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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Question: In a job order cost accounting system, which journal entry would be made when raw materials are transferred into production during the month? a. Debit Goods in Process Inventory and Credit Materials Expense. b. Debit Factory Overhead and Credit Raw Materials Inventory. c. Debit Goods in Process Inventory and Credit Raw Materials Inventory. d. Debit Raw Materials Inventory and Credit Goods in Process Inventory. e. Debit Finished Goods Inventory and Credit Goods in Process Inventory.
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…
The journal entry for adjustment of underallocated manufacturing overhead includes a: A) credit to Finished Goods Inventory. B) credit to Manufacturing Overhead. C) debit to Work-in-Process Inventory. D) credit to Cost of Goods Sold.
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
The cost accountant prepares the cost of production summary by first collecting the period’s production costs from summaries of material requisitions, payroll, and factory overhead analysis sheets. True or False?
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.
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