Seminar job-order costing

Trimis la data: 2010-10-19 Materia: Contabilitate Nivel: Facultate Pagini: 3 Nota: / 10 Downloads: 0
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Identify the accounting meaning of the dollar figures appearing by the letters (a) through (d). The company uses integrated system.Assume the company closes any balance in the MO account directly to Cost of Goods Sold. Prepare the necessary journal entry;Assume the company allocates any balance in the MO account to the other accounts. Prepare the necessary journal entry with supporting computations(Job cost sheets; overhead rates; journal entries) Madsen Company employs a job-order costing system. Only three jobs - job 208, job 209 and job 210 - were worked during May and June 2004. Job 208 was completed on June 20; the other two jobs were uncompleted on June 30. Job cost sheets on the three jobs are given below:
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Prepare T-accounts for Raw Materials, Work in Progress, Finished Goods and Manufacturing Overhead. Enter the May 31st balances given above; in the case of Work in Progress, compute the May 31 balance and enter it into the Work in Progress T-account;Prepare journal entries for the month of June as follows:Prepare an entry to record the issue of materials into production, and post the entry to the appropriate T-accounts. Indirect material issued during the June totaled 3,600;

Prepare an entry to record the incurrence of labor cost and post the entry to appropriate T-accounts. Indirect labor cost totaled 7,000 for June;Prepare an entry to record the incurrence of 19,400 in various actual manufacturing overhead costs for June;What apparent POR does the Company use to assign overhead costs to jobs? Using this rate prepare a journal entry to record the application (absorption) of overhead cost to jobs for June. Post this entry to appropriate T-accounts.

As stated earlier, job 208 was completed during June. Prepare a journal entry to show the transfer of this job off the production line and into the finished goods warehouse. Post the entry to appropriate T-accounts.
Determine the balance at June 30 in the Work in Progress inventory account. How much of this balance consists of costs traceable to job 209? To job 210?(Job-order costing) Leeds Company began operations on January the 2nd 2001. The following activity was recorded in the company's Work in Progress account for the first month of operations:

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