A manufacturer incurred the following actual factory overhead costs: indirect materials, $6,700; Indirect labor (factory wages payable). $9,500; depreciation on factory equipment, $12,500; factory utilities (utilities payable). $850; and factory insurance expired, $550. Prepare journal entries to record (a) indirect materials, (b) indirect labor, and (c) other actual overhead costs. View transaction list Journal entry worksheet < 1 2 Record indirect materials. Transaction a 3 Note: Enter debits before credits. General Journal Debit Credit >

A manufacturer incurred the following actual factory overhead costs: indirect materials, $6,700; Indirect labor (factory wages payable). $9,500; depreciation on factory equipment, $12,500; factory utilities (utilities payable). $850; and factory insurance expired, $550. Prepare journal entries to record (a) indirect materials, (b) indirect labor, and (c) other actual overhead costs. View transaction list Journal entry worksheet < 1 2 Record indirect materials. Transaction a 3 Note: Enter debits before credits. General Journal Debit Credit >

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...

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During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
2 Record the cost of Indirect labor used. Note: Enter debits before credits. Transaction b. Record entry General Journal Clear entry Debit Credit View general journal
A company that uses job order costing incurred a monthly factory payroll of $223,500. Of this amount, $43,000 is indirect labor and $180,500 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet < 1 Record the cost of direct labor used. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
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A company that uses job order costing incurred a monthly factory payroll of $200,000. Of this amount, $52,000 is indirect labor and $148,000 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet 1 2 > Record the cost of direct labor used. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journal
During August, Darling Company incurred factory overhead costs as follows: indirect materials, $2,340; indirect labor, $5,650; utilities cost, $2,800; and factory depreciation, $2,950. Journalize the entry to record the factory overhead incurred during August. For a compound transaction, if an amount box does not require an entry, leave it blank.
Journalize the entries to record the following summarized operations related to production for a company using a job order cost system: a. Materials purchased on account $176,000 b. Prepaid expenses incurred on account 12,200 c. Materials requisitioned: For production orders 153,700 For general factory use 2,700 d. Factory labor used: On production orders 141,300 For general factory purposes 12,000 e. Depreciation on factory equipment 37,000 f. Expiration of prepaid expenses, chargeable to factory 6,100 g. Factory overhead costs incurred on account 76,000 h. Factory overhead applied, based on machine hours 105,300 i. Jobs finished 415,300 j. Jobs shipped to customers: Cost 412,000 Selling price (assume all sold on account) 638,000
Prepare journal entries to record the following production activities. 1. Incurred $53,000 of direct labor in the Roasting department and $29,000 of direct labor in the Blending department. Credit Factory Wages Payable. 2. Incurred $19,000 of indirect labor in production. Credit Factory Wages Payable. View transaction list Journal entry worksheet < A B Record direct labor incurred, but not yet paid. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
The journal entry to record $1,500 of direct labor and $250 of indirect labor incurred will include debit(s) to the ________. A. Work−in−Process Inventory account for $1,500 and Manufacturing Overhead account for $250 B. Manufacturing Overhead account for $1,750 C. Finished Goods Inventory account for $1,750 D. Work−in−Process Inventory account for $1,500 and Finished Goods Inventory account for
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Illustrate the effects on the accounts and financial statements of each of the following transactions for a company using a job order cost system: (a) Materials purchased on account $186,000 (b) Materials requisitioned: For production orders 161,500 For general factory use 8,700 (c) Factory labor used: On production orders 139,800 For general factory purposes 9,000 (d) Depreciation on factory equipment 40,000 (e) Factory overhead applied, based on machine hours 97,650 (f) Jobs finished 406,000 (g) Jobs shipped to customers: cost, $394,000; selling price 580,000 Enter an increase in Accumulated Depreciation as a negative value. In all other cases, enter increases in accounts as positive values and decreases as negative values. If an answer cell does not require an entry, leave it blank.
Rundle Company and Rooney Company assign manufacturing overhead to Work in Process Inventory using direct labor cost. The following information is available for the companies for the year. Actual direct labor cost Estimated direct labor cost. Actual manufacturing overhead cost Estimated manufacturing overhead cost Rundle Company $ 148,000 153,000 Rundle Company Rooney Company 55,600 74,970 Required a. Compute the predetermined overhead rate for each company. b. Determine the amount of overhead cost that would be applied to Work in Process Inventory for each company. c. Compute the amount of overapplied or underapplied manufacturing overhead cost for each company. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Predetermined Overhead direct labor dollar direct labor dollar Rooney Company $ 173,000 105,000 91,100 90,300