Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Aug 2017 My Price 13.00

Jessie Manufacturing Company

Jessie Manufacturing Company employs a job order cost accounting
system and keeps perpetual inventory records. The following
transactions occurred in the first month of operations:
1. Direct materials requisitioned during the month:
Job 101 $25,000
Job 102 15,000
Job 103 25,000
$65,000

2. Direct labor incurred and charged to jobs during the month was:
Job 101 $32,000
Job 102 28,000
Job 103 24,000
$84,000

3. Manufacturing overhead was applied to jobs worked on using a
predetermined overhead rate based on 75% of direct labor costs.

4. Actual manufacturing overhead costs incurred during the month
amounted to $66,000.

5. Job 101 consisting of 1,000 units and Job 103 consisting of 200
units were completed during the month.

Instructions
(a) Prepare journal entries to record the above transactions.
(b) Answer the following questions:
1. How much manufacturing overhead was applied to Job 103 during the month?
2. Compute the unit cost of Jobs 101 and 103.
3. What is the balance in Work In Process Inventory at the end of the month?
4. Determine if manufacturing overhead was under- or overapplied
during the month. How much?

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Aug 2017 12:08 PM My Price 13.00

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