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Managerial Accounting 1B Ch15

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Question;Managerial Accounting 1B;Financial;and Managerial Accounting;Chapter 15;1.;Exercise 15-4 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;$;30,000;$;66,000;$;54,000;Direct labor;16,000;28,400;42,000;Overhead;8,000;14,200;21,000;Job 102 was started in production;in May and the following costs were assigned to it in May: direct materials;$12,000, direct labor, $3,600, and overhead, $1,800. Jobs 103 and 104 are;started in June. Overhead cost is applied with a predetermined rate based on;direct labor cost. Jobs 102 and 103 are finished in June, and Job 104 is;expected to be finished in July. No raw materials are used indirectly in;June. Using this information, answer the following questions. (Assume this;company?s predetermined overhead rate did not change across these months).;1.;What is the cost of the raw;materials requisitioned in June for each of the three jobs?(Omit the "$" sign in your response.);Job 102;Job 103;Job 104;2.;How much direct labor cost is;incurred during June for each of the three jobs?(Omit the "$" sign in your response.);3.;What predetermined overhead rate;is used during June?(Omit the "%;sign in your response.);Predetermined overhead;rate;4.;How much total cost is transferred;to finished goods during June?(Omit the;$" sign in your response.);Total transferred cost;$;2.;Exercise 15-6 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;1,500,000;1,500,000;31;Direct labor cost;240,000;1,740,000;31;Overhead costs;450,000;2,190,000;31;To finished goods;2,100,000;90,000;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;$30,000. How much direct labor cost and overhead cost are assigned to;it?(Omit the "$" sign in your;response.);3.;Exercise 15-7 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.;Compute the following amounts for;the month of May. (Input all amounts as;positive values. Omit the "$" sign in your response.);1.;Cost of direct materials used.;2.;Cost of direct labor used.;3.;Cost of goods manufactured.;4.;Cost of goods sold.*;5.;Gross profit.;6.;4.Exercise 15-8 Journal entries for materials L.O. P1;The following information is;available for Lock-Down Company, which produces special-order security;products and uses a job order cost accounting system.;1.;Raw materials purchases for cash.;2.;Direct materials usage.;3.;Indirect materials usage.;Prepare journal entries for the;above events for the month of May. (Omit the;$" sign in your response.);5.Exercise 15-9 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.;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;$" sign in your response.);6.Exercise 15-10;Journal entries for overhead L.O. P3;The following information is;available for Lock-Down Company, which produces special-order security;products and uses a job order cost accounting system.;1.;Factory overhead excluding;indirect materials and indirect labor (record credit to Other Accounts).;2.;Application of overhead to goods;in process.;Prepare journal entries for the;above events for the month of May. (Omit the;$" sign in your response.);7.Exercise 15-11 Adjusting factory;overhead L.O. P4;The following information is;available for Lock-Down Company, which produces special-order security;products and uses a job order cost accounting system.;Prepare the journal entry to;allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.(Omit the "$" sign in your response.);Problem 15-1A Production costs computed and recorded, reports;prepared L.O. C2, P1, P2, P3, P4;[The following information applies to the questions displayed;below.];Winfrey Co.'s March 31 inventory;of raw materials is $150,000. Raw materials purchases in April are $400,000;and factory payroll cost in April is $220,000. Overhead costs incurred in;April are: indirect materials, $30,000, indirect labor, $14,000, factory;rent, $20,000, factory utilities, $12,000, and factory equipment;depreciation, $30,000. The predetermined overhead rate is 50% of direct labor;cost. Job 306 is sold for $380,000 cash in April. Costs of the three jobs;worked on in April follow.;Job;306;Job;307;Job;308;Balances on March 31;Direct;materials;$;14,000;$;18,000;Direct;labor;18,000;16,000;Applied;overhead;9,000;8,000;Costs during April;Direct;materials;100,000;170,000;$;80,000;Direct;labor;30,000;56,000;120,000;Applied;overhead;?;?;?;Status on April 30;Finished;(sold);Finished;(unsold);In;process;8.;Problem 15-1A Part 1;Required;1.;Determine the total of each;production cost incurred for April (direct labor, direct materials, and;applied overhead), and the total cost assigned to each job (including the;balances from March 31).(Leave no cells;blank - be certain to enter "0" wherever required. Omit the;$" sign in your response.);9.;Problem 15-1A Part 2;a.;Materials purchases (on credit);factory payroll (paid in cash), and actual overhead costs including indirect;materials and indirect labor. (Factory rent and utilities are paid in cash.);b.;Assignment of direct materials;direct labor, and applied overhead costs to the Goods in Process Inventory.;c.;Transfer of Jobs 306 and 307 to;the Finished Goods Inventory.;d.;Cost of goods sold for Job 306.;e.;Revenue from the sale of Job 306.;f.;Assignment of any underapplied or;overapplied overhead to the Cost of Goods Sold account. (The amount is not;material.);2.;Prepare journal entries for the;month of April to record the above transactions.(Omit the "$" sign in your response.);10.Problem 15-1A Part 3;3.;Prepare a manufacturing statement;for April (use a single line presentation for direct materials and show the;details of overhead cost.)(Amounts to be;deducted should be indicated with a minus sign. Omit the "$" sign;in your response.);11.Problem 15-1A Part;4;4.1;Compute gross profit for;April.(Omit the "$" sign in your;response.);Gross profit;4.2;Show how to present the;inventories on the April 30 balance sheet.(Omit;the "$" sign in your response.)

 

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