Job 2031,440Job 2042,690Factory supervision1,250Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $20 per direct labor hour. The direct labor rate is $15 per hour.If required, round final answers to the nearest dollar.a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.Work in Proces5Factory OverheadWages PayableFeedbackb. Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank.Work in ProcessFactory Overhead Entries for Direct Labor and Factory OverheadTownsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs aresummarized as fllows:Job 201$3,650Job 2021,820Job 2031,440Job 2042,690Factory supervision1,250Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $20 per direct labor hour. The direct labor rate is $15 per hour.If required, round final answers to the nearest dollar.a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.Work in ProcessFactory OverheadWages Payable

Name: Job 2031,440Job 2042,690Factory supervision1,250Factory overhead is a
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Description: Job 2031,440Job 2042,690Factory supervision1,250Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $20 per direct labor hour. The direct labor rate is $15 per hour.If required, round final answers to the nearest dol

Job Order cost Application of Labor cost and Overhead cost Journal Entry to record labor cost and…

Business

Accounting

a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable Feedback b. Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank. Work in Process

a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable Feedback b. Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank. Work in Process

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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Under a job order costing system, individual jobs are charged with actual overhead costs when they are transferred to finished goods. TRUE FALSE
Factory Overhead Rates and Account Balances Prostheses Industries operates two factories. The manufacturing operations of Factory 1 are m e intensive, while the manufacturing operations of Factory 2 are labor intensive. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Estimated factory overhead cost for fiscal year beginning August 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for August Actual direct labor hours for August Actual machine hours for August 1,730 a. Determine the factory overhead rate for Factory 1. Round your answer to the nearest cent. per machine hour $887,200 Factory 2 22,180 $70,930 $1,049,400 15,900 $90,600 1,430 b. Determine the factory overhead rate for Factory 2. Round your answer to the nearest cent. per direct labor…
Journalize the entries to record the following summarized operations related to production for a company using a job order cost system: a. b. a. Materials purchased on account b. C. C. d. e. f. 9. h. i. j. Prepaid expenses incurred on account Materials requisitioned: For production orders For general factory use Factory labor used: If an amount box does not require an entry, leave it blank. On production orders For general factory purposes Depreciation on factory equipment Expiration of prepaid expenses, chargeable to factory Factory overhead costs incurred on account Factory overhead applied, based on machine hours Jobs finished Jobs shipped to customers: Cost Selling price (assume all sold on account) J $176,000 12,200 153,700 2,700 141,300 12,000 37,000 6,100 76,000 105,300 415,300 412,000 638,000
Vaibh
What is the journal entry to apply overhead into production in a job order cost accounting system. Group of answer choices debit work in process, credit factory overhead debit finished goods, credit factory overhead debit factory overhead, credit finished goods debit factory overhead, credit work in process
Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. 2. 3. 4. 5. Purchased additional raw materials of $75,600 on account. Incurred factory labor costs of $58,800. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various…
Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
XYZ Company uses a job costing system. The direct materials for Job Y were purchased in September and put into production in October. The job was not completed by the end of October. At the end of October, in what account would the direct materials cost assigned to Job Y be located? Select one: O a Work-in-Process Inventory. Ob. None of the given is correct. ON Finished Goods Inventory. Od. Raw Materials Inventory. O e. Cost of Goods Sold.
What is the answer for number 32?
Can you help me with the last 2 journal entries? They are recording charges to Work-In-Process and the Transfer of Job 87.
The entry to record the purchase of raw materials on account using a job costing system would include a credit to Work-in-Process Inventory account. debit to Accounts Payable account. debit to Work-in-Process Inventory account. debit to Raw Materials Inventory account.
The entry to record the application of Factory Overhead to Jobs in a Job Order Cost system would be: ODR: Factory Overhead CR: Work In Process DR: Finished Goods CR: Factory Overhead DR: Work In Process CR: Factory Overhead DR: Factory Overhead CR: Finished Goods