Prob1carley Products Has No Work In Process Or Finished Goods Invento ✓ Solved

PROB.1 Carley Products has no work in process or finished goods inventories at the close of business on December 31. The balance of Carley's account as of December 31, are as follows: Cost of goods sold 2,040,000 Selling and administrative expenses 900,000 Sales 3,600,000 Factory overhead control 700,000 Factory overhead applied 648,000 Carley Products' pretax income for the year is a. 608,000 b. 660,000 c. 712,000 d.

52,000 PROB. 2 Baker Co. has two departments (Processing and Packing) and uses a job order costing system, Baker applies overhead in Processing based on machine hours and on direct labor cost in Packaging. The following information is available for July: Processing Packaging Machine hours 2,500 1,000 Direct labor cost P44,500 P23,000 Applied overhead 55,000 51,a. What is the overhead application rate per machine hour for Processing? a. 22.00 b.

1.24 c. 17.80 d. 0.b. What is the over applied application rate for Packaging? a. 23.00 b.

51.75 c. 2.25 d. 0.44 PROB. 3 Zew Co. has a job order costing system and an overhead application rate of 120% of direct labor cost. Job #33 is charged with material of P12,000 and overhead of P7,200.

Job # 34 has direct material of P2,000 and direct labor of P9,000. What amount of direct labor costs has been charged to Job #33? a. 6,000 b. 8,640 c. 7,200 d.

14,400 PROB. 4 Queen Co. is a print shop, which produces jobs to customer specification. During January, Job #123 was worked on the following information is available: Direct materials used P2,500 Direct labor hours worked 15 Machine time used 16 Direct labor rate per hour P7.00 Overhead application rate per machine hour P18.00 What was the total cost of Job #123 for January? a. 3 025 b. 2,812 c.

2,770 d. 2,713 PROB. 5 The Lotus Co. manufactures a specialty line of product using a job order costing system. During May, the following costs were incurred in completing Job #03: direct materials, P13,700; direct labor, P4,800; administrative, P1,400; and selling, P5,600. Factory overhead was applied at the rate of P25 per machine hour Job #03 requires 800 machine hours.

If Job #03 resulted in 7,000 good units, what is the cost of goods sold per unit? a. 6.50 b. 6.30 c. 5.70 d. 5.50 PROB.

6 Selected cost data concerning the past fiscal year's operations of the Moscow Manufacturing Co. are presented below: Inventories Beginning Ending Materials P75,000 P85,000 Work in process 80,000 30,000 Finished goods 90,,000 Materials used P326,000. Total manufacturing costs charged to production during the year (including direct materials, direct labor, and factory overhead applied at the rate of 60% of direct labor cost), P686,000. Cost of goods sold available for sale, P826,000. Selling and general expenses, P25,000. 6a.What is the amount of direct materials purchase during the year? a.

360,000 b. 316,000 c. 336,000 d. 411,b. What is the direct labor cost charged to production during the year? a.

216,000 b. 135,000 c. 225,000 d. 360,c.What is the cost of goods manufactured during the year? a. 736,000 b.

716,000 c. 636,000 d. 766,d.What is the cost of goods sold during the year? a. 716,000 b. 691,000 c.

801,000 d. 736,000 PROB. 7 Beginning Ending Direct materials P67,000 P60,000 Work in process 145,,000 Finished goods 85,000 70,000 Production data for the same month are: Direct labor P220,000 Actual factory overhead 145,200 Direct materials purchased 179,300 Transportation in 4,400 Purchase returns and allowances 2,200 Matrix uses one factory overhead control account and charges factory overhead to production at 70% of direct labor cost. The company does not formally recognize over or underapplied overhead until year-end 7a.What prime cost should be reported for October? a. 408,500 b.

365,000 c. 188,500 d. 181,b. What were the total manufacturing costs incurred during October? a. 553,700 b.

569,500 c. 408,500 d. 562,c. What was the cost of goods transferred to finished goods inventory for October? a. 543,700 b.

552,500 c. 528,700 d. 573,500 C.A: 537,d. What was the cost of goods sold for October? a. 537,500 b.

552,500 c. 522,500 d. 543,e. What was the net debit or credit to factory overhead control for the month of October? a. Debit of P8,800 overapplied b.

Debit of P8,800 underapplied c. Credit of P8,800 overapplied d. Credit of P8,800 underapplied PROB.8 The following was taken from Kay Co's accounting records for the year ended December 31: Increase in raw materials inventory 15,000 Decrease in finished goods inventory 35,000 Raw materials purchased 430,000 Direct manufacturing labor payroll 200,000 Factory overhead 300,000 Freight out 45,000 There was no work in process inventory at the beginning or end of the year. Kay's cost of goods sold is a. 950,000 b.

965,000 c. 975,000 d. 995,000 PROB. 9 Following are Mill Co.'s production costs for October: Direct materials 100,000 Direct labor 90,000 Factory overhead 4,000 What amount of cost should be treated to specific products in the production process? a. 194,000 b.

190,000 c. 100,000 d. 90,000 PROB. 10 The following information pertains to Arp. Co's manufacturing operations: Inventories 3/1 3/31 Direct materials 36,000 30,000 Work in process 18,000 12,000 Finished goods 54,000 72,000 Additional information for the month of March: Direct materials purchased 84,000 Direct manufacturing labor 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.a.

For the month of March, prime cost was a. 90,000 b. 120,000 c. 144,000 d. 150,b.

For the month of March, conversion cost was a. 90,000 b. 120,000 c. 144,000 d. 170,000 C.A: 140,c.For the month of March, cost of goods manufactured was a.

218,000 b. 224,000 c. 230,000 d. 236,000

Paper for above instructions

Introduction

In managerial accounting, understanding job order costing is crucial for assessing how manufacturing costs impact financial outcomes. This assignment presents a variety of scenarios regarding job order costing, cost of goods sold, direct materials, labor, factory overhead, and the calculation of prime and conversion costs, providing solutions to the allocated problems based on the principles of managerial accounting and cost analysis.

PROB. 1: Carley Products

To calculate Carley Products' pretax income, we utilize the following formula:
\[ \text{Pretax Income} = \text{Sales} - \text{Cost of Goods Sold} - \text{Selling and Administrative Expenses} \]
Given:
- Sales =