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Chapter 4 and 5 Problems Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must...

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Chapter 4 and 5 Problems Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. Chapter 4 Exercise 3 3. Cost flows and overhead application Cleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180% of direct labor cost. Data pertaining to recent operations follow. Job no. 636 was the only job in process on January 1 of the current year. The Work in Process account contained a $24,600 balance on this date. Jobs no. 637, 638, and 639 were started during January. Total direct material requisitions and direct labor incurred during January amounted to $89,200 and $114,500, respectively. The only job that remained in process on January 31 was job no. 638, with costs of $15,000 for direct materials and $20,000 for direct labor. a. Compute the total cost of the work in process inventory on January 31. b. Compute the cost of jobs completed during January, and present the proper journal entry to reflect job completion. Chapter 4 Exercise 7 7. Overhead application: Working backward The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review: Division A Divisio n B Actual machine hours 22,500 ? Estimated machine hours 20,000 ? Overhead application rate $4.50 $5.00 Actual overhead $110,00 0 ? Estimated overhead ? $90,000 Applied overhead ? $86,000
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Over- (under-) applied overhead ? $6,500 FIND THE UNKNOWNS FOR EACH OF THE DIVISIONS. Chapter 4 Problem 2 2. Computations using a job order system General Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger; Work in process $ 35,200 Finished goods 86,900 Cost of goods sold 128,700 Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows: Direct Materi als Direct Labor Job No. Amount Job No. Amount 101 $5,000 101 $7,800 115 19,500 103 20,800 116 36,200 115 42,000 Other 35,800 116 18,000 $96,500 Other 25,900 $114,500 Job no. 115 was the only job in process at the end of the month. Job no. 101 and three "other" jobs were sold during May at a profit of 20% of cost. The "other" jobs contained material and labor charges of $21,000 and $17,400, respectively.
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Chapter 4 and 5 Problems
Please complete the following 7 exercises below in either Excel or a word document (but must be
single document). You must show your work where appropriate (leaving the...

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