QUESTION 1: Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in
Fantastic news! We've Found the answer you've been seeking!
Question:
QUESTION 1:
Transcribed Image Text:
Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,760 Work-in-Process Inventory 21,350 Finished Goods Inventory 8,800 Work-in-process inventory is made up of three jobs with the following costs: Direct materials Direct labor Applied overhead Job 114 Job 115 Job 116 $2,804 $2,640 $3,650 1,800 1,560 4,300 1,080 936 2,580 During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $30,000. b. Materials requisitioned: Job 114, $16,500; Job 115, $12,400; and Job 116, $5,000. c. Job tickets were collected and summarized: Job 114, 150 hours at $13 per hour; Job 115, 220 hours at $15 per hour; and Job 116, 80 hours at $18 per hour. d. Overhead is applied on the basis of direct labor cost. e. Actual overhead was $4,321. f. Job 115 was completed and transferred to the finished goods warehouse. g. (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost. Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,760 Work-in-Process Inventory 21,350 Finished Goods Inventory 8,800 Work-in-process inventory is made up of three jobs with the following costs: Direct materials Direct labor Applied overhead Job 114 Job 115 Job 116 $2,804 $2,640 $3,650 1,800 1,560 4,300 1,080 936 2,580 During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $30,000. b. Materials requisitioned: Job 114, $16,500; Job 115, $12,400; and Job 116, $5,000. c. Job tickets were collected and summarized: Job 114, 150 hours at $13 per hour; Job 115, 220 hours at $15 per hour; and Job 116, 80 hours at $18 per hour. d. Overhead is applied on the basis of direct labor cost. e. Actual overhead was $4,321. f. Job 115 was completed and transferred to the finished goods warehouse. g. (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost.
Expert Answer:
Related Book For
Cornerstones of Cost Management
ISBN: 978-1285751788
3rd edition
Authors: Don R. Hansen, Maryanne M. Mowen
Posted Date:
Students also viewed these accounting questions
-
21 = {te" sint then G(5)= Given that G(s) = Lte sint
-
On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory ......$12,730 Work-in-Process Inventory .... 21,340 Finished Goods Inventory .... 8,700...
-
A business had always made an allowance for doubtful debts at the rate of 2 per cent of accounts receivable. On 1 January 2011 the amount for this, brought forward from the previous year, was 300....
-
The income statement and additional data of Value World, Inc., follow: Additional data: a. Collections from customers are $12,000 less than sales. b. Payments to suppliers are $2,300 less than the...
-
Air enters a 40-cm-diameter cooling section at 1 atm, 32C, and 70 percent relative humidity at 120 m/min. The air is cooled by passing it over a cooling coil through which cold water flows. The water...
-
Gold-on-gold nuclear collisions at the Relativistic Heavy Ion Collider (RHIC) at the Brookhaven National Laboratory create a quark-gluon plasma with an energy density of about \(4 \mathrm{GeV} /...
-
Brook Exteriors is a firm that provides house-painting services. Richard Brook, the owner, is trying to find new ways to increase revenues. Mr. Brook performs the following actions, not in the order...
-
Explain the FOUR ways you can map EERD to Relational Model?
-
Q6. A firm produces two goods: widgets (X) and woozles (Y). Its profit function is given by: P = 55X 2X 2 XY 3Y 2 + 100Y and its maximum output capacity is X + Y = 17. (a) Use the Lagrangian...
-
Badam Gussain, Vice-President (Accounts) of Sach International Corporation, Singapore, was taken aback when he reviewed the financial performance of the company. He noticed that the sales for the...
-
The number of oil changes conducted by a service station depends on the number of workers as follows: Assume that all inputs (service bins, telephone, and utilities) other than labor are fixed in the...
-
You have been asked to price out a project for an outside customer. The project will run for eight months. Direct labor is $100,000 for each month and the overhead rate is fixed at 100 percent per...
-
Kim needs to buy a textbook for the next economics class. The price at the college bookstore is $65. One website offers it for $55, and another site, for $57. All prices include sales tax. The...
-
Manriquez Tool and Die has three service departments: 1. Manriquez allocates all service department costs directly to the production departments without allocation to other service departments. Show...
-
Write a program that prompts the user for the number of tellers at Nations Bank in Hyatesville that worked each of the last three years. For each worker the program should ask for the number of days...
-
Record the following selected transactions for March in a two-column journal, identifying each entry by letter: (a) Received $10,000 from Shirley Knowles, owner. (b) Purchased equipment for $35,000,...
-
Refer to the interview in Exercise 4.16 (especially to Questions 4 and 7). The general ledger reveals the following annual costs: Supervisors salary ...... $ 64,600 Clerical salaries ...... 210,000...
-
Lamont Company produced 80,000 machine parts for diesel engines. There was no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: Required:...
-
Refer to Cornerstone Exercise 8.13. In March, Nashler Company produced 163,200 units and had the following actual costs: Direct materials..... $1,170,000 Direct labor ........ 258,000 Supplies...
-
Why is it important to synchronize data and process models?
-
Create the use-case descriptions and diagram(s) for the system in problems 1 and 2. Be sure to create your use cases so that they are complete and clear. Remember, in real life, the system...
-
Conduct a technical feasibility study. What would you recommend the company use in the creation and maintenance of their site (e.g. languages, speciific host, encryption)? Why does your choice affect...
Study smarter with the SolutionInn App