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acct 212 homework 3 chapter 19

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Question;acct 212 homework 3 chapter 19 1.;award:3 out of;3.00 points;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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