a. Determine the factory overhead rate for Factory 1. Round the answer to two decimal places. per machine hour b. Determine the factory overhead rate for Factory 2. Round the answer to two decimal places. per direct labor hour c. Journalize the entries to apply factory overhead to production in each factory for

a. Determine the factory overhead rate for Factory 1. Round the answer to two decimal places. per machine hour b. Determine the factory overhead rate for Factory 2. Round the answer to two decimal places. per direct labor hour c. Journalize the entries to apply factory overhead to production in each factory for

Name: Factory Overhead Rates, Entries, and Account BalanceMontenegro Metal
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Factory Overhead Rates, Entries, and Account BalanceMontenegro Metal Company operates two factories. The company applies factoryoverhead to jobs on the basis of machine hours in Factory 1 and on the basis ofdirect labor hours in Factory 2. Estimated

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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X Company manufactures cakes in two departments: Mixing and Packaging. The company uses a process cost accounting system. All materials are entered at the beginning of each process. During April 2020, the following transactions were completed: Assigned raw materials of $60,000 and $50,000 to Work in Process Mixing and Packaging respectively. Factory labor costs of $20,000 and $40,000 were assigned to Work in Process Mixing and Packaging respectively. The company applied manufacturing overhead on the basis of $15 per machine hour. Machine hours used were 1,000 in Mixing and 2,000 in Packaging. During April, the company transferred units costing S80,000 from Mixing to Packaging. In addition, it trans ferred units costing $160,000 from Packaging to Finished Goods.
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