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Chapter 17: Q17E-a (page 942)

Root Trailers’ job cost records yielded the following information:

Use the dates in the table to identify the status of each job. Compute the following

balances for Root:

a. Work-in-Process Inventory at July 31

Short Answer

Expert verified

Job no. 3 is started on july3 and completed on august 11. Hence, it is work in processas on july 31. Thus, the work in process inventory at July 31 is $6,000

Step by step solution

01

Work in process inventory

Work in process inventory means the inventory that have been partially completed through the manufacturing process.

02

Work in process inventory as on July 31

Job no.

Started date

Finished date

Work in process as on july 31

Amount

1

June 21

July 16

No

$3,400

2

June 29

July 21

No

13,700

3

July 3

August 11

Yes

6,000

4

July 7

July 29

No

4,400

The work in process inventory of the Root Trailer’s as on July 31 is $6,000 for job no. 3.

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Most popular questions from this chapter

Oak Outdoor Furniture manufactures wood patio furniture. If the company reportsthe following costs for June 2018, what is the balance in the Manufacturing Overheadaccount before overhead is allocated to jobs? Assume that the labor has been incurred,but not yet paid. Prepare journal entries for overhead costs incurred in June.

Wood

$270,000

Nails, glue, stain

18,000

Depreciation on saws

5,300

Indirect manufacturing labor

45,000

Depreciation on delivery truck

1,700

Assembly-line worker’s wages

51,000

Distinguishing between job order costing and process costing

Would the following companies most likely use job order costing or process costing?

d. A professional service firm

Question: Give the journal entry for the completion of a job. How is the accounting equation affected?

Following is a list of cost system characteristics and sample companies. Match each to either job order costing or process costing.

h. A company that bottles milk into one-gallon containers.

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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