Tyler Tooling Company uses a job order cost system with overhead applied to products on the...
Fantastic news! We've Found the answer you've been seeking!
Transcribed Image Text:
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $252,400 and total machine hours at 63,100. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Direct materials used $10,400 $ 16,500 $ 7,500 $ 5,400 1,800 hours 2,400 hours $ 4,000 $ 5,200 Direct labor Machine hours 900 hours Job 101 was completed and sold for $51,200. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $16,200. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations.) Journal entry worksheet в C D A Record the transfer of completed job 102 to finished goods inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Record the transfer of the job sold to cost of goods sold account. Note: Enter debits before credits. Transaction General Journal Debit Credit 02.a Journal entry worksheet < A B D Record sales revenue and cash received. Note: Enter debits before credits. Transaction General Journal Debit Credit 02.b Record entry Clear entry View general journal Journal entry worksheet < A Bc <> D Record the transfer of the manufacturing overhead account balance to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 Record entry Clear entry View general journal Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $252,400 and total machine hours at 63,100. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Direct materials used $10,400 $ 16,500 $ 7,500 $ 5,400 1,800 hours 2,400 hours $ 4,000 $ 5,200 Direct labor Machine hours 900 hours Job 101 was completed and sold for $51,200. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $16,200. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations.) Journal entry worksheet в C D A Record the transfer of completed job 102 to finished goods inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Record the transfer of the job sold to cost of goods sold account. Note: Enter debits before credits. Transaction General Journal Debit Credit 02.a Journal entry worksheet < A B D Record sales revenue and cash received. Note: Enter debits before credits. Transaction General Journal Debit Credit 02.b Record entry Clear entry View general journal Journal entry worksheet < A Bc <> D Record the transfer of the manufacturing overhead account balance to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 Record entry Clear entry View general journal
Expert Answer:
Answer rating: 100% (QA)
Answer 1 A journal entry is Working Predetermined ove... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0078025518
2nd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Posted Date:
Students also viewed these accounting questions
-
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost...
-
Knight Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, Knight estimated its total manufacturing overhead cost at $450,000...
-
Sampson Company uses a job order cost system with overhead applied to products based on direct labor hours. Based on previous history, the company estimated its total overhead for the coming year...
-
Consider the many moments of joy in the movie. Why include them? What risky acts of courage do Katherine, Mary and Dorothy take? How are they rewarded? The film shows the strong relationships that...
-
A regional manager of a telephone company is responsible for processing requests concerning additions, changes, and deletions of telephone service. She forms a service improvement team to look at the...
-
Student researchers tested to see whether listening to music would interfere with a persons ability to memorize words. Their subjects were randomly assigned to either listen to music or not. They...
-
What are the three factors that affect lateral stability?
-
Haifa Instruments, an Israeli producer of portable kidney dialysis units and other medical products, develops an 8-month aggregate plan. Demand and capacity (in units) are forecast as shown in the...
-
Coherent light from a laser diode is emitted through a rectangular area 3.0m x 1.5m (horizontal-by-vertical). If the laser light has a wavelength of 680 nm, determine the angle between the first...
-
During a baseball practice session, the cutoff man A executes a throw to the third baseman B. If the initial speed of the baseball is v 0 = 130 ft/sec, what launch angle is best if the ball is to...
-
Discuss the factors that negatively affect healthcare managers in their ability to financially sustain their healthcare organization. Provide examples.
-
A study of 3,005 adults ages 57 to 85 showed that 82% of them use at least one prescription drug. The margin of error is 2 percentage points (based on data from Use of Prescription and...
-
There are currently 3,242 convicts on death row (based on 2010 data from the Bureau of Justice Statistics). We obtained a simple random sample of those convicts by compiling a numbered list, then...
-
In phase II testing of a new drug designed to increase the red blood cell count, a researcher obtains envelopes with the names and addresses of all treated subjects. She wants to increase the dosage...
-
In a famous case, two couples from Bakersfield, California, were convicted of molesting dozens of preschool-age children at their daycare center. The evidence for the abuse came primarily from...
-
Let \(y_{t}\) be the continuously compounded yield-to-maturity, at time \(t\), of a zero-coupon bond maturing at time \(T\) (let us assume that the face value is \(\$ 1\) ).
-
Based on journal entries below for 2015 and 2016, what is Assets total in 2016? Apply FIFO. 2015 2016 You contributed $100 cash to start business You purchased 6 products @ $10, with A/P You sold 4...
-
In muscle tissue, the ratio of phosphorylase a to phosphorylase b determines the rate of conversion of glycogen to glucose 1phosphate. Classify how each event affects the rate of glycogen breakdown...
-
Refer to the information in PB3-5 for Ivy Glen Inc. Required: Complete all requirements for PB3-5 using the FIFO method. Requirements PB3-5 1. Using the weighted-average method of process costing,...
-
Herb Garden manufactures garden planters for growing fresh herbs to use in cooking. Individuals as well as local restaurants purchase the planters. Recently, the company incurred the following costs:...
-
Coolbrook Company has the following information available for the past year: The companys hurdle rate is 6 percent. Required: 1. Calculate return on investment (ROI) and residual income for each...
-
The PFD in Figure 11.63 shows a process in which two liquid products, A and B, are produced from a feed stream of raw material R. In the process, the reactor feed is preheated to \(300^{\circ}...
-
Consider a process with the following streams: (a) Compute \(\Delta T_{\text {thres }}\) as well as the minimum external heating and cooling requirements as a function of \(\Delta T_{\text {min }}\)....
-
Design a HEN to meet the MER targets for \(\Delta T_{\text {min }}=10^{\circ} \mathrm{C}\) and \(N_{H X, \text { min }}\) for a process involving five hot streams and one cold stream as introduced by...
Study smarter with the SolutionInn App