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April 20, 2014

Homework Help: Accounting

Posted by Lee on Saturday, November 24, 2012 at 9:38pm.

Trying to get a little help on working this accounting problem. Please help...

Jawed enterprises uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $3,600,000 and machine hours would be 18,000.
The following information pertains to December of the current year:
Job 10 Job 11 Job 12 Total
Work-in-process, Dec. 1 $106,000 $206,000 $308,000 $620,000
December production activity:
Materials requisitioned $400,000 $400,800 $407,200 $1, 208,000
Direct labor cost $26,400 $38,600 $40,000 $105,000
Machine hours 4,000 7,000 9.000 20,000
Actual manufacturing overhead cost incurred in December was $61,000.

Required:
a. Compute the predetermined overhead application rate.
b. Determine the total cost associated with each job.
c. If jobs 10 and 12 were completed, prepared the journal entry to move the cost.
d. If job 10 was sold at a price of 15 percent above cost, prepare the journal entries to record the sale.
e. What will be the balance in the work in process account ay the end of December

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