The Robbins Company manufactures special purpose machines to order. On January 1, there were two jobs...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Robbins Company manufactures special purpose machines to order. On January 1, there were two jobs in process, #705 and #706. The following costs were applied to these jobs in the prior year: Job No. Direct material Direct labor Overhead Total * * During January, the following transactions took place: Raw material costing $40,000 was purchased on account. Jobs # 707 , #708, and #709 were started and the following costs were applied to them: Direct materials Direct labor 705 $ 5,000 4,000 4,400 $13,400 * 707 $3,000 5,000 706 $ 8,000 Requirement: 3,000 3,300 $14,300 Job # 705 and Job # 706 were completed after incurring additional direct labor costs of $2,000 and $4,000, respectively Wages paid to production employees during January totaled $25,000. * Depreciation for the month of January totaled $10,000. JOB 1. Determine the January overhead rate. 2. Determine the cost of each job. 3. Determine the total cost of goods manufactured. 708 $10,000 6,000 * Utilities bills in the amount of $10,000 were paid for operations during December. * Utilities bills totaling $12,000 were received for January operations. Supplies costing $2,000 were used. Miscellaneous overhead expenses totaled $24,000 for January. Actual overhead is applied to individual jobs at the end of each month using a rate based on actual direct labor costs. 709 $7,000 4,000 The Robbins Company manufactures special purpose machines to order. On January 1, there were two jobs in process, #705 and #706. The following costs were applied to these jobs in the prior year: Job No. Direct material Direct labor Overhead Total * * During January, the following transactions took place: Raw material costing $40,000 was purchased on account. Jobs # 707 , #708, and #709 were started and the following costs were applied to them: Direct materials Direct labor 705 $ 5,000 4,000 4,400 $13,400 * 707 $3,000 5,000 706 $ 8,000 Requirement: 3,000 3,300 $14,300 Job # 705 and Job # 706 were completed after incurring additional direct labor costs of $2,000 and $4,000, respectively Wages paid to production employees during January totaled $25,000. * Depreciation for the month of January totaled $10,000. JOB 1. Determine the January overhead rate. 2. Determine the cost of each job. 3. Determine the total cost of goods manufactured. 708 $10,000 6,000 * Utilities bills in the amount of $10,000 were paid for operations during December. * Utilities bills totaling $12,000 were received for January operations. Supplies costing $2,000 were used. Miscellaneous overhead expenses totaled $24,000 for January. Actual overhead is applied to individual jobs at the end of each month using a rate based on actual direct labor costs. 709 $7,000 4,000
Expert Answer:
Related Book For
Cornerstones of Managerial Accounting
ISBN: 978-1305103962
6th edition
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Posted Date:
Students also viewed these general management questions
-
Case Construction Company, a three-year-old business, provides contracting and construction services to a variety of clients. Given that each construction job is different from any other, company...
-
Which of the following is NOT a proper response to uncertainty? a. To create buffers b. To make scenarios and follow the one with the highest probability c. To organise yourself in a modular way d....
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
A database is to be made to store information about a catalogue of CDs. Information to be stored about each CD includes title, price, genre, and a list of tracks. Each CD will also have an artist,...
-
How did LHH use the concept of lateral relations?
-
The system development team at the Wilcon Company is working on developing a new customer order entry system. In the process of designing the new system, the team has identified the following class...
-
Denise Ondeyko, CPA is drafting an audit program to test controls over the Purdue Corporation's cost records. Required: 1. Explain the importance of determining the disposition of overapplied and...
-
The following account appears in the ledger prior to recognizing the jobs completed in June: Work in Process Balance, June 1 .......... $ 40,000 Direct materials .......... 270,000 Direct labor...
-
create an erd diagram for student registration form and daATABASE CODE TO CREATE THE TABLE...I will tip if this work is done in less than 3 hours
-
3. Alpha Investors On July 1, 1985, Jim Roberts felt certain the stock market was in for a correction. The S&P 500 Index had risen 14% since the first of the year, and most analysts were predicting...
-
Product X has a ticket price of $1.5 and a holding cost rate of 3% per week. The ordering costs are $2, and the weekly demand is 433 units. Determine the economic order quantity and then the total...
-
What is transaction exposure to foreign exchange risk?
-
What is tax deferral, and how is it applied to foreign-source income?
-
Where are illicit activities such as drug trafficking and international terrorism recorded on the balance of payments?
-
What are the functions performed by the main bank in Japanese finance?
-
When is the establishment of a reinvoicing center warranted?
-
Question 5 (0.5 points) Suppose you are planning to buy a house. You are researching homes in the area where you would like to buy. Identify a potential categorical variable that you could collect.
-
Use of the contraceptive Depo Provera appears to triple women's risk of infection with chlamydia and gonorrhea , a study reports today. An estimated 20 million to 30 million women worldwide use Depo...
-
Bienestar Company produces two types of get-well cards: scented and regular. Drivers for the four activities are as follows: The following activity data have been collected: Inspecting products...
-
Refer to the information for Solpoder Corporation on the previous page. Solpoder Corporation has the following comparative financial statements: Solpoder Corporation Income Statement For the Year...
-
Spiro Hospital is investigating the possibility of investing in new dialysis equipment. Two localmanufacturers of this equipment are being considered as sources of the equipment. After-taxcash inows...
-
True or False. A multi-degree-of-freedom system can have six of the natural frequencies equal to zero.
-
True or False. The modal analysis of a \(n\)-degree-of-freedom system can be conducted using \(r\) modes with \(r
-
True or False. The modal damping ratio denotes damping in a particular normal mode.
Study smarter with the SolutionInn App