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

Utility of break even point in managerial decision making, UTILITY OF BREAK...

UTILITY OF BREAK EVEN POINT IN MANAGERIAL DECISION MAKING 1. It assists in determination of sales mix 2. It assists in exploring new markets 3. It assists in deciding abo

Determine difference between results using marginal costing, Determine Diff...

Determine Difference between Results Using Marginal Costing and Absorption Costing The overhead absorption rate for product X is Ksh.10 per machine hour. All unit of product X

Types of standard costs, Types of Standard Costs The standard cost set...

Types of Standard Costs The standard cost set could be ideal, basic, attainable or current. i. Basic Standards: These are long term standards that would keep unchanged ov

Bin card, I need an explanation of how a bin card is done

I need an explanation of how a bin card is done

Provision for bad and doubtful debts, A provision must be made in advance f...

A provision must be made in advance for those debts whose recovery is uncertain and to writing off bad debts. Each enterprise, depends on their past experience, make a provision fo

What is cmmi, Capability Maturity Model Integration (CMMI) is a process dev...

Capability Maturity Model Integration (CMMI) is a process development approach that gives organizations with the essential elements of effective processes. It can be used to gui

Features and procedures of job costing, Features and Procedures of Job cost...

Features and Procedures of Job costing Features of Job costing Product is against the customer's order and not on job stocks. Every job has its own characteristics and ne

Accrued income, Accrued income is an amount earned although not in reality ...

Accrued income is an amount earned although not in reality received during the accounting period or till the date of preparation of last accounts for the period concerned. The firs

Calculate the direct labor, A CPA firm estimates that an audit will require...

A CPA firm estimates that an audit will require the following work: Type of Auditor Expected Hours Cost per Hour Standard Costs Manager 10 $50 $ 500 Senior 20 40 800 Staff 40 30

Evaluate the income statement for the year, DF is describing its consolidat...

DF is describing its consolidated financial declaration for the year ended 31 December 2009. DF has a numerous investments in other entities. Some of these investments are provided

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