Question

Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the uRequired: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. PrRequired: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. PrRequired: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. PrRequired: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Pr

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Answer 1:

A. Journal entry is:

Transaction General Journal Debit Credit Finished Goods Inventory $23,920 01 Work in process inventory $23,920 |(to record tr

Working:

Predetermined overhead rate = Estimated manufacturing overhead / Estimated machine hours = 239020 / 62900 = $3.80 per machine hour

Applied overhead to Job 101 = 1700 * 3.80 = $6,460

Applied overhead to Job 102 = 2900 *3.80 = $11,020

Applied overhead to Job 103 = 1000 * 3.80 = $3,800

Costs are calculated as below:

Job 101 Job 102 Job 103 Total $11,900 $7,500 $4,200 $23,600 Direct material used $17,300 $5,400 $4,400 $27,100 Direct labor O

Answer 2:

B. Journal entry is:

Transaction General Journal Debit Credit Cost of Goods Sold $35,660 02a Finished Goods Inventory $35,660 (to record cost of g

C. Journal entry to record sale:

General Journal Transaction Debit Credit $51,000 02b Cash $51,000 Sales Revenue (to record sale on cash)

Answer 3:

Actual overhead = $17,180

Applied overhead = $21280 (please refer to table in answer 1 above)

Over-applied = 21280 - 17180 = $4,100

D. Journal entry is:

Debit Transaction General Journal Credit Manufacturing Overhead $4,100 03 $4,100 Cost of Goods Sold (to record closure of ove

Add a comment
Know the answer?
Add Answer to:
Tyler Tooling Company uses a job order cost system with overhead applied to products on the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Tyler Tooling Company uses a job order cost system with overhead applied to products on the...

    Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $219,450 and total machine hours at 62,700. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labo cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 $ 11,700...

  • Tyler Tooling Company uses a job order cost system with overhead applied to products on the...

    Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $252,400 and total machine hours at 63,100. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $...

  • Tyler Tooling Company uses a job order cost system with overhead applied to products on the...

    Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $205,920 and total machine hours at 62,400. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $10,800...

  • Chapter 2. Job Order Costing Tyler Tooling Company uses a job order cost system with overhead...

    Chapter 2. Job Order Costing Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the total machine hours at 63,000. During the first month of operations, the company worked on three jobs and recorded the following a r, the company estimated its total manufacturing overhead cost at $245,700 and irect materials cost, direct labor cost, and machine hours for each job Job 101 Job 102 S 7,100 S...

  • Tyler Tooling Company uses a job order cost system with overhead applied to products on the...

    Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $249,600 and total machine hours at 62,400. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each jot Job 101 Job 102 S 8,400 S 5,000 Job 103 S...

  • Tyler Tooling Company uses a job order cost system with overhead applied to products on the...

    Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $234,840 and total machine hours at 61,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job:     Job 101 Job 102 Job 103 Total Direct materials used $...

  • Tyler Tooling Company uses a job order cost system with overhead applied to products on the...

    Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $213,520 and total machine hours at 62,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job:     Job 101 Job 102 Job 103 Total Direct materials used $...

  • PA2-4 (Algo) Preparing Journal Entries (LO 2-S1) Tyler Tooling Company uses a job order cost system...

    PA2-4 (Algo) Preparing Journal Entries (LO 2-S1) Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $215,220 and total machine hours at 63,300. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102...

  • 5. Tyler Tooling Company uses a job order cost system with overhead applied to products on...

    5. Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $201,600 and total machine hours at 63,000. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used...

  • CH 2 HW Saved Help Save & Exit Submit Check my work 00 Tyler Tooling Company...

    CH 2 HW Saved Help Save & Exit Submit Check my work 00 Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $231,250 and total machine hours at 62,500. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT