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Chapter 17: 28PGA_a (page 947)

Clement Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information:

Job No.

Date

Total cost of Job at October 31

Total manufacturing costs added in November

Started

Finished

Sold

1

10/03

10/12

10/13

\(1,300

2

10/03

10/30

11/01

1,400

3

10/17

11/24

11/27

1,000

\)900

4

10/29

11/29

12/03

1,200

1,200

5

11/08

11/12

11/14

650

6

11/23

12/06

12/09

500

Requirements

1. Which type of costing system is Clement using? What piece of data did you base your answer on?

Short Answer

Expert verified

Clement manufacturing uses the job orer costing system for determining the cost of each job. It is so because the total costing of each job is different. When the costing of different job is different, then the company uses the job order costing system.

Step by step solution

01

Costing system

Costing system means the system uses by the companies for determining the values of the products manufactured by them. It is classified in category such as the job order costing system and the process costing system.

02

Classifcation of costing system used by clement manufacturing

Job order costing system is used by the clement manufacturing. The companies which are working on job basis determine the cost on different job type basis. Hence, the cost is being determined by Clement by using job order costing system

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Most popular questions from this chapter

Question: Journalize the following transactions for Marge鈥檚 Sofas. Explanations are not required.

g. Completed production on jobs with costs of $40,000

Question: Using job order costing in a service company

Roth Accounting pays Jack Smith $90,000 per year.

Requirements

1. What is the hourly cost to Roth Accounting of employing Smith? Assume a

30-hour week and a 50-week year.

June production generated the following activity in Bentley Chassis Company鈥檚 Work-in-Process Inventory account:

June 1 balance

\(36,000

Direct materials used

32,000

Direct labor assigned to jobs

40,000

Manufacturing overhead allocated to jobs

28,000

Additionally, Bentley Chassis has completed Jobs 142 and 143, with total costs of

\)37,000 and \(48,000, respectively.

Requirements

3. Prepare the journal entry to record the sale on account of Job 143 for \)63,000.

Also, prepare the journal entry to record Cost of Goods Sold for Job 143.

Back Country manufactures backpacks. Its plant records include the following materials-related data

Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.

Question: Smith Company expected to incur \(10,000 in manufacturing overhead costs and use 4,000 machine hours for the year. Actual manufacturing overhead was \)9,700, and the company used 4,250 machine hours.

9. Calculate the predetermined overhead allocation rate using machine hours as the allocation base.

10. How much manufacturing overhead was allocated during the year?
See all solutions

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