06 Mar Is there anyone that can assist me with this? Please complete Exercise Set A, Odd number problems. Attached is a PDF of the A Exercise Questions.? You can copy the questions into a W
Is there anyone that can assist me with this?
Please complete Exercise Set A, Odd number problems. Attached is a PDF of the A Exercise Questions. You can copy the questions into a Word document and answer the questions or use a Word document to reflect just the questions.
Exercise A – Chapter 4 Job Order Costing
EA1.
LO 4.1Little Things manufactures toys. For each item listed, identify whether it is a product
cost, a period cost, or not an expense.
A. internet provider services
B. material expense
C. raw materials inventory
D. production equipment rental
E. showroom rental
F. factory employee salary
G. Human Resource Director salary
EA2.
LO 4.2Table 4.3 shows a list of expenses involved in the production of custom, professional
lacrosse sticks.
A. For each item listed, state whether the cost should be applied to manufacturing or sales
and administration.
B. If the cost is a manufacturing cost, state whether it is direct materials, direct labor, or
manufacturing overhead.
C. If the cost is a manufacturing overhead cost, state whether it is indirect materials, indirect
labor, or another type of manufacturing overhead.
Expenses Involved in Lacrosse Stick Production
Lacrosse Stick
Production Costs
Manufacturing or Sales
& Administration Cost?
If Manufacturing: Direct
Materials, Direct Labor, or
Overhead?
If Overhead: Indirect
Materials, Indirect
Labor, or Other?
Carbon, fiberglass
Administrative
building rent
Accountant salary
Factory building
depreciation
Strings for the
Advertising
Exercise A – Chapter 4 Job Order Costing
Lacrosse Stick
Production Costs
Manufacturing or Sales
& Administration Cost?
If Manufacturing: Direct
Materials, Direct Labor, or
Overhead?
If Overhead: Indirect
Materials, Indirect
Labor, or Other?
Production
supervisor salary
Paint for sticks
Research and
development costs
Wages of person
who strings the
sticks
Cutting machine
depreciation
Human resources
salaries
Factory maintenance
Table4.3
EA3.
LO 4.2Burnham Industries incurs these costs for the month:
A. What is the prime cost?
B. What is the conversion cost?
EA4.
Exercise A – Chapter 4 Job Order Costing
LO 4.3Marzoni’s records show raw materials inventory had a beginning balance of $200 and an
ending balance of $300. If the cost of materials used during the month was $900, what were the
purchases made during the month?
EA5.
LO 4.3Sterling’s records show the work in process inventory had a beginning balance of $4,000
and an ending balance of $3,000. How much direct labor was incurred if the records also show:
EA6.
LO 4.3Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly
income statement shows cost of goods sold of $2,000. What was the beginning inventory if the
ending inventory was $1,000?
EA7.
LO 4.4A company estimates its manufacturing overhead will be $750,000 for the next year.
What is the predetermined overhead rate given the following independent allocation bases?
A. Budgeted direct labor hours: 60,000
B. Budgeted direct labor expense: $1,500,000
C. Estimated machine hours: 100,000
EA8.
LO 4.4Job order cost sheets show the following costs assigned to each job:
The company assigns overhead at $1.25 for each direct labor dollar spent. What is the total cost
for each of the jobs?
Exercise A – Chapter 4 Job Order Costing
EA9.
LO 4.4A new company started production. Job 10 was completed, and Job 20 remains in
production. Here is the information from job cost sheets from their first and only jobs so far:
Using the information provided,
A. What is the balance in work in process?
B. What is the balance in the finished goods inventory?
C. If manufacturing overhead is applied on the basis of direct labor hours, what is the
predetermined overhead rate?
EA10.
LO 4.5K company production was working on Job 1 and Job 2 during the month. Of the $780 in
direct materials, $375 in materials was requested for Job 1. Direct labor cost, including payroll
taxes, are $23 per hour, and employees worked 18 hours on Job 1 and 29 hours on Job 2.
Overhead is applied at the rate of $20 per direct labor hours. Prepare job order cost sheets for
each job.
EA11.
LO 4.7A company has the following transactions during the week.
• Purchase of $1,000 raw materials inventory
• Assignment of $500 of raw materials inventory to Job 5
• Payroll for 20 hours with $1,000 assigned to Job 5
• Factory utility bills of $750
• Overhead applied at the rate of $10 per hour
What is the cost assigned to Job 5 at the end of the week?
EA12.
LO 4.7During the month, Job AB2 used specialized machinery for 450 hours and incurred $500
in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the
factory. Prepare journal entries for the following:
A. Record the expenses incurred.
Exercise A – Chapter 4 Job Order Costing
B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.
EA13.
LO 4.7Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000
and sold on account for $4,500. Prepare journal entries for the following:
A. Completion of Job 113.
B. Completion and sale of Job 85.
EA14.
LO 4.7A company’s individual job sheets show these costs:
Overhead is applied at 1.25 times the direct labor cost. Use the data on the cost sheets to perform
these tasks:
A. Apply overhead to each of the jobs.
B. Prepare an entry to record the assignment of direct materials to work in process.
C. Prepare an entry to record the assignment of direct labor to work in process.
D. Prepare an entry to record the assignment of manufacturing overhead to work in process.
EA15.
LO 4.7A summary of material requisition slips and time tickets, along with the overhead
allocation, show these costs:
Exercise A – Chapter 4 Job Order Costing
A. Prepare an entry to record the assignment of direct material to work in process.
B. Prepare an entry to record the assignment of direct labor to work in process.
C. Prepare an entry to record the assignment of manufacturing overhead to work in process.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Wridemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.