acct 212 homework 3 chapter 19

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acct 212 homework 3 chapter 19

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Exercise 19-4 Analysis of cost flows L.O. C2, P1, P2, P3

As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs.

Job 102

Job 103

Job 104

Direct materials

$ 45,000

$ 64,000

$ 54,000

Direct labor

18,000

28,000

39,000

Overhead

7,740

12,040

16,770

Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $9,000; direct labor, $3,100; and overhead, $1,333. Jobs 103 and 104 are started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 are finished in June, and Job 104 is expected to be finished in July. No raw materials are used indirectly in June. Using this information, answer the following questions. (Assume this company’s predetermined overhead rate did not change across these months).

1.

What is the cost of the raw materials requisitioned in June for each of the three jobs? (Omit the “$” sign in your response.)

2.

How much direct labor cost is incurred during June for each of the three jobs? (Omit the “$” sign in your response.)

3.

What predetermined overhead rate is used during June? (Omit the “%” sign in your response.)

4.

How much total cost is transferred to finished goods during June? (Omit the “$” sign in your response.)

2.

award:
2 out of
2.00 points

Exercise 19-5 Overhead rate; costs assigned to jobs L.O. P3

In December 2010, Kent Computer’s management establishes the year 2011 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $729,300 of overhead costs and $510,000 of direct labor cost in year 2011. During March 2011, Kent began and completed Job No. 13-56.

1.

What is the predetermined overhead rate for year 2011? (Omit the “%” sign in your response.)

143 %

2.

Use the information on the following job cost sheet.

Determine the total cost of the job. (Round your answer to the nearest whole number. Omit the “$” sign in your response.)

3.

award:
1.34 out of
2.00 points

Exercise 19-6 Analysis of costs assigned to goods in process L.O. P3

Lopez Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account shows the following.

Date

Explanation

Debit

Credit

Balance

2011

Dec. 31

Direct materials cost

1,600,000

1,600,000

31

Direct labor cost

240,000

1,840,000

31

Overhead costs

560,000

2,400,000

31

To finished goods

2,311,000

89,000

1.

Determine the overhead rate used (based on direct material cost). (Omit the “%” sign in your response.)

2.

Only one job remained in the goods in process inventory at December 31, 2011. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to it? (Round your answers to the nearest dollar amount. Omit the “$” sign in your response.)

eBook LinkView Hint #1

Worksheet

Difficulty: Medium

Exercise 19-6 Analysis of costs assigned to goods in process L.O. P3

Learning Objective: 19-P3 Describe and record the flow of overhead costs in job order cost accounting.

4.

award:
3 out of
3.00 points

Exercise 19-7 Cost flows in a job order cost system L.O. P1, P2, P3, P4

The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.

April 30

May 31

Inventories

Raw materials

$

46,000

$

56,000

Goods in process

9,500

19,600

Finished goods

60,000

34,200

Activities and information for May

Raw materials purchases (paid with cash)

184,000

Factory payroll (paid with cash)

200,000

Factory overhead

Indirect materials

13,000

Indirect labor

65,000

Other overhead costs

108,000

Sales (received in cash)

2,000,000

Predetermined overhead rate based on direct labor cost

55

%

Compute the following amounts for the month of May. (Input all amounts as positive values. Omit the “$” sign in your response.)

*Do not consider any underapplied or overapplied overhead.

eBook Links (4)View Hint #1

5.

award:
1.34 out of
2.00 points

Exercise 19-8 Journal entries for materials L.O. P1

The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.

April 30

May 31

Inventories

Raw materials

$

39,000

$

53,000

Goods in process

12,000

18,000

Finished goods

61,000

34,200

Activities and information for May

Raw materials purchases (paid with cash)

191,000

Factory payroll (paid with cash)

395,000

Factory overhead

Indirect materials

13,000

Indirect labor

78,000

Other overhead costs

101,500

Sales (received in cash)

1,280,000

Predetermined overhead rate based on direct labor cost

65

%

1.

Raw materials purchases for cash.

2.

Direct materials usage.

3.

Indirect materials usage.

Prepare journal entries for the above events for the month of May. (Omit the “$” sign in your response.)

eBook LinkView Hint #1

Worksheet

Difficulty: Medium

Exercise 19-8 Journal entries for materials L.O. P1

Learning Objective: 19-P1 Describe and record the flow of materials costs in job order cost accounting.

6.

award:
1.50 out of
2.00 points

Exercise 19-9 Journal entries for labor L.O. P2

The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.

