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/ ACCTG201 SY20-21 3045

/ Job Order Costing

/ Quiz No. 1 Part 2 Open-Ended Problems

Started on Monday, 9 November

2020, 3:59 PM
State Finished
Completed on Monday, 9 November
2020, 4:29 PM
Time taken 30 mins

Question 1

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Elliott Company uses a predetermined

overhead rate based on machine-hours to
apply manufacturing overhead to jobs. The
company manufactures tools to customer
specifications. The following data pertain to
Job 1501:
Direct materials
used................................................... $4,200
Direct labor-hours
worked........................................... 300
Direct labor rate per
hour............................................. $8.00
Machine-hours
used.................................................... 200
Predetermined overhead rate per
machine-hour.......... $15.00

What is the total manufacturing cost recorded

on Job 1501?

9600

Question 2

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Messinger Manufacturing Company had the

following account balances for the quarter
ending March 31, unless otherwise noted:

Work-in-process inventory
(January 1) $ 70,200
Work-in-process inventory
(March 31) 85,500
Finished goods inventory
(January 1) 270,000
Finished goods inventory
(March 31) 255,000

Direct materials
used
189,000
Indirect materials
used
42,000
Direct manufacturing
labor
240,000
Indirect manufacturing
labor 93,000

Property taxes on
manufacturing plant building
14,400
Salespersons' company
vehicle costs 6,000
Depreciation of manufacturing
equipment 132,000
Depreciation of office
equipment 61,800

Miscellaneous plant
overhead
67,500
Plant
utilities
46,200
General office
expenses
152,700
Marketing distribution
costs 15,000
a. Total Manufacturing Cost

906300

b. Cost of Goods Manufactured

820800

c. Cost of Goods Sold

835800

Question 3

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Teddy Company is to submit a bid on the

production of 5,500 vases. It is estimated
that the cost of materials will be $8,500, and
the cost of direct labor will be $12,000.
Factory overhead is applied at 50% of direct
labor cost in the Molding Department and at
$7.50 per direct labor hour in the Finishing
Department. Of the above direct labor, it is
estimated that 500 direct labor hours at a cost
of $4,000 will be required in Finishing. The
company wishes a markup of 100% of its
total production cost.

Determine the following:

a. Estimated prime cost

20500

b. Estimated conversion cost.

19750

Question 4

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The Palmer Company had the following

inventories at the beginning and end of July:

July 1 July 31

Materials $20,000 $ 45,000

Work in process ? 185,000

Finished goods 65,000 115,000

During July, the cost of materials purchased

was $160,000 and factory overhead of
$125,000 was applied at a rate of 75% of
direct labor cost. July cost of goods sold was
$240,000.
Determine the following:
a. Total Manufacturing Cost

426667

b. Cost of Goods Manufactured

290000

c. Cost of Goods Sold

240000

Question 5

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The Luna Manufacturing Company has the

following job cost sheets on file. They
represent jobs that have been worked on
during September of the current year. This
table summarizes information provided on
each sheet:

Number of Total Cost Status of Job

Job Incurred

951 $4,200Finished and

delivered

952 $7,700Unfinished

953 $9,300Finished and

unsold

954 $11,100Finished and

delivered

955 $3,000Finished and

unsold

956 $5,500Finished and

delivered

957 $35,000Unfinished

958 $3,200Finished and

delivered

959 $500Unfinished

960 $22,110Unfinished

961 $7,200Finished and

delivered

962 $8,500Unfinished

963 $11,200Finished and

unsold

Determine the following:

a. What is the cost of the Work in
Process inventory on September 30?

73810

b. What is the cost of the finished

goods inventory on September 30?

23500

c. What is the cost of goods sold

for the month of September?

31200

Question 6

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Steyler Sporting Good Company

manufactured 100,000 units in 20X9 and
reported the following costs:

Sandpaper $ 64,000Leasing costs $ 768,000

— plant

Materials 640,000Depreciation 448,000

handling — equipment

Coolants & 44,800Property 64,000

lubricants taxes —
equipment

Indirect 550,400Fire insurance 32,000

manufacturing — equipment
labor

Direct 4,352,000Direct 6,272,000

manufacturing material
labor purchases

Direct 768,000Direct 550,400

materials, materials,
1/1/X9 12/31/X9

Finished 1,344,000Sales revenue25,600,000

goods, 1/1/X9

Finished 2,560,000Sales 1,280,000

goods, commissions
12/31/X9

Work-in- 192,000Sales salaries 1,152,000

process,
1/1/X9

Work-in- 128,000Advertising 960,000

process, costs
12/31/X9

Administration 1,600,000
costs

a. What is the amount of direct

materials used during 2019?

4352000

b. What manufacturing costs were

added to WIP during 2019?

13452800

c. What is the cost of goods

manufactured for 2019?

13516800

d. What is the cost of goods sold

for 2019?

12300800

Question 7

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A company uses a job order costing system

and applies overhead on the basis of direct
labor cost. A summary of th company's Work
in Process Inventory account for December
appears below.
Work in Process
Date Explanation PRDebit Credit Balance
Dec.
1 73,800
Direct G-
Dec. Materials 20 235,800 309,600
G-
Dec. Direct Labor 20 117,000 426,600
Factory G-
Dec. Overhead 20 187,200 613,800
Job No. 5 G-
Dec. completed 8 90,900 522,900
Job No. 6 G-
Dec. completed 10 131,400391,500
Job No. 7 G-
Dec. completed 12 73,800 317,700
Dec. Job No. 8 G-
31 completed 15 168,300149,400

Fill in the blanks for the following:

(1) The total cost of the direct materials,
direct labor, and factory overhead applied in
the December 31 Work in Process inventory
is $

.
(2) The company's overhead application rate
is

%.
(3) Job No. 6 had $26,550 of direct labor
cost. Therefore, the job must have had$

of direct materials cost.

(4) Job No. 8 had $73,998 of direct materials
cost. Therefore, the job must have had

of factory overhead cost.

Question 8

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Richards Company employs a job order

costing system. Only three jobs-Job #205,
Job #206, and Job #207-were worked on
during January and February. Job #205 was
completed February 10; the other two jobs
were still in production on February 28, the
end of the company's operating year. Job
cost sheets on the three jobs follow:

Job Cost Sheet

Job #205 Job Job
#206 #207
January costs
incurred:
Direct material $16,500 $ 9,300 $ —
Direct labor 13,000 7,000 —
Manufacturing
20,800 11,200 —
overhead

February costs
incurred:
Direct materials — 8,200 21,300
Direct labor 4,000 6,000 10,000
Manufacturing
? ? ?
overhead

The following additional information is

available:

a. Manufacturing overhead is assigned to

jobs on the basis of direct labor cost.

b. Balances in the inventory accounts at

January 31 were as follows:

Raw Material $40,000

Work in Process ?
Finished Goods 85,000

Determine the following:

a. As stated earlier, Job #205 was completed
during February. At what amount is the
transfer from work in process to finished
goods recorded?

60700

b. Determine the balance at February 28 in

the Work in Process inventory account.
How much of this balance consists of the
cost of Job #206? Job #207?
Job #206

51300

Job #207

47300

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