has adopted a JIT management system and has the following transactions in December:Dec 3 Purchased raw materials on account, $80,000Dec 8 Incurred labor and overhead costs, $105,000Dec 15 Completed 750 units with standard costs of $106 for direct materials and $165 for conversion costsDec 23 Sold 650 units for $395 eachRecord the journal entries for Caprice, Inc. for December.TB MC Qu. 8-85 (Algo) The debits to Work-in-Process for Department #2 for... The debits to Work-in-Process for Department #2 for the month of April of the current year, together with information concerning production, are presented below. All direct materials come from Department #1. The units completed include the 2,800 in process at the beginning of the period. Department #2 uses FIFO costing. WORK-IN-PROCESS - DEPARTMENT #2 2,800 units, ¼ completed $2,800 Product X, 9,400 units ???? From Dept. 1, 9,200 units 5,520 Direct Labor 9,600 Factory OH 8,000 2,600 units, ½ complete ???? The conversion costs per equivalent unit is: Multiple Choice $1.31. $0.88. $1.76. $2.23.