User Account

All Pages

help, Cost Accounting

Assignment Help:
) Ialani Corp. uses a job order costing system for the yachts it constructs. On September 1, 2010, the company had the following account balance:
Raw material inventory 332400
Work in process inventory 1512600
Cost of goods sold 4864000

On September 1, the three jobs in Work in process inventory has the following balance:
Job# 75 586400
Job# 78 266600
Job# 82 659600

The following transitions occurred in September:
Sept. 1 purchased 1940000 of raw material on account
Sept. 4 issued 1900000 of raw material as follows: job 75, 289600; job 78, 252600; job 82, 992200; job 86, 312400; and indirect material 53200
Sept. 15 Prepared and paid the 757000 factory payroll for September 1-15. Analysis of this payroll showed the following information:
Job 75 9660 hours 84600
Job 78 26320 hours 267200
Job 82 20300 hours 203000
Job 86 10280 hours 110800
Indirect labor hours 91400
Sept. 15 On each payroll date, Ialani Corp. applies manufacturing overhead to jobs at a rate of 12.50 per direct hour
Sept. 15 Job 75 was completed, accepted by the customer, and billed at a selling price of cost plus 30 percent. Selling prices are rounded to the nearest whole dollar.
Sept. 20 Paid the following monthly factory bills: utilities 39600;rent 70600 and accounts payable (accrued in August) 196800
Sept. 24 Purchased raw material on account, 624000
Sept. 25 Issued 772200 of raw material as follows: job 78, 154800; lob 82, 212600; job 86, 349000; and indirect material, 55800
Sept. 30 Recorded additional factory overhead costs as follows: depreciation, 809000; expired prepaid insurance, 165400; and accrued taxes and licenses 232400
Sept. 30 Recorded and paid the factory payroll for September 16-30 of 714400. Analysis of the payroll follows:
Job 78 8940 hours 177400
Job 82 13650 hours 228400
Job 86 9980 hours 243600
Indirect labor wages 65000
Sept. 30 Applied overhead for the second half of the month to jobs
a) Journalize the September transactions
b) Use T-accounts to post the information from the journal entries in (a) to the job cost subsidiary accounts and to general leger accounts
c) Reconcile the September 30 balances in the subsidiary ledger with the Work in Process Inventory account in the general ledger
d) Determine the amount of under-applied or over applied-overhead for September

Related Discussions:- help

Calculate labour time or efficiency variance, standard hours = 5000 standa...

standard hours = 5000 standard wages = Rs.3/hr actual hours worked = 5600 hrs actual wages paid = 17920

Cost classification, what are importance of cost classification

what are importance of cost classification

Calculate the amounts that will show in the statement, MX obtains 80% of th...

MX obtains 80% of the 1 million issued $1 ordinary share capital of FZ on 1 May 2009 for $1,750,000 when FZ's reserved earnings were $920,000. The carrying worth was considered

EXPECTED CASH COLLECTIONS, WORKED EXAMPLES OF EXPECTED CASH COLLECTIONS PAT...

WORKED EXAMPLES OF EXPECTED CASH COLLECTIONS PATTERNS

EXPECTED CASH COLLECTIONS.PRACTICE QUESTIONS, WORKED EXAMPLES OF EXPECTED C...

WORKED EXAMPLES OF EXPECTED CASH COLLECTIONS PATTERNS

Differential exploitation account, initial stock.=21,926,150 purchases.=361...

initial stock.=21,926,150 purchases.=361,550,000 other expenses=207,000,000 operatig profit=34,500,000 sqles=600,000,000 disc received=23,976,150 final stock=1000,000 variable exp

Cretae trial balance in t-accounts, Chrome-It, Inc., manufactures special c...

Chrome-It, Inc., manufactures special chromed parts made to the order and specifications of the customer.  It has two production departments, stamping and plating, and two service

Compute depreciation for each year, A machine costing $210,400 with a four-...

A machine costing $210,400 with a four-year life and an estimated $20,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the mac

Controllable and non controllable costs, Controllable and Non Controllable ...

Controllable and Non Controllable Costs Controllable costs can be influenced on the level of authority at that they are being analyzed when non-controllable costs cannot.

Determine the current ratio, When firms enter into loan agreements with the...

When firms enter into loan agreements with their bank it is very common for the agreement to have a restriction on the minimum current ratio the firm has to maintain. So, it is imp

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd