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Category > Accounting Posted 15 Aug 2017 My Price 13.00

Southwestern Fashions, Inc.

Southwestern Fashions, Inc. which uses a job-order costing system, had two jobs in process at the start of the year: job no. 101 ($168,000) and job no. 102 ($107,000). The following information is available:

a.      The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted overhead and machine activity for the year were anticipated to be $1,680,000 and 32,000 hours, respectively.

b.      The company worked on four jobs during the first quarter. Direct materials used, direct labor incurred, and machine hours consumed were as follows:

Job No.                                                                 Direct Material            Direct Labor             Machine Hours

 

 

101  .......................................................................

$42,000

$ 70,000

2,400

102  .......................................................................

—

44,000

1,400

103  .......................................................................

88,000

130,000

4,000

104  .......................................................................

30,000

17,600

1,000

c.      Manufacturing overhead during the first quarter included charges for depreciation ($68,000), indi- rect labor ($120,000), indirect materials used ($10,000), and other factory costs ($279,000).

d.      Southwestern Fashions completed job no. 101 and job no. 102. Job no. 102 was sold on account, producing a profit of $69,400 for the firm.

Required:

1.      Determine the company’s predetermined overhead application rate.

2.      Prepare journal entries for the first quarter to record the following. (Note: Use summary entries where appropriate by combining individual job data.)

a.     The issuance of direct material to production and the direct labor incurred.

b.     The manufacturing overhead incurred during the quarter.

c.      The application of manufacturing overhead to production.

d.     The completion of jobs no. 101 and no. 102.

e.     The sale of job no. 102.

3.      Determine the cost of the jobs still in production as of March 31.

4.      Did the finished-goods inventory increase or decrease during the first quarter? By how much?

5.      Was manufacturing overhead under- or overapplied for the first quarter of the year? By how much?

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Maurice Tutor
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Status NEW Posted 15 Aug 2017 09:08 AM My Price 13.00

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