Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 17, Problem 5R
Use the space provided below to prepare six summary
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Manor Painting is a commercial interior and exterior painting contractor specializing in commercial buildings. An inventory of materials
and equipment is on hand at all times, so work can start as quickly as possible. Special equipment is ordered as required. On August 1,
the Materials Inventory account had a balance of $55,300. The Work-in-Process Inventory account is maintained to record costs of
work not yet complete. There were two such jobs on August 1 with the following costs:
Materials and equipment
Direct labor
Overhead (applied)
Overhead has been applied at 40 percent of the costs of direct labor using an annual rate.
Materials and equipment
Direct labor (wages payable)
Job 84
$ 24,400
21,600
8,640
During August, Manor Painting started two new jobs. Additional work was carried out on Jobs 84 and 87. Job 87 was completed and
billed to the customer. Details on the costs incurred on jobs during August follow:
Property taxes
Storage area rental
Job 87
$ 80,100
40,700
16,280
Truck…
What is the total amount of manufacturing overhead applied to production during the year? (Show complete calculations)
What is the total manufacturing cost added to Work in Process during the year?
What is the journal entry to record the transfer of completed jobs that is referred to above?
selected transactions for the current month are
cated by letters in the following T accounts in a job
er cost accounting system:
Materials
(a)
Wages Payable
(b)
Factory Overhead
(C)
(a)
(b)
(c)
(d)
(e)
cribe each of the five transactions.
Work in Process
(d)
Finished Goods
(e)
Cost of Goods Sold
Chapter 17 Solutions
Excel Applications for Accounting Principles
Ch. 17 - Nutt Products manufactures screws and bolts made...Ch. 17 - Prob. 2RCh. 17 - Now that your worksheet has been saved as JOB2,...Ch. 17 - Next, open worksheet JOB2 again. Enter the data...Ch. 17 - Use the space provided below to prepare six...Ch. 17 - Nutts management is very concerned about the cost...
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- Spokane Production Co. obtained the following information from its records for July: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for July: a. The gross profit or loss for each job completed and sold, and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)arrow_forwardJob cost sheets show the following information: What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March?arrow_forwardSummary information from a companys job cost sheets shows the following information: What are the balances in the work in process inventory, finished goods Inventory, and cost of goods sold for April, May, and June?arrow_forward
- A summary of the time tickets is as follows: Journalize the entry to record the factory labor costs.arrow_forwardBangor Products Co. obtained the following information from its records for April: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for April: a. The gross profit or loss for each job completed and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)arrow_forwardGerken Fabrication Inc. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.arrow_forward
- The following information concerns production in the Finishing Department for May. The Finishing Department uses the weighted average method. a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production.arrow_forwardFor each item below indicate the source documents that would most likely authorize the journal entry in a job-costing system. An answer may be used more than once ,but not all answers will be used. 1. applied overhead rate 2. budgeted invoice 3. job cost record 4. labor time card 5. materials requisition record 6. purchase invoice 7. revenue record 8. sales invoice a. direct materials purchased b. direct materials used c. direct manufacturing labor d. indirect manufacturing labor e. finished goods control f. cost of goods soldarrow_forwardCategorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem.a. preparing the weekly payroll for manufacturing personnelb. releasing raw materials for use in the manufacturing cyclec. recording the receipt of payment for goods soldd. recording the order placed by a customere. ordering raw materialsf. determining the amount of raw materials to orderarrow_forward
- Prepare a T-account for each account on the company’s balance sheet, and enter the beginning balances. Make entries directly into the T-accounts for the transactions given above. Create new T-accounts as needed. Determine an ending balance for each T-account. Was manufacturing overhead underapplied or overapplied for the year? Assume that the company allocates any overhead balance among the Work in Process, Finished Goods, and Cost of Goods Sold accounts, using the overall balances in each account. Prepare a journal entry to show the allocation. (Round allocation percentages to one decimal place.) Prepare an income statement for the year. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the T-accounts.)arrow_forwardPlease answer the cost accounting problem from the attached photo below.The requirements are: 1: Compute equivalent units of production for Assembling Department for the month of June 2018. 2: Prepare a cost of production report for the Assembling Department for the month of June 2018.arrow_forwardCategorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem and give examples of each subsystem . a. Preparing the weekly payroll for manufacturing personnel b. Releasing raw materials for use in the manufacturing cycle c. Recording the receipt of payment for goods sold d. Recording the order placed by a customer e. Ordering raw materials f. Determining the amount of raw materials to order?arrow_forward
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