E2-4B Manufacturing cost data for Olsen Company, which uses a job order cost system, are presented below. Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Work in process 1/1/14 Total cost of work in process Work in process 12/31/14 Cost of goods manufactured Case A $ (a) 50,000 37,500 135,650 (b) 213,300 (c) 193,200 Case B $ 78,000 120,000 (d) 15,500 11,800 Case C $ 72,600 (h) (i) 212,600 25,050 (j) (k) 222,000 Instructions Indicate the missing amount for each letter. Assume that in all cases manufacturing over- head is applied on the basis of direct labor cost and the rate is the same.

E2-4B Manufacturing cost data for Olsen Company, which uses a job order cost system, are presented below. Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Work in process 1/1/14 Total cost of work in process Work in process 12/31/14 Cost of goods manufactured Case A $ (a) 50,000 37,500 135,650 (b) 213,300 (c) 193,200 Case B $ 78,000 120,000 (d) 15,500 11,800 Case C $ 72,600 (h) (i) 212,600 25,050 (j) (k) 222,000 Instructions Indicate the missing amount for each letter. Assume that in all cases manufacturing over- head is applied on the basis of direct labor cost and the rate is the same.

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Description: need answers for E2-4B & E2-5B!E2-4B Manufacturing cost data for Olsen Company, which uses a job order cost system,are presented below.Direct materials usedDirect laborManufacturing overhead appliedTotal manufacturing costsWork in process 1/1/14Tota

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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A companys Individual job sheets show these costs: Overhead is applied at 1.25 times the direct labor cost. Use the data on the cost sheets to perform these tasks: Apply overhead to each of the jobs. Prepare an entry to record the assignment of direct materials to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.
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Entries for costs in a job order cost system Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: A. Materials purchased on account, 770,000. B. Materials requisitioned, 680,000, of which 75,800 was for general factory use. C. Factory labor used, 756,000, of which 182,000 was indirect. D. Other costs incurred on account for factory overhead, 245,000; selling expenses, 171,500; and administrative expenses, 110,600. E. Prepaid expenses expired for factory overhead were 24,500; for selling expenses, 28,420; and for administrative expenses, 16,660. F. Depreciation of factory equipment was 49,500; of office equipment, 61,800; and of office building, 14,900. G. Factory overhead costs applied to jobs, 568,500. H. Jobs completed, 1,500,000. I. Cost of goods sold, 1,375,000. Instruction Journalize the entries to record the summarized operations.
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A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Using the Information provided. A. What Is the balance in work in process? B. What Is the balance in finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
PREDETERMINED FACTORY OVERHEAD RATE Marston Enterprises calculates a predetermined factory overhead rate so that factory overhead may be applied to production during the month. It calculates the overhead using three different methods and then decides which one to use. Total estimated factory overhead costs are 600,000. Total estimated direct labor hours are 30,000. Total estimated direct labor costs are 1,200,000. Total machine hours are estimated to be 200,000. Calculate the predetermined overhead application rates based on (1) direct labor hours, (2) direct labor costs, and (3) machine hours.
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