Reference no: EM132967664
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations:
a. Materials purchased on account, $45,000.
b. Materials requisitioned and factory labor used:
Job Materials Factory Labor
301--$1,850 $2,500
302 $3,150 $7,220
303 $2,200 $5,350
304 $1,800 $2,400
305 $4,230 $6,225
306 $1,770 $2,900
For general factory use $1,200 $5,000
c. Factory overhead costs incurred on account, $1,800.
d. Depreciation of machinery and equipment, $2,500.
e. The factory overhead rate is $30 per machine hour.
Job Machine hours
301 30
302 60
303 41
304 63
305 70
306 36
Total 300
f. Jobs completed: 301, 302, 303, and 305.
g. Jobs were shipped and customers were billed as follows: Job 301, $8,500; Job 302, $16,150; Job 303, $13,400.
Required:
Problem 1: Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on March 31. Record item g as 2 entries.
|
Which of the statements regarding variable cost is true
: Which of the statements regarding variable cost is true? How would the wages of factory maintenance personnel usually be classified?
|
|
Need a report talks about chatbot
: Need a report talks about chatbot - Definition of opportunity or challenge and innovation and business value add: This should present with graphic
|
|
Describes the function of managerial accounting
: For internal uses, managers are more concerned with receiving information that achieves which of the standards? It has its primary emphasis on the future
|
|
Calculate the book value of the machine
: Calculate the book value of the machine now using the straight-line, sum-of year's digits and sinking fund depreciation method. Assume interest rate 10%
|
|
Journalize the entries to record the summarized operations
: Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on March 31. Record item g as 2 entries.
|
|
Calculate the profitability of the Chester Company account
: In the prior year, Wizard had the following experience with one of its customers, Chester Company: Calculate the profitability of the Chester Company account
|
|
How long will it take them to recoup the initial outlay
: They expect incremental cash flows to be: Year 1: $1,300, Year 2: $1,000, Year 3: $800, Year 4: $$600. How long will it take them to recoup the initial outlay
|
|
How much is the share of each partner to partnership loss
: Assuming the result of operation is a loss of P50,000, how much is the share of each partner to the partnership loss
|
|
Which of the reflect job costing systems
: Which of the reflect job costing systems? Allocates costs based on usage of different resources./ Allocates costs based on quantity
|