ANYONE EXPERT ACCOUNTING PLEASE IM STRUGGLING ON THESE ANSWER ALL QUESTIONS THAN

ID: 2493935 • Letter: A

Question

ANYONE EXPERT ACCOUNTING PLEASE IM STRUGGLING ON THESE ANSWER ALL QUESTIONS THANKS PLEASEEEEE

28. Kidd Company had 800 units of product in its work in process inventory at the beginning of the period. During the period 3,000 additional units of product were started. At the end of the period there were 1,500 units of product in the work in process account. The ending work in process inventory was estimated to be 30% complete. The beginning work in process inventory had a balance of $4,000. There were $84,000 of product costs added to work in process during the period. The amount of cost in ending work in process inventory is:

29.

Under job-order costing, the actual direct material, actual direct labor, and estimated overhead costs are recorded on the job cost sheet.

True

False

30.

Garst Manufacturing is working on two jobs. Cost is accumulated under a job order cost system, and overhead is applied on the basis of direct labor hours. The company estimated that overhead would be $64,000 and 10,000 direct labor hours would be worked. Both projects were started and completed in the current accounting period. The following transactions were completed during the period:

(a) Used $10,000 of direct material on Project I and $6,800 of direct material on Project II.
(b) Labor costs for the two jobs amounted to the following: Project I, $24,000 (2,000 hours); Project II, $44,000 (6,000 hours).
(c) Project II was sold during the period for $120,000.

The ending balance in work in process was:

$34,000.

$0.

$136,000.

$46,800.

31.

O'Hare Company, is a manufacturing firm that uses a job-order cost system to determine the costs of its products. During 2014, O'Hare paid $700 for equipment rental and other indirect costs. The recognition of this event would:

Have no impact on total assets.

Reduce net income.

Increase total assets.

Decrease total assets.

32.

Steele Manufacturing Company reported the following work in process inventory account activity measured in units. The ending inventory was estimated to be 70% to be complete.
Beginning inventory 20,000
Started 90,000
Ending inventory 15,000
What is the number of equivalent units in Steele's ending work in process inventory?

15,000

None of these.

14,000

10,500

33.

Congress Manufacturing is currently working on two jobs. The job order cost sheets for Job 101 and Job 102 showed the following information:

If overhead is applied to jobs at $0.40 per direct labor dollar, the total manufacturing cost for the two jobs would be:

$34,800.

$184,800.

$166,800.

$132,000.

Job 101 Job 102 Direct Materials $21,000 $24,000 Direct Labor 33,000 54,000

Explanation / Answer

28. Using average method, the equivalent unit are

Units transferred to Finished Goods= 800+3000-1500= 2300 Units

Equlivent of FG of the end WIP = 1500*30%= 450 units

So total = 2300+450= 2,750

Total cost = $ 4000+ $ 42,000 = $ 48,000

Cost per unit = cost/units= 48000/2750= $ 17.45

Ending WIP= 1500*17.45= $ 26,175

29.True. Because Labor and materials are entered on a job cost sheet. Overhead is usually added to the amount the customer will be charged for labor and materials.

30. The ending balance in Work in Process is 0 , because both the project completed during the year.

31. Reduce the net income because the cost of $ 700 pertains to overhead expenses which will be added to the total cost .

32. Since the ending inventory was estimated to be 70% complete then , 30% is in work in process

= 15000*70%=10,500

33.

Job 101

Job 102

Dirrect Materal

$ 21,000.00

$ 24,000.00

Labour cost

$ 33,000.00

$ 54,000.00

Overhead cost ( @0.40 per direct labour dollar )

$ 13,200.00

$ 21,600.00

Total Cost

$ 67,200.00

$ 99,600.00

Total manufacturing cost of both the jobs

$ 1,66,800.00