Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 11.00

Sandro Clean

Sandro Clean uses a job order cost accounting system. On October 1, the company has a balance in Work in Process Inventory of $4,200 and two jobs in process: Job No. R92, $1,600 and Job No. R93, $2,600. During October, a summary of source documents reveals the following:

Job Number Materials Requisitions Slips Labor Time Ticket
Job No. R92 $2,200

$7,1000
Job No. R93 1,700 4,100
Job No. R94 4,700 3,300
Job No.R95 2,200 $5,100
General Use 1,800 2,000
Total $12,600 $21,600

Sandro applies manufacturing overhead to jobs at an overhead rate of 90% of direct labor cost. Job No. R92 was completed during the month.

Instructions

(a) Prepare summary journal entries to record the requisition slips, time tickets, the assignment of manufacturing overhead to jobs, and the completion of Job No. R92. Show computations.

(b)    Answer the following questions.

   1.   What is the balance in Work in Process Inventory at October 31?

   2.   If Sandro incurred $13,000 of manufacturing overhead in addition to indirect labor and indirect materials, was overhead over- or underapplied in October and by how much?

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 11.00

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