Concord Company uses a job order cost system and applies overhead to production on the basis...
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Concord Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 23,400, direct labor $ 14,040, and manufacturing overhead $ 18,720. As of January 1, Job 49 had been completed at a cost of $ 105,300 and was part of finished goods inventory. There was a $ 17,550 balance in the Raw Materials Inventory account. During the month of January, Concord Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold during the month. The following additional events occurred during the month. 1. Purchased additional raw materials of $ 105,300 on account. 2. Incurred factory labor costs of $81,900. 3. Incurred manufacturing overhead costs as follows: indirect materials $ 19,890; indirect labor $ 23,400; depreciation expense on equipment $ 14,040; and various other manufacturing overhead costs on account $ 18,720. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials 50 51 52 $ 11,700 45,630 35,100 Direct Labor $ 5,850 29,250 23,400 Job No. (a) 50 51 52 Direct Materials $ 11,700 45,630 35,100 Your answer is correct. Predetermined overhead rate Direct Labor $ 5,850 eTextbook and Media 29,250 Calculate the predetermined overhead rate for 2020, assuming Concord Company estimates total manufacturing overhead costs of $ 982,800, direct labor costs of $819,000, and direct labor hours of 23,400 for the year. (Round answer to the nearest whole percent, e.g. 25%.) 23,400 120 % Attempts: 1 of 4 used Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Job No. 50 Date Beg. Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Jan. $ LA tA Direct Materials 23400 11700 Direct Materials $ tA LA Direct Labor Direct Labor Manufacturing Overhead $ +A A Manufacturing Overhead Job No. 51 Date Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Jan. $ $ tA eTextbook and Media Direct Materials Direct Materials $ +A Direct Labor $ $ Direct Labor Manufacturing Overhead $ $ LA tA $ Manufacturing Overhead Concord Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 23,400, direct labor $ 14,040, and manufacturing overhead $ 18,720. As of January 1, Job 49 had been completed at a cost of $ 105,300 and was part of finished goods inventory. There was a $ 17,550 balance in the Raw Materials Inventory account. During the month of January, Concord Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold during the month. The following additional events occurred during the month. 1. Purchased additional raw materials of $ 105,300 on account. 2. Incurred factory labor costs of $81,900. 3. Incurred manufacturing overhead costs as follows: indirect materials $ 19,890; indirect labor $ 23,400; depreciation expense on equipment $ 14,040; and various other manufacturing overhead costs on account $ 18,720. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials 50 51 52 $ 11,700 45,630 35,100 Direct Labor $ 5,850 29,250 23,400 Job No. (a) 50 51 52 Direct Materials $ 11,700 45,630 35,100 Your answer is correct. Predetermined overhead rate Direct Labor $ 5,850 eTextbook and Media 29,250 Calculate the predetermined overhead rate for 2020, assuming Concord Company estimates total manufacturing overhead costs of $ 982,800, direct labor costs of $819,000, and direct labor hours of 23,400 for the year. (Round answer to the nearest whole percent, e.g. 25%.) 23,400 120 % Attempts: 1 of 4 used Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Job No. 50 Date Beg. Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Jan. $ LA tA Direct Materials 23400 11700 Direct Materials $ tA LA Direct Labor Direct Labor Manufacturing Overhead $ +A A Manufacturing Overhead Job No. 51 Date Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Jan. $ $ tA eTextbook and Media Direct Materials Direct Materials $ +A Direct Labor $ $ Direct Labor Manufacturing Overhead $ $ LA tA $ Manufacturing Overhead
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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