Selected accounts with amounts omitted are as follows:Work in ProcessAug. 1Balance251,200 Aug. 31Goods finished191,30031Direct materials31Direct labor43,90031Factory overheadFactory OverheadAug. 1 - 31 Costs incurred106,500 Aug. 1 Balance13,60031 AppliedXIf the balance of Work in Process on August 31 is $200,100, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?Oa. $13,600b. $106,500Oc. $13,170d. $191,300

Direct Labor: Direct Labor is directly connected to the production and not the administration or…

Answered: 43,900 Factory Overhead 106,500 Aug. 1…

43,900 Factory Overhead 106,500 Aug. 1 Balance 13,600 31 Applied cess on August 31 is $200,100, what was the amount debited to Work in Process for factory overhead in Augu

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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Question 15 Direct labor and indirect labor are recorded, respectively, to: O Factory Overhead and Goods in Process. O Goods in Process and Finished Goods. O Finished Goods and Goods in Process. O Goods in Process and Factory Overhead. O Cost of Goods Sold and Finished Goods. Question 16 Which of the following journal entries correctly records the current month's activit where $88,000 of direct material and $38,000 of indirect materials were used in th production process?
Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May
What is the Gross Profit for April?
Direct Materials Direct Labour Manufacturing Overhead Total cost to account for $385,000 139,750 86,000 $610,750 The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost of the December 31 Work in Process Inventory would be: a. $436,500 O b. $174,250 O c. $218,125 Od. $610,750
QUESTION 28 Rotel has 2 jobs completed at the end of the year. There is 1 factory-wide POHR used at Rotel based on direct material dollars. Job ABS1 has reported: $3,000 direct labor 54 direct labor hours $4500 direct materials $3,150 applied overhead Job #4C2 has reported: $6,100 in direct labor 108 direct labor hours $6,000 direct materials What is the amount of overhead applied to Job #4C2? $6,300 $1,260 $4,200 $6,500 QUESTION 29 During October, Dorinirl Corporation incurred $25,000 of direct material costs and $5,000 of indirect materials costs. The journal entry to record these materials would include a: O credit to Manufacturing Overhead $25,000 O credit to Work in Process of $25,000 O debit to Work in Process of $25,000 O debit to Manufacturing Overhead $25,000
Exercise 15-17 (Algo) Overhead rate; costs assigned to jobs LO P3 Shire Company's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $826,000 of overhead costs and $590,000 of direct labor cost for the period. During March, Shire began and completed Job 56. 1. What is the predetermined overhead rate for this period? 2. Use the Information on the following job cost sheet to determine the total cost of Job 56. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the information on the following job cost sheet to determine the total cost of Job 56. Note: Round your answers to the nearest dollar amount. Customer's Name: Keiser Company Job Description: 3 customized systems Direct Materials Date March 08 March 11 March 18 Requisition Number M-129 M-142 M-107 Cost JOB COST SHEET Direct Labor Time-Ticket Number S 4.000 T-300 6,600 T-432 3.300 T-456 Total Cost
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.
Exercise 15-26 (Algo) Computing applied overhead and closing over- or underapplied overhead LO P4 At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $1,040,000, and direct materials costs, $400,000.At year-end, the company reports that actual overhead costs for the year are $1,049,400. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. No Date General…
Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Rundle Company and Rooney Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Rundle Actual manufacturing overhead Aatual direet labor hours Underapplied overhead Overapplied overhead Сoпpany $119,150 21,000 Rooney Company $262,250 25,000 11,000 $ 21,500 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Required A Required B Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Rundle Compamy Rooney Company Predetermined overhead rate Required A Required B>
At June 30 Job 5 Job 6 Job 7 Direct materials $ 17,400 $ 34,200 $ 28,200 Direct labor 10,400 16,600 23,400 Overhead applied 5,200 8,300 11,700 Additional Information Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,200; direct labor, $3,000; and applied overhead, $2,100. Job 5 was finished in June. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 2. What is the total cost of direct labor used in June?
1. What are the cost of work in process on december 31 2020
Problem 19-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 Skip to question [The following information applies to the questions displayed below.] Widmer Watercraft’s predetermined overhead rate is 200% of direct labor. Information on the company’s production activities during May follows. Purchased raw materials on credit, $220,000. Materials requisitions record use of the following materials for the month. Job 136 $ 49,500 Job 137 33,500 Job 138 19,200 Job 139 22,800 Job 140 6,800 Total direct materials 131,800 Indirect materials 20,500 Total materials used $ 152,300 Paid $15,000 cash to a computer consultant to reprogram factory equipment. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 $ 12,200 Job 137 10,600 Job 138 38,100 Job 139 39,000 Job 140 3,800 Total direct labor…