154. For the list of product manufacturers below, indicate whether a job-cost system (J) or a process cost system (P) would be most appropriate. ______ a. Jelly bean producer ______ b. Cereal producer ______ c. Custom kitchen cabinet builder ______ d. Oil refinery ______ e. Paint manufacturer ______ f. Accounting firm Answer a. P d. P b. P e. P c. J f. J 155. IT Consulting had the following time tickets for the month of March: Ticket # Employee # Hourly Pay Rate Worked Job # 456 16 $10.00 32 201 457 19 21.00 30 202 458 8 14.00 21 202 459 11 20.00 28 204 Calculate the amount of direct cost assigned to job 202. b. Prepare a journal entry to record direct labor for March for IT Consulting. Answer a. 30 hrs. $21/hour $630 21 hrs. $14/hour 294 Total $924 b. Ticket # Employee # Hourly Pay Rate Worked Total Labor Cost 456 16 $10.00 32 $320 457 19 21.00 30 630 458 8 14.00 21 294 459 11 20.00 28 560 cost $ 1,804 Work in Process 1,804 Wages Payable 1,804 156. Crystal Catering had three jobs in process as of January 1, 2013: Job 47 $2,500 Job 49 1,600 Job 50 3,600 In addition, Job 48 was completed and awaiting shipment on January 1, 2013. Its cost was $5,600. During 2013, the company incurred the following costs:
154. For the list of product manufacturers below, indicate whether a job-cost system (J) or a process cost system (P) would be most appropriate. ______ a. Jelly bean producer ______ b. Cereal producer ______ c. Custom kitchen cabinet builder ______ d. Oil refinery ______ e. Paint manufacturer ______ f. Accounting firm Answer a. P d. P b. P e. P c. J f. J 155. IT Consulting had the following time tickets for the month of March: Ticket # Employee # Hourly Pay Rate Worked Job # 456 16 $10.00 32 201 457 19 21.00 30 202 458 8 14.00 21 202 459 11 20.00 28 204 Calculate the amount of direct cost assigned to job 202. b. Prepare a journal entry to record direct labor for March for IT Consulting. Answer a. 30 hrs. $21/hour $630 21 hrs. $14/hour 294 Total $924 b. Ticket # Employee # Hourly Pay Rate Worked Total Labor Cost 456 16 $10.00 32 $320 457 19 21.00 30 630 458 8 14.00 21 294 459 11 20.00 28 560 cost $ 1,804 Work in Process 1,804 Wages Payable 1,804 156. Crystal Catering had three jobs in process as of January 1, 2013: Job 47 $2,500 Job 49 1,600 Job 50 3,600 In addition, Job 48 was completed and awaiting shipment on January 1, 2013. Its cost was $5,600. During 2013, the company incurred the following costs:
test-bank-managerial-accounting-5th-edition-jiambalvo.docx