aj.4 Selected accounts with amounts omitted are as follows:Work in ProcessAug. 1Balance275,000 Aug. 31Goods finished1,030,00031Direct materialsX31Direct labor450,00031Factory overhead☑Factory OverheadAug. 1-31Costs incurred145,000 Aug. 131BalanceApplied (30% ofdirect labor cost)15,000XIf the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for direct materials inAugust?Oa. $390,000Ob. $170,000Oc. $580,000Od $525,000

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Answered: Selected accounts with amounts omitted…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 6E: The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000...

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The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.
The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: During December the following transactions occurred: a. Purchased materials costing 50,000 on account. b. Placed direct materials costing 49,000 into production. c. Incurred production wages totaling 50,500. d. Incurred overhead costs for December: e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above December transactions.
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was $3,325 over applied for the year. What is the overhead application rate per direct labor hour? What is the journal entry to dispose of the under applied overhead?
Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 268,080 Aug. 31 Goods finished 195,330 31 Direct materials X 31 Direct labor 37,100 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 92,930 Aug. 1 Balance 14,460 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $215,360, what was the amount debited to Work in Process for direct materials in August?
Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 279,350 Aug. 31 Goods finished 171,180 31 Direct materials X 31 Direct labor 33,600 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 115,090 Aug. 1 Balance 15,610 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $206,820, what was the amount debited to Work in Process for direct materials in August? a. $54,970 b. $106,130 c. $519,770 d. $348,590
selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 254,580 Aug. 31 Goods finished 178,220 31 Direct materials X 31 Direct labor 35,400 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 96,830 Aug. 1 Balance 14,490 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $217,140, what was the amount debited to Work in Process for direct materials in Augus?
Selected accounts with amounts omitted are as follows: Work in Process 266,230 Aug. 31 Aug. 1 31 31 31 Balance Direct materials Direct labor Factory overhead Aug. 1-31 Costs incurred X 35,400 Factory Overhead 118,780 Aug. 1 31 Goods finished Balance Applied (30% of direct labor cost) 133,400 13,060 X If the balance of Work in Process on August 31 is $192,710, what was the amount debited to Work in Process for direct materials in August? < O a. $108,920 O b. $494,340 O c. $13,860 O d. $360,940
Selected accounts with amounts omitted are as follows: Work in Process 263,340 Aug. 31 X 34,100 Aug. 1 31 31 31 Balance Direct materials Direct labor Factory overhead Aug. 1-31 Costs incurred Factory Overhead 98,540 Aug. 1 31 Goods finished Balance Applied (30% of direct labor cost) 142,970 12,530 X If the balance of Work in Process on August 31 is $204,810, what was the amount debited to Work in Process for direct materials in August? Oa. $92,630 Ob. $359,280 Oc. $502,250 Od. $40,110
Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 266,720 Aug. 31 Goods finished 135,920 31 Direct materials X 31 Direct labor 35,900 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 113,500 Aug. 1 Balance 12,290 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $219,290, what was the amount debited to Work in Process for direct materials in August? a.$385,990 b.$521,910 c.$83,330 d.$41,820 The journal entry to record the purchase of $39,313 of raw materials is a. Materials$39,313 Accounts Receivable$39,313 b. Inventory$39,313 Cash$39,313 c. Inventory$39,313 Accounts Receivable$39,313 d. Materials$39,313 Accounts Payable$39,313 All of the following could be considered a direct material except a.fabric b.glue c.steel d.lumber
Leafon Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine hours and the Customizing Department's predetermined overhead rate is based on direct labor hours. At the beginning of the current year, the company had made the following estimates: Customizing Casting Machine-hours (MH) 20,000 17,500 Direct labor-hours (DLH) 7,000 9,000 Total Fixed MOH ℗ 175,000 P 165,500 Variable MOH per MH P 2.50 Variable MOH per DLH P 9.00 During the current month, the company started and finished Job Leaf-118. The following data were recorded for this job: Job Leaf-118 Customizing Casting Machine-hours 500 700 Direct labor-hours 100 450 The TOTAL AMOUNT of Overhead Applied to Job Leaf-118 is closest to Note: For interim calculations, use 5 decimal places; ROUND-UP final answer to a whole number.

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