E2-11 job cost related accounts for the law firm of Chan, King, and Lou and their manufacturing equivalents: Law Firm Accounts Manufacturing Firm Accounts Supplies Raw Materials Direct Attorney Cost Direct Labor Operating Overhead Manufacturing Overhead Work in Process Work in Process Cost of Completed Work Cost of Goods Sold Cost data for the month of March follow. 1. Purchased supplies on account $1,500. 2. Issued supplies $1,200 (60% direct and 40% indirect). 3. Time cards for the month indicated labor costs of $75,000 (80% direct and 20% indirect). 4. Operating overhead costs incurred for cash totaled $40,000. 5. Operating overhead is applied at a rate of 90% of direct attorney cost. 6. Work completed totaled $100,000. Instructions (a) Journalize the transactions for March. Omit explanations. (b) Determine the balance of the Work in Process account. Use a T account.
E2-12 Armando Ortiz and Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Hernandez Navarro Vallejo direct materials $600 $400 $200 Auditor labor costs $5,400 $6,600 $3,375 Auditor hours 72 88 45 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $50 per auditor hour. The Hernandez job is the only incomplete job at the end of November. Actual overhead for the month was $11,000. Instructions (a) Determine the cost of each job. (b) Indicate the balance of the Work in Process account at the end of November. (c) Calculate the ending balance of the Manufacturing Overhead account for November.
P2-2B For the year ended December 31, 2005, the job cost sheets of Amend Company contained the following da job # XXXXX direct Materials direct Labor manufactured Overhead total Costs 7640 Balance 1/1 $25,000 $24,000 $28,800 $ 77,800 Current year’s costs 30,000 36,000 43,200 109,200 7641 Balance 1/1 11,000 18,000 21,600 50,600 Current year’s costs 40,000 48,000 57,600 145,600 7642 Current year’s costs 48,000 50,000 60,000 158,000 Other data: 1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,000 of raw materials was purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 7639 for $92,000. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for $530,000. 5. Manufacturing overhead incurred on account totaled $115,000. 6. Other manufacturing overhead consisted of indirect materials $14,000, indirect labor $20,000, and depreciation on factory machinery $8,000. Instructions (a) Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Hint: Use a single T account for Work in Process Inventory. Calculate each of the following, then post each to the T account: (1) beginning balance, (2) Direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs. (b) Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (c) Determine the gross profit to be reported for 2005.
BYP 2-5 You are the management accountant for Clemente Manufacturing. Your company does custom carpentry work and uses a job order cost accounting system. Clemente Job Order Cost Accounting PARLEX COMPANY Notes to the Financial Statements The Company’s products are manufactured on a job order basis to customers’ specifications. Customers submit requests for quotations on each job, and the Company prepares bids based on its own cost estimates. The Company attempts to reflect the impact of changing costs when establishing prices. However, during the past several years, the market conditions for flexible circuits and the resulting price sensitivity haven’t always allowed this
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the one i was paying for is below, which i don't see on this file. please let me know. thanks
(Entries for Asset Acquisition, Including Self-Construction) Below are transactions related to
(a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The market value of
this land is determined to be $81,000.
(b) 14,000 shares of common stock with a par value of $50 per share are issued in exchange for land
and buildings. The property has been appraised at a fair market value of $810,000, of which
$180,000 has been allocated to land and $630,000 to buildings. The stock of Impala Company is
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522 · Chapter 10 Acquisition and Disposition of Property, Plant, and Equipment
not listed on any exchange, but a block of 100 shares was sold by a stockholder 12 months ago
at $65 per share, and a block of 200 shares was sold by another stockholder 18 months ago at
$58 per share.
(c) No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead
the amounts properly chargeable to plant asset accounts for machinery constructed during the
year. The following information is given relative to costs of the machinery constructed.
Materials used $12,500
Factory supplies used 900
Direct labor incurred 16,000
Additional overhead (over regular) caused by construction 2,700
of machinery, excluding factory supplies used
Fixed overhead rate applied to regular manufacturing operations 60% of direct labor cost
Cost of similar machinery if it had been purchased from
outside suppliers 44,000
Prepare journal entries on the books of Impala Company to record these transactions.
These are not the questions you have originally posted Jazzy. Please check the questions you have posted above. If you need help with this new set, please post those in a new post and type "For BusinessTutor" at the beginning of the post. When you do, please advise your deadline
Thank you Jazzy, but please remember to type "For BusinessTutor" at the beginning of your new post
All the best
Hello, i got charge $3.00 on friday for a question already posted i thought i was viewing for $3.00,which i could not use, which i would like credit for. today i was hoping to spend that $3.00 on an other view assig and i got charge another $3.00, awaiting for this one. I should now have $6.00 credit on my accout which i do not see. please help.
I am not sure what you mean Jazzy! Of you want a refund, you can contact customer service, I cannot help you with that, but here is the link to contact customer service through it:
As for this one, you need to post it on a different post
I cannot see your account or what you have paid, if you need a refund, please contact customer service. If you need me to help you with the problems, please post them on a new post