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

Materials purchased, The Clash Company uses Normal Job-Order Costing in its...

The Clash Company uses Normal Job-Order Costing in its individual production department.  Overhead is applied to jobs by a predetermined rate, which is depend on machine hours.  Th

Analyzing direct material costs, You are reviewing a cost proposal, which i...

You are reviewing a cost proposal, which includes an $800,200 direct material estimate. After Initial examination of the proposal, you note that there are 500 material items, but y

Relationship among variances, Relationship among variances We cannot o...

Relationship among variances We cannot over emphasize the central aim of variance analysis as outlined in the above paragraphs:  that is to assign responsibility for a particu

Demerits of break even point, DEMERITS OF BREAK EVEN POINT 1. It pays n...

DEMERITS OF BREAK EVEN POINT 1. It pays no attention to considerations like effect of government policy changes, changes in the marketing environment etc 2. Fixed cost, enti

Give annual report project, Give Annual report project: You will pick ...

Give Annual report project: You will pick a publically trade company to do the analysis on with approval of the professor . the following is an outline of what should be in th

Traditional income statement, Traditional income statement: The DU Inn i...

Traditional income statement: The DU Inn is an 80-room hotel located on some mountaintop in Colorado. It has no bar or restaurant and is positioned as a mid-priced, good quality

What is the amount of overhead applied, Morrow Company applies overhead bas...

Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h

Calculate the break-even in units under each option, o locate a store, but ...

o locate a store, but the location manager is not sure about the rent method to accept. The mall operator offers the following three options for its retail store rentals: 1. paying

Standard costing, Standard Costing A standard cost is a predetermined ...

Standard Costing A standard cost is a predetermined calculation of how much is supposed to be incurred under specific particular working conditions. It is not an average of pa

Determine how much to stock, Determine how much to stock 1. Employ The...

Determine how much to stock 1. Employ The Economic Order Quantity Model This is an easiest model which helps the manager to find out the optimum quantity of stock to order

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