Job No. Direct Materials Direct Labor SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO
ID: 2337334 • Letter: J
Question
Job No.
Direct Materials
Direct Labor
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No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
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No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
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Job No. 50
Date
Direct Materials
Direct Labor
Manufacturing Overhead
Job No. 51
Date
Direct Materials
Direct Labor
Manufacturing Overhead
Job No. 52
Date
Direct Materials
Direct Labor
Manufacturing Overhead
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Account Titles and Explanation
Debit
Credit
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No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
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Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24,800, direct labor $14,880, and manufacturing overhead $19,840. As of January 1, Job 49 had been completed at a cost of $111,600 and was part of finished goods inventory. There was a $18,600 balance in the Raw Materials Inventory account.During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $151,280 and $195,920, respectively. The following additional events occurred during the month.
1. Purchased additional raw materials of $111,600 on account. 2. Incurred factory labor costs of $86,800. Of this amount $19,840 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $21,080; indirect labor $24,800; depreciation expense on equipment $14,880; and various other manufacturing overhead costs on account $19,840. 4. Assigned direct materials and direct labor to jobs as follows.
Job No.
Direct Materials
Direct Labor
50 $12,400 $6,200 51 48,360 31,000 52 37,200 24,800Explanation / Answer
predetermined overhead rate Estimated manufacturing overhead/total estimated direct labor costs 1,041,600/868,000 120.00% job no 50 Date Direct direct MOH materials labor beg. 24,800 14,880 19,840 Jan 12,400 6,200 7,440 37,200 21,080 27,280 cost of completed job Direct materials 37,200 direct labor 21,080 MOH 27,280 total cost 85,560 job no 51 Date Direct direct MOH materials labor Jan 48,360 31,000 37,200 48,360 31,000 37,200 cost of completed job Direct materials 48,360 direct labor 31,000 MOH 37200 total cost 116,560 Job 52 Date Direct direct MOH materials labor Jan 37,200 24,800 29,760 No Account titles & Explanations Debit Credit 1) Raw materials inventory 111,600 Accounts payable 111,600 2) Factory labor 86,800 Factory wages payable 66,960 employer payroll taxes payable 19,840 3) manufacturing overhead 80,600 raw materials inventory 21,080 Factory labor 24,800 Accumulated depreciation 14,880 Accounts payable 19,840 No Account titles & Explanations Debit Credit 1) Work in process inventory 97,960 Raw materials inventory 97,960 2) work in process inventory 62,000 Factory labor 62,000 3) Work in process inventory 74400 manufacturing overhead 74,400 Account titles & Explanations Debit Credit finished goods inventory 202,120 work in process inventory 202,120 (job 50 +job 51 = No Account titles & Explanations Debit Credit Accounts receivable 347200 sales 347,200 cost of goods sold finished goods inventory 197,160 (job 49+job 50) 197,160 finished goods inventory 116,560 Job No 51 finished goods inventory opening 111,600 COGS 197,160 WIP 202,120 end bal 116,560 manufacturing overhead 6,200 under applied manufacturing overhead Actual 80,600 Applied 74,400 bal 6,200
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