Reference no: EM132440614
Job Costs
At the end of August, Ellis Company had completed Jobs 40 and 42. Job 40 is for 200 units, and Job 42 is for 1,000 units.
The following data relate to these two jobs:
On August 4, raw materials were requisitioned for production as follows: 400 units for Job 40 at $14 per unit and 1,500 units for Job 42 at $16 per unit.
During August, Ellis Company accumulated 300 hours of direct labor costs on Job 40 and 900 hours on Job 42. The total direct labor was incurred at a rate of $12 per direct labor hour for Job 40 and $10 per direct labor hour for Job 42.
The predetermined factory overhead rate is $8.00 per direct labor hour.
a. Determine the balance on the job cost sheets for Jobs 40 and 42 at the end of August.
Job 40$
Job 42$
b. Determine the cost per unit for Jobs 40 and 42 at the end of August. If required, round your answers to the nearest cent.
Job 40$
Job 42$
a. The job cost sheet summarizes the direct materials, direct labor and factory overhead assigned to the job.
b. The total cost for each job should be assigned to the units completed for each job.
Calculate the npv and irr for equation in excel
: You work as a finance manager for Drill Tech, Inc., a mid-sized manufacturing company located in Minnesota. In the meeting to discuss capital projects
|
Prepare end-of-June adjusting entries for Cain Company
: On June 1, 2019, Cain Company, a new firm, paid $5,940 rent in advance for a six-month period. Prepare end-of-June adjusting entries for Cain Company
|
Entries for direct labor and factory overhead
: Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follow
|
Discuss revenue cycle management
: Discuss and apply your knowledge of the reimbursement methodologies, revenue cycle management and auditing principles, Davenport University Hospital
|
Determine the balance on the job cost sheets
: a. Determine the balance on the job cost sheets for Jobs 40 and 42 at the end of August.
|
Determine the amount of factory overhead applied
: During August, Keenan Company accumulated 870 hours of direct labor costs on Job 40 and 820 hours on Job 42. Determine the amount of factory overhead applied
|
What effect do these errors have on the reported net income
: Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income
|
Is overhead underapplied or overapplied
: Is overhead underapplied or overapplied? Close the manufacturing overhead account, assuming the balance is immaterial.
|
Prepare end-of-month adjusting entries
: A firm purchased a four-year insurance policy for $10,080 on July 1, 2019. Prepare end-of-month adjusting entries for each of the above situations
|