April 30

May 31

Inventories

Raw materials

$

36,000

$

54,000

Goods in process

11,200

17,500

Finished goods

58,000

30,200

Activities and information for May

Raw materials purchases (paid with cash)

194,000

Factory payroll (paid with cash)

390,000

Factory overhead

Indirect materials

14,000

Indirect labor

70,000

Other overhead costs

98,500

Sales (received in cash)

1,210,000

Predetermined overhead rate based on direct labor cost

65

%

1.

Factory payroll costs in cash.

2.

Direct labor usage.

3.

Indirect labor usage.

Prepare journal entries for the above events for the month of May. (Omit the “$” sign in your response.)

eBook LinkView Hint #1

Worksheet

Difficulty: Medium

Exercise 19-9 Journal entries for labor L.O. P2

Learning Objective: 19-P2 Describe and record the flow of labor costs in job order cost accounting.

7.

award:
1.50 out of
2.00 points

Exercise 19-10 Journal entries for overhead L.O. P3

The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.

April 30

May 31

Inventories

Raw materials

$

39,000

$

50,000

Goods in process

10,200

20,500

Finished goods

66,000

36,600

Activities and information for May

Raw materials purchases (paid with cash)

189,000

Factory payroll (paid with cash)

415,000

Factory overhead

Indirect materials

14,000

Indirect labor

75,000

Other overhead costs

97,500

Sales (received in cash)

1,270,000

Predetermined overhead rate based on direct labor cost

65

%

1.

Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts).

2.

Application of overhead to goods in process.

Prepare journal entries for the above events for the month of May. (Omit the “$” sign in your response.)

eBook LinkView Hint #1

Worksheet

Difficulty: Medium

Exercise 19-10 Journal entries for overhead L.O. P3

Learning Objective: 19-P3 Describe and record the flow of overhead costs in job order cost accounting.

Exercise 19-13 Factory overhead computed, applied, and adjusted L.O. P3, P4

[The following information applies to the questions displayed below.]

In December 2010, Ultravision established its predetermined overhead rate for movies produced during year 2011 by using the following cost predictions: overhead costs, $2,162,000, and direct labor costs, $470,000. At year end 2011, the company’s records show that actual overhead costs for the year are $656,200. Actual direct labor cost had been assigned to jobs as follows.

Movies completed and released

$

100,000

Movies still in production

45,000

Total actual direct labor cost

$

145,000

Section Break

Difficulty: Medium

Learning Objective: 19-P4 Determine adjustments for overapplied and underapplied factory overhead.

Exercise 19-13 Factory overhead computed, applied, and adjusted L.O. P3, P4

Learning Objective: 19-P3 Describe and record the flow of overhead costs in job order cost accounting.

9.

award:
1 out of
1.00 point

Exercise 19-13 Part 1

1.

Determine the predetermined overhead rate for year 2011. (Omit the “%” sign in your response.)

Predetermined overhead rate

460 %

eBook Links (2)View Hint #1

Worksheet

Difficulty: Medium

Learning Objective: 19-P4 Determine adjustments for overapplied and underapplied factory overhead.

Exercise 19-13 Part 1

Learning Objective: 19-P3 Describe and record the flow of overhead costs in job order cost accounting.

10.

award:
1 out of
1.00 point

Exercise 19-13 Part 2

2.

Enter the overhead costs incurred and the amounts applied to movies during the year using the predetermined overhead rate in the T-account provided below. (Omit the “$” sign in your response.)

eBook Links (2)View Hint #1

Worksheet

Difficulty: Medium

Learning Objective: 19-P4 Determine adjustments for overapplied and underapplied factory overhead.

Exercise 19-13 Part 2

Learning Objective: 19-P3 Describe and record the flow of overhead costs in job order cost accounting.

11.

award:
1 out of
1.00 point

Exercise 19-13 Part 3

3.

Determine whether overhead is overapplied or underapplied (and the amount) during the year. (Input all amounts as positive values. Omit the “$” sign in your response.)

eBook Links (2)View Hint #1

Worksheet

Difficulty: Medium

Learning Objective: 19-P4 Determine adjustments for overapplied and underapplied factory overhead.

Exercise 19-13 Part 3

Learning Objective: 19-P3 Describe and record the flow of overhead costs in job order cost accounting.

12.

award:
2 out of
2.00 points

Exercise 19-13 Part 4

4.

Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. (Omit the “$” sign in your response.)

eBook Links (2)View Hint #1

Worksheet

Difficulty: Medium

Learning Objective: 19-P4 Determine adjustments for overapplied and underapplied factory overhead.

Exercise 19-13 Part 4

Learning Objective: 19-P3 Describe and record the flow of overhead costs in job order cost accounting.

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