Flowchart of a typical job order system

Assignment Help Managerial Accounting
Reference no: EM13336671

Question 1:

Knox Company begins operations on January 1. Because all work is done to customer specifications, the company decides to use a job order cost system.

Prepare a flowchart of a typical job order system with arrows showing the flow of costs. Identify the eight transactions.

38_Flowchart of Costs.png


Question 2: During January, its first month of operations, Knox Company accumulated the following manufacturing cost: Raw materials $4,000 on account, Factory labor $6,000 of which $5,200 relates to factory wages payable and $800 relates to payroll taxes payable, and utilities payable $2,000.

Prepare separate journal entries for each type of manufacturing cost.

2331_Flowchart of Costs1.png

Question 3: In January, Knox Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,400, Job 3 $700, and general factory use $600.

Prepare a summary journal entry to record raw materials used.

1285_Flowchart of Costs5.png

Question 4: The gross earnings of the factory workers for Vargas Company during the month of January are $66,000. The employer's payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid by the employer on this payroll are $6,000. Of the total accumulated cost of factory labor; 85% is related to direct labor and 15% is attributable to indirect labor.


(a) Prepare the entry to record the factory labor costs for the month of January.

1418_Flowchart of Costs3.png


(b) Prepare the entry to assign factory labor to production.

Question 5: Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following:

1593_Flowchart of Costs4.png

Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month.


(a) Prepare summary journal entries to record (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429.

(b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheet (Use a T-account).

Reference no: EM13336671

Previous Q& A

  Explain use coulomb''s law to calculate the ionization energy

Use Coulomb's law to calculate the ionization energy in {\rm kJ/mol} of an atom composed of a proton and an electron separated by 80.0 pm

  How many of the variable input should the firm use

a. Given the following chart and information fill in the missing values. Please write on a separate sheet. Note that r = $50 and w = $100. Use a price of $5.50.

  Discuss common input - output technologies

Create a Microsoft Word table that identifies the advantages, disadvantages, computer requirements, initial costs, and future savings for an organization considering an engagement in virtualization.

  Explain the ph of the 0.37 m potassium sorbate solution

Sorbic acid, CH2CHCHCHCH2CO2H (pKa= 4.77), is widely used in the food industry as a preservative. For example, its potassium salt (potassium sorbate) is added to cheese to inhibit the formation of mold. What is the pH of the 0.37 M potassium sorba..

  What was the kinetic energy of the car

A car of mass m = 1470 kg is pushed off a cliff of height h = 23 m. If the car lands a distance of 7 m from the base of the cliff, what was the kinetic energy of the car

  Evaluate the potential at a platinum electrode

Calculate the potential at a platinum electrode in the titration of 50.0 mL of 0.100 M FeSO4 after addition of 7.00 mL of 0.0500 M KMnO4.

  Demand relation is a linear function of price and income

Demand relation is a linear function of price and income, use your spreadsheet program to obtain least squares estimates of Mississippi's demand for KBC microbrews.

  Describe the saturated calomel reference electrode

Consider following cell. SCE stands for the saturated calomel reference electrode, which has a fixed potential of 0.244 volt. Pt|VOSO4 (0.0184 M), V2(SO4)3 (0.212 M), HClO4 (0.0100 M) || SCE Calculate the cell potential.

  What was the velocity of the football

Your little brother is sitting in a wagon playing with his toys. what was the velocity of the football when you threw it towards your brother

  Explain the electrophilic addition of hcl

For the electrophilic addition of HCL to 2-methyl-2-pentene use curved arrow notation to show the formation of the markovniknov & anti-markovnikov product. Label the types of carbocation formed as intermediates in each reaction pathway & show the ..


Write a Review


Similar Q& A

  What is the goal of the eoq model

What is the goal of the EOQ model and why does a firm hold "safety stock? and what costs are a firm trying to balance when it decides on how much safety stock to hold?

  Lock box-cash conversion cycle-interest rate

What are the expected annual savings form a lock-box system that collects 300 checks per day averaging $800 each, and reduces mailing and processing times by 3.0 and 1.5 days respectively, if the annual interest rate is 7 %?

  Budget based on the new membership plan

Develop a Schedule budget and a Schedule 7 (cash receipts) budget based on the new membership plan and fee structure.

  Major methods of developing advertising budge

Describe the major methods of developing the advertising budget. Make sure you take the position on which method you think is best and why.

  Cost-benefit analysis-personal budgeting

Calculate your budgeted cost per mile of purchasing, owning, and driving this vehicle over the five years.

  Management and leadership-defining relationship

What are the roles of individuals in the above scenarios? Are they managers, leaders, or both? What distinguishes management from the leadership and managers from leaders? The nature of relationship between leadership and management remains a top..

  Determine the dl and dm budget

RYT(aka RotYourTeeth) Candy Company sells lollipops.Last year the company sold 10,000,000 lollipops for $1,000,000.The Variable Costs were $350,000 and the Net Profits were $100,000

  Standard costing problem for petty petroleum

Petty Petroleum, Inc. uses various chemicals to manufacture its products. Variance data for last month for three primary chemicals used in production are as follows (F indicates a favorable variance; U indicates an unfavorable variance):

  Product costing- traditional and activity

Determine total product cost per unit for each product using an activity based costing system. Use the number of units as the cost driver for each activity.

  Examining cost variances

Consider your professional experiences as well as your review of the Required and/or Optional Resources and determine what type of variances might be the most alarming to see. What type of inventory control considerations do you think are occurring..

  Make or buy decision-relevant cost

Davis Company manufactures used parts in production of widgets. When 10,000 items are produced, the costs per unit are:

  Fixed and flexible budget

Compare bottom-line financial results of using the fixed budget and flexible budget if volumes (a) increase by 10% or (b) decrease by 10%.

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!

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