Prull Company, a job-order costing firm, worked on three jobs in July. Data are as follows:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prull Company, a job-order costing firm, worked on three jobs in July. Data are as follows: Balance, July 1 Direct materials Direct labor Machine hours Job 86 Job 87 Job 88 $21,370 $6,190 50 $10,360 $12,230 $16,170 $15,960 $12,280 $23,910 500 300 1,020 Overhead is applied to jobs at the rate of $15 per machine hour. By July 31, Jobs 86 and 88 were completed. Jobs 82 and 86 were sold. Job 87 remained in process. On July 1, the balance in Finished Goods was $49,010 (consisting of Job 82 for $25,620 and Job 84 for $23,390). Prull prices its jobs at cost plus 30%. During July, variable marketing expenses were 5% of sales, and fixed marketing expenses were $1,970; administrative expenses were $4,760. (Round all amounts to the nearest dollar.) Required: 1. Prepare job-order cost sheets for all jobs in process during July, showing all costs through July 31. All amount cells must have an entry; enter zeros as needed. Prull Company Job-Order Cost Sheets For the Month of July Balance, July 1 Direct materials Job 861 Job 87 Job 88 Direct labor Applied overhead 2. Calculate the balance in Work in Process on July 31. The balance in Work in Process on July 31 is $ 3. Calculate the balance in Finished Goods on July 31. The balance in Finished Goods on July 31 is $ 4. Calculate Cost of Goods Sold for July. The cost of goods sold for July is s 5. Calculate operating income for Prull Company for the month of July. The operating income for the month of July is $ Prull Company, a job-order costing firm, worked on three jobs in July. Data are as follows: Balance, July 1 Direct materials Direct labor Machine hours Job 86 Job 87 Job 88 $21,370 $6,190 50 $10,360 $12,230 $16,170 $15,960 $12,280 $23,910 500 300 1,020 Overhead is applied to jobs at the rate of $15 per machine hour. By July 31, Jobs 86 and 88 were completed. Jobs 82 and 86 were sold. Job 87 remained in process. On July 1, the balance in Finished Goods was $49,010 (consisting of Job 82 for $25,620 and Job 84 for $23,390). Prull prices its jobs at cost plus 30%. During July, variable marketing expenses were 5% of sales, and fixed marketing expenses were $1,970; administrative expenses were $4,760. (Round all amounts to the nearest dollar.) Required: 1. Prepare job-order cost sheets for all jobs in process during July, showing all costs through July 31. All amount cells must have an entry; enter zeros as needed. Prull Company Job-Order Cost Sheets For the Month of July Balance, July 1 Direct materials Job 861 Job 87 Job 88 Direct labor Applied overhead 2. Calculate the balance in Work in Process on July 31. The balance in Work in Process on July 31 is $ 3. Calculate the balance in Finished Goods on July 31. The balance in Finished Goods on July 31 is $ 4. Calculate Cost of Goods Sold for July. The cost of goods sold for July is s 5. Calculate operating income for Prull Company for the month of July. The operating income for the month of July is $
Expert Answer:
Related Book For
Managerial Accounting The Cornerstone of Business Decision Making
ISBN: 978-1337115773
7th edition
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Posted Date:
Students also viewed these finance questions
-
Prull Company, a job-order costing firm, worked on three jobs in July. Data are as follows: Job 86 Job 87 Job 88 Balance, July 1........$15,310.........$ 4,250...............$ 0 Direct...
-
The Sommers Company, located in southern Wisconsin, manufactures several types of industrial valves and pipe fittings that are sold to customers in nearby states. Currently, the company is operating...
-
Multiple Choice Questions: 1. Which of the following is most likely a topic of discussion in macroeconomics? a. An increase in the price of a pizza b. A decrease in the production of VCRs by a...
-
Acme Enterprises leased equipment from Monument Equipment Co. on January 1, 2013. The terms of the lease agreement require five annual payments of $20,000 with the first payment being made on January...
-
After 15 years of employment in the airline industry, John started his own consulting company to use physical and computer simulation in the analysis of commercial airport accidents on runways. He...
-
ZeeZee's Construction Company has the opportunity to select one of four projects (A, B, C, or D) or choose the null (do-nothing) alternative. Each project requires a single initial investment and has...
-
Jeter Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Jeter...
-
Circle the most appropriate choice for the most optimized MIPS assembly program to implement the following compound expression applying a fall through technique: if (($t1 < 0) || ($t2 < 0)) {$t3++; }...
-
John Pinot is the marketing manager who is heading up the magazine promotion for the TZ Advantage tennis racquets. John already worked with a graphic artist and copy editor to produce the full-page...
-
A man swims downstream 40 km in 5 hours and upstream 24 km in 2 hours. Find his speed in still water? A)10kmph B)15kmph C)8kmph D)12kmph E)None of these
-
Bob s Trains produces wooden toy trains and uses process costing. Each train passes through three processes cutting , assembly, and finishing. In the Assembly Department, materials are added when the...
-
Which of the 3 categories of earnings quality definitions do you find most convincing for clarifying what is meant by "earnings quality"?
-
Mark purchased his Honda Accord last year for $29,000. He financed $20,000 of the purchase with an auto loan that currently has a balance of $15,500. He was thinking about trading it in with the...
-
What is the impact on a real estate agency if they don't transfer funds to the landlord at the end of the month?
-
Ben Crump and Genae Crump, filing jointly, would pay $12,007 in taxes on $92,250 of taxable income. If Ben won $6,000 in the lottery, they would pay $13,327 in taxes. What is the couple's marginal...
-
Eat & Gas convenience store operates a two-pump gas station. The lane leading to the pumps can house at most 3 cars, excluding those being serviced. Arriving cars go elsewhere if the lane is full....
-
In the busy port of Chennai, India, the number of containers loaded onto ships during a 15-week period is as follows: 1. Develop a linear trend equation to forecast container loadings. 2. Using the...
-
Refer to the information for Young Inc. above. Young Inc. produces plastic bottles. Production of 16-ounce bottles has a standard unit quantity of 0.45 ounce of plastic per bottle. During the month...
-
Identify the three forms of accounting certification. Which form of certification do you believe is best for a managerial accountant? Why?
-
In the coming year, Kalling Company expects to sell 28,700 units at $32 each. Kalling's controller provided the following information for the coming year. Units production...
-
When the price of ketchup rises by 18 percent, the demand for hot dogs falls by 2 percent. a. Calculate the cross-price elasticity of demand. b. Are the goods complements or substitutes? c. In the...
-
Would you expect a shift in supply to have a greater effect on equilibrium quantity in the short run or in the long run? Explain your answer.
-
Why isnt the combination of consumer and producer surplus maximized if there is either excess demand or supply?
Study smarter with the SolutionInn App