# acct 212 homework 3 chapter 19

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acct 212 homework 3 chapter 19 Â

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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 companyâ€™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 Computerâ€™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.)

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 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.

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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.)

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 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.)

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 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 companyâ€™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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