From the following information, prepare Job No. 1314 and Job No. 1425 accounts in the Job Cost I edger :Job No. 1314Job No. 1425Rs.Rs.Direct materials2.4001.200Materials received from stores16,80014.400Direct wages9.6005,000Other direct expenses1.000500The production overheads are to be taken at 100% of wages and administration overheads at 20% of the productioncost. The contract price of Job No. 1314. which is completed, is fixed at Rs. 55.000. Job No. 1425 is under progress.

Name: From the following information, prepare Job No. 1314 and Job No. 1425
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Description: From the following information, prepare Job No. 1314 and Job No. 1425 accounts in the Job Cost I edger :Job No. 1314Job No. 1425Rs.Rs.Direct materials2.4001.200Materials received from stores16,80014.400Direct wages9.6005,000Other direct expenses1.00

Total manufacturing cost :— It is the total cost incurred in the manufacturing of product during the…

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From the following information, prepare Job No. 1314 and Job No. 1425 accounts in the Job Cost I edger : Job No. 1314 Job No. 1425 Rs. 2.400 16,800 9.600 1.000 Rs. 1.200 14.400 5,000 500 The production overheads are to be taken at 100% of wages and administration overheads at 20% of the production cost. The contract price of Job No. 1314. which is completed, is fixed at Rs. 55.000. Job No. 1425 is under progress. Direct materials Materials received from stores Direct wages Other direct expenses

From the following information, prepare Job No. 1314 and Job No. 1425 accounts in the Job Cost I edger : Job No. 1314 Job No. 1425 Rs. 2.400 16,800 9.600 1.000 Rs. 1.200 14.400 5,000 500 The production overheads are to be taken at 100% of wages and administration overheads at 20% of the production cost. The contract price of Job No. 1314. which is completed, is fixed at Rs. 55.000. Job No. 1425 is under progress. Direct materials Materials received from stores Direct wages Other direct expenses

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 10EB: Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct...

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Job order cost sheets show the following costs assigned to each job: The company assigns overhead at $1.25 for each direct labor dollar spent. What is the total cost for each of the jobs?
Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.
Exotic 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: The average shop direct labor rate is 37.50 per hour. Determine the predetermined shop overhead rate per direct labor hour.
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A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the activity for the cost driver was estimated as 2,500 hours. If product A utilized 1,350 hours and product 8 utilized 1,100 hours, what was the total amount of overhead assigned to the products? A. $35000 B. $30.800 C. $37,800 D. $68,600
Channel Products Inc. uses the job order cost system of accounting. The following is a list of the jobs completed during March, showing the charges for materials issued to production and for direct labor. Assume that factory overhead is applied on the basis of direct labor costs and that the predetermined rate is 200%. Required: Compute the amount of overhead to be added to the cost of each job completed during the month. Compute the total cost of each job completed during the month. Compute the total cost of producing all the jobs finished during the month.
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JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Hilburn Manufacturing Corporation had the following transactions for its job order costing operation. Prepare general journal entries to record these transactions. Jan.1 Purchased materials on account, 17,000. 15 Issued direct materials to Job No. 104, 11,000. 20 Issued indirect materials (factory overhead), 5,000. 31 Incurred direct labor, Job No. 104, 9,000. 31 Incurred indirect labor (factory overhead), 2,500. 31 Incurred other indirect costs (factory overhead; credit Accounts Payable), 2,000.