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

Determine the ethicality of the events within the case, Write a 1,200- to 1...

Write a 1,200- to 1,500-word paper explaining the legal aspects, financial standards involved, and ethicality of the Excello Telecommunications case. Your paper should include the

Visual fit method of cost estimation, Visual Fit Method of Cost Estimation ...

Visual Fit Method of Cost Estimation Cost estimation is based on past data regarding the dependent variable and the cost driver. The previous data on cost levels and the outpu

.inventory, what are thereasons for holding inventories

what are thereasons for holding inventories

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

Computation of overhead recovery rate, Compute the rate to be used in each ...

Compute the rate to be used in each department for applying overhead in both departments Budegeted Cost sheet   Amount in $

Determine the incremental cost, Determine the Incremental Cost A compa...

Determine the Incremental Cost A company currently makes a component that has the given unit cost structure Direct Material Shs. 100

Comment on the cash- flow impacts, Chester & Wayne is a regional food distr...

Chester & Wayne is a regional food distribution company. Mr. Chester, CEO, has asked your assistance in preparing cash-flow information for the last three months of this year. Sele

Determine the current price of shares, 2. Blue-Jay Sporting Goods is a star...

2. Blue-Jay Sporting Goods is a start-up company that expects to earn $3.00 per share next year. Since the firm currently retains 100 percent of earnings to finance future grow

High - low method of cost estimation, High - Low Method of Cost Estimation ...

High - Low Method of Cost Estimation Now, cost estimation is based upon the relationship between past level and past cost of activity. Variable cost is based on the relationsh

the meaning of the fixed production, Describe the meaning of the fixed pro...

Describe the meaning of the fixed production overhead variances calculated under the standard absorption costing system and talk about their usefulness to the management of X Ltd.

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