a. Materials purchased on account, $147,000.b. Materials requisitioned and factory labor used:Job No.101102$19,32023,10013,44038,20010518,05010618,000For general factory use9,000c. Factory overhead costs incurred on account, $6,000.d. Depreciation of machinery and equipment, $4,100.e. The factory overhead rate is $40 per machine hour. Machine hours used:103104Job No.101102103104105106EntriesMachine Hours154160126238Materials160174Factory Labor$19,50028,14014,00036,50015,54018,70020,160Total1,012& Jobs completed: 101, 102, 103, and 105.g. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 105, $45,500.Required:1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.DescriptionDebit000 00Credit

Journal -A journal is a repository for documents where business dealings are documented in the…

101 102 103 104 38,200 105 18,050 106 18,000 For general factory use 9,000 c. Factory overhead costs incurred on account, $6,0 d. Depreciation of machinery and equipment, $4,10 e. The factory overhead rate is $40 per machine ho Job No. 101 102 103 104 105 106 154 160 Entries Machine Hours 126 238 Matera IS 160 174 $19,320 23,100 13,440 Total 1,012 & Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as Required: 1. Journalize the entries to record the summarized Description

101 102 103 104 38,200 105 18,050 106 18,000 For general factory use 9,000 c. Factory overhead costs incurred on account, $6,0 d. Depreciation of machinery and equipment, $4,10 e. The factory overhead rate is $40 per machine ho Job No. 101 102 103 104 105 106 154 160 Entries Machine Hours 126 238 Matera IS 160 174 $19,320 23,100 13,440 Total 1,012 & Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as Required: 1. Journalize the entries to record the summarized Description

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ak ces Acme Incorporated incurs the following costs during July: $ 12,600 27,100 3,600 3,900 Raw material used 19,100 *80% of this amount relates to the factory. Sales expense Direct labor Factory supplies. Advertising Total manufacturing cost Administrative expense Required: Calculate Acme's total manufacturing costs for July, $ 67,780 Plant depreciation Indirect labor Utilities $ 22,600 7,300 9,100 11,100
b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Entry Description Debit Credit b. Work in Process fill in the blank 6 fill in the blank 7 Factory Overhead fill in the blank 9 fill in the blank 10 Materials fill in the blank 12 fill in the blank 13 c. Factory labor used, $756,000, of which $182,000 was indirect. Entry Description Debit Credit c. Work in Process fill in the blank 15 fill in the blank 16 Factory Overhead fill in the blank 18 fill in the blank 19 Wages Payable fill in the blank 21 fill in the blank 22
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Subject: accounting
H6
Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Job P $ 22,360 $36,120 Manufacturing overhead applied 2,970 1,030 4,000 Job P Job Q $ 13,760 $ 12,900 1,380 1,500 2,880 Job Q Molding 4,300 $ 17,200 $ 1.40 Fabrication 2,580 $25,800 $ 43,000 6,880 $ 2.20 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1 to 9, assume that Sweeten Company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions 10 to 15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. Total 11. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not…
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2. The company incurred factory overhead cost as follows: Indirect materials $ 28,300Indirect labor 52,300Factory Utilities cost 6,000Factory Depreciation 10,200Journalize the entry to record the actual factory overhead incurred during February.
Compute Manufacturinh Overhead costs: Electricity for Factory- 15,800 Labor- 31,000 Rent for factory- 23,000 Insurance on factory- 1,400 glass for bulbs- 55,200 cardboard for packaging- 7,000 Is my cost driver Labor 31,000? Wha tare my units? Estimated total Manufacturing overhead?Estimated total hours?
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Hardev
Balances: Beginning Ending Direct materials 13,5007 300 Work in process inventory 0 3,400 Finished goods inventory 0 5,100 Other information: Direct materials purchase 36,000 Plant expenses 19,000 Sales salaries 6,200 Delivery of items sold 1,100 Net sales revenue 108,500 Customer hotline costs 4,800 Direct labor 24,000 Create a Schedule of Cost of Good Manufactured. Create an Income Statement.