can i please get help with problem P2-4B 2 2 Job Order Costing 3. Job No. 7650 a

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can i please get help with problem P2-4B

2 2 Job Order Costing 3. Job No. 7650 and Job No. 7651 were completed during the year. 4. Job Nos. 7648, 7649, and 7650 were sold on account for $490,000 . Manufacturing overhead incurred on account totaled $135,000 . Other manufacturing overhead comsisted of indirect materials $12.,0, indirect labor $16,000, and depreciation on factory machinery $19,500. (a) (1) S111.000 (a) Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. (Hint: Use a single Taccount for Work in Process Inventory. Calculate each of the following, then post each to the Taccount: (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs. 4) $180,000 Unfinished job 7652, $188,000 (b) Amount $2,500 (c) 5156,500 Prepare entries in a job order P2-38 Robert Perez is a contractor specializing in custom-built jacuzzis. On May 1,201 (b) Prepare the adjusting entry for manufacturing overhead, assuming the balance is (c) Determine the gross profit to be reported for 2017 his ledger contains the following data. allocated entirely to cost of goods sold. cost systent and cast of goods anufactured schedule (LO 1, 2, 3, 4),AP $30,000 Raw Materials Inventory Work in Process Inventory Manufacturing Overhead 12,200 2,500 (dr.) The Manufacturing Overhead account has debit totals of $12,500 and credit totals of $10,000. Subsidiary data for Work in Process Inventory on May I include: Job Cost Sheets Manufacturing Overhead $1,400 Direct MaterialsDirect Labor by Customer Stiner $2,500 2,000 1,200 840 Herman $5,400 $4,000 S2,800 During May, the following costs were incurred: raw materials purchased on account $4,000, labor paid $7,000, and manufacturing overhead paid $1,400. A summary of materials requisition slips and time tickets for the month of May reveals the following Job by Customer Time Tickets Materials Requisition Slips S 500 S 400 Alton Herman Smith 600 2,300 1,900 5,300 1,500 $6,800 1,300 2,300 5,000 2,000 $7,000 General use Overhead was charged to jobs on the basis of $0.70 per dollar of direet labor cost. The jacuzzis for customers Stiner, Alton, and Herman were completed during May. The three jacuzzis were sold for a total of $36,000. Instructions (a) Prepare journal entrics for the May transactions: (i) for purchase of raw materials, fac- tory labor costs incurred, and manufacturing overhead costs incurred; (ii) assignment of raw materials, labor, and overhead to production; and (ii) completion of jobs and sale of goods. (d) Cost of goods (b) Post the entries to Work in Process Inventory manufactured $20,190 (c) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. (d) Prepare a cost of goods manufactured schedule for May. Conspute predetermined overhead rates, apply overhead, and calculate under or overapplied overbead P2-4B Net Play Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A, direct labor hours in Department B, and machine hours in Department C. In establishing the predetermined overhead rates for 2017, the following estimates were made for the year. LO 3, 5), AP

Explanation / Answer

P2-4b)

720000/600000

1.2 or 120% of direct labor cost

640000/40000

=$ 16 per DLH

900000/150000

=$ 6 PER MH

B)

86000+35000+56000

=177000

64000+50400+75600

=190000

c)

A B C Estimated overhead 720000 640000 900000 estimated activity 600000 40000 150000 Predetermined overhead rate

720000/600000

1.2 or 120% of direct labor cost

640000/40000

=$ 16 per DLH

900000/150000

=$ 6 PER MH

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