acct 212 homework 3 chapter 19

$21.00

Description

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.

Reviews

There are no reviews yet.

Be the first to review “acct 212 homework 3 chapter 19”

Your email address will not be published. Required fields are marked *