Coronado Company uses a job order cost system. On May 1, the company has a balance...

 

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Coronado Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,080 and two jobs in process: Job No. 429 $2,590, and Job No. 430 $1,490. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,870 $2,100 430 3,660 3,600 431 General use 4,500 $11,030 7,700 $13,400 990 1,630 $12,020 $15,030 (a) Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) May 31 (2) 31 (3) 31 (4) 31 A job cost sheet of Bramble Company is given below. Job Cost Sheet JOB NO. 469 Quantity 2,500 ITEM White Lion Cages Date Requested 7/2 FOR Todd Company Date Completed 7/31 Direct Date Materials Direct Labor Manufacturing Overhead 7/10 700 12 900 15 500 625 22 300 375 24 1,675 27 1,600 31 500 625 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost (a) Your answer is partially correct. Answer the following questions. (1) What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job? Source Documents Direct materials Materials requisition slips Direct labor Manufacturing overhead Time tickets Predetermined overhead rate (2) Overhead is applied on the basis of direct labor cost. What is the predetermined manufacturing overhead rate? Predetermined manufacturing overhead rate 125 % (3) What are the total cost and the unit cost of the completed job? (Round unit cost to 2 decimal places, e.g. 1.25.) Total cost of the completed job Unit cost of the completed job In Bramble Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing Department in selected months during 2020 are as follows. Beginning Work in Process Ending Work in Process Conversion Units Conversion Month Units Cost% Transferred Out Units Cost% January 0 12,000 2,100 64 March 0 13,300 3,900 39 May 0 14,800 7,820 80 00 July 0 10,300 1,600 44 (a) Compute the physical units for January and May. Units to be accounted for Beginning work in process Started into production Total units Units accounted for Transferred out Ending work in process Total units January May Coronado Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,080 and two jobs in process: Job No. 429 $2,590, and Job No. 430 $1,490. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,870 $2,100 430 3,660 3,600 431 General use 4,500 $11,030 7,700 $13,400 990 1,630 $12,020 $15,030 (a) Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) May 31 (2) 31 (3) 31 (4) 31 A job cost sheet of Bramble Company is given below. Job Cost Sheet JOB NO. 469 Quantity 2,500 ITEM White Lion Cages Date Requested 7/2 FOR Todd Company Date Completed 7/31 Direct Date Materials Direct Labor Manufacturing Overhead 7/10 700 12 900 15 500 625 22 300 375 24 1,675 27 1,600 31 500 625 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost (a) Your answer is partially correct. Answer the following questions. (1) What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job? Source Documents Direct materials Materials requisition slips Direct labor Manufacturing overhead Time tickets Predetermined overhead rate (2) Overhead is applied on the basis of direct labor cost. What is the predetermined manufacturing overhead rate? Predetermined manufacturing overhead rate 125 % (3) What are the total cost and the unit cost of the completed job? (Round unit cost to 2 decimal places, e.g. 1.25.) Total cost of the completed job Unit cost of the completed job In Bramble Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing Department in selected months during 2020 are as follows. Beginning Work in Process Ending Work in Process Conversion Units Conversion Month Units Cost% Transferred Out Units Cost% January 0 12,000 2,100 64 March 0 13,300 3,900 39 May 0 14,800 7,820 80 00 July 0 10,300 1,600 44 (a) Compute the physical units for January and May. Units to be accounted for Beginning work in process Started into production Total units Units accounted for Transferred out Ending work in process Total units January May

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a Summary Journal Entries 1 Materials Requisition Slips May 31 Work in Process Inventory Job No 429 ... View the full answer