Job cost sheets show the following information:JobJanuaryFebruaryMarchAA2$2,600$1,100AA44,840AA5AA33,2403,410$7,750JanuaryFebruaryMarchCompletedFebruaryJanuaryFebruary2,6003,410$2,319 April$2,319Total $7,440What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March?Work inProcessSoldNot soldFebruaryMarchNot soldFinishedGoodsCOGS

Name: Job cost sheets show the following information:JobJanuaryFebruaryMarc
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Job cost sheets show the following information:JobJanuaryFebruaryMarchAA2$2,600$1,100AA44,840AA5AA33,2403,410$7,750JanuaryFebruaryMarchCompletedFebruaryJanuaryFebruary2,6003,410$2,319 April$2,319Total $7,440What are the balances in the work in proce

"Work in process" refers to the total price of the unfinished products that are currently being…

Business

Accounting

Job cost sheets show the following information: Job AA2 AA4 AA5 3,240 AA3 3,410 Total $7,440 $7,750 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Process January February March Completed $1,100 January February March $2,600 4,840 2,600 3,410 ✔ February January February $2,319 April $2,319 Finished Goods Sold Not sold February March Not sold COGS

Job cost sheets show the following information: Job AA2 AA4 AA5 3,240 AA3 3,410 Total $7,440 $7,750 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Process January February March Completed $1,100 January February March $2,600 4,840 2,600 3,410 ✔ February January February $2,319 April $2,319 Finished Goods Sold Not sold February March Not sold COGS

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4PA: Job cost sheets show the following information: What are the balances in the work in process...

See similar textbooks

Similar questions

Summary information from a companys job cost sheets shows the following information: What are the balances in the work in process inventory, finished goods Inventory, and cost of goods sold for April, May, and June?
Job order cost sheets show the following costs assigned to each job: The company assigns overhead at twice the direct labor cost. What is the total cost for each job?
Job cost sheets show the following information: What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March?
A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.
Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.
In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
A companys Individual job sheets show these costs: Overhead is applied at 1.25 times the direct labor cost. Use the data on the cost sheets to perform these tasks: Apply overhead to each of the jobs. Prepare an entry to record the assignment of direct materials to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.
In a job order cost system, raw materials purchased are debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Using the Information provided. A. What Is the balance in work in process? B. What Is the balance in finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
A companys individual job sheets show these costs: Overhead is applied at 1.75 times the direct labor cost. Use the data on the cost sheets to perform these tasks: Apply overhead to each of the jobs. Prepare an entry to record the assignment of direct material to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.
JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED FACTORY OVERHEAD M. Evans Sons manufactures parts for radios. For each job order, it maintains ledger sheets on which it records direct labor, direct materials, and factory overhead applied. The factory overhead control account contains postings of actual overhead costs. At the end of the month, the under- or over applied factory overhead is charged to the cost of goods sold account. Factory overhead is applied on the basis of direct labor hours. For Job Nos. 101, 102,103, and 104, direct labor hours are 12, 000, 10,000, 11, 000, and 18,000, respectively. The overhead application rate is 1.20/direct labor hour. (a) Purchased raw materials on account, 50,000. (b) Issued direct materials: (c) Issued indirect materials to production, 8,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 15,000. (f) Paid electricity bill, taxes, and repair fees for the factory and charged to production, 8,000. (g) Depreciation expense on factory equipment, 30,000. (h) Applied factory overhead to Job Nos. 101104 using the predetermined factory overhead rate (see above). (i) Finished Job Nos. 101103 and transferred to the finished goods inventory account as products N, O, and P. (j) Sold products N and for 50,000 and 45,400, respectively. (k) Transferred under- or over applied factory overhead balance to the cost of goods sold account. REQUIRED 1. Prepare general journal entries to record transactions (a) through (k). 2. Post the entries to the work in process and finished goods accounts only and determine the ending balances in these accounts. 3. Compute the balance in the job cost ledger and verify that this balance agrees with that in the work in process control account.