debit to Work in Process of $660credit to Work in Process of $660debit to Work in Process of $31,980credit to Work in Process of $31,980 Bosshart Incorporated has provided the following data for the month of May. There were no beginning inventories; consequently,the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.Work InFinishedCost of GoodsProcessGoodsSoldTotalDirect materials$10,67011,6309,680$12,00015,0009,680$ 81,120101,40068,640$103,790128,03088,000Direct laborManufacturing overhead appliedTotal$31,980$36,680$251,160$319,820Manufacturing overhead for the month was underapplied by $6,000.The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, andcost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for May would include thefollowing:

The amount of actual factory overhead expenses that are not assigned to production units is referred…

Answered: debit to Work in Process of $660 credit…

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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eBook Show Me How E Print Item Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity. Round your answers to two decimal places. Overhead Overhead Annual Rate per Activity per Activity Usage Activity Machine Setups $162,750 4,200 Machine Hours 381,051 14,113 Inspections 110,550 3,300
eBook Print Item Question Content Area A company has the following transactions during the week. Purchase of $1,100 raw materials inventory Assignment of $400 of raw materials inventory to Job 5 Payroll for 25 hours with $1,250 assigned to Job 5 Factory utility bills of $760 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week? $fill in the blank 1
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Hours Wait time 19.5 Process time 2.3 Inspection time 1.3 Move time 3.2 Queue time 10.3 The delivery cycle time was: Multiple Choice 36.6 hours 3.2 hours 33.0 hours 13.5 hours
Department Personnel Custodial Services Maintenance Printing Binding 1otat Lacor- square reet oт Number Oт маспале Uirect Labor- Hours Space Occupied Employees Hours Hours 16,700 12,200 20 8,300 3,200 47 14,300. 10,300 66 30,300 40,200 109 162,000 15,000 103,000 20,600 304 50,000 76,000 172,600 86,500 546 212,000 91,000 Budgeted overhead costs in each department for the current year are shown below: Personnel Custodial Services Maintenance Printing $340,000 65,800 93,000 414,000 Binding Total budgeted cost 165,000 $ 1,077,800 Because of its simplicity, the company has always used the direct method to allocate service department costs to the two operating departments. Required: 1. Using the step-down method, allocate the service department costs to the consuming departments. Then compute predetermined overhead rates in the two operating departments. Use machine-hours as the allocation base in the Printing Department and direct labor-hours as the allocation base in the Binding…
O d. debit to Manufacturing Overhead of OMR 95,000 O e. credit to Work in Process of OMR 71,250 Ali is currently working as a human resource manager for a company and earns a good salary. He is planning to pursue a Master of Business Administration (MBA) degree. He recently received an offer from University A, which included the cost of tuition fees. If Ali decided to go for the MBA study, his company would stop paying his salary. At the same time, if Ali completed his MBA degree, he would earn a higher salary than his current one. Furthermore, Ali has recently purchased an apartment in the city and moved in. For Ali, when considering whether or not to go for the MBA study, the cost of tuition fees is referred to as: O a. Incrementairevenue. O b. None of the given answers. O C. Incremental cost. O d. Opportunity cost. O e. Sunk cost. NEXT PAGE AGE MacBook Air
e Preview 4) F3 $ R 01- Arctic Air Inc. manufactures cooling units for commercial buildings. The price and cost of goods sold for each unit are as follows: Category Price Cost of goods sold Gross profit F4 Customer service Project bidding Engineering support Total costs In addition, the company incurs selling and administrative expenses of $226,250. The company wishes to assign these costs to its three major customers, Gough Industries, Breen Inc., and The Martin Group. These expenses are related to three major nonmanufacturing activities: customer service, project bidding, and engineering support. The engineering support is in the form of engineering changes that are placed by the customer to change the design of a product. The budgeted activity costs and activity bases associated with these activities are: S⁰5 Activity Number of service requests Number of bids Number of customer design changes Unit volume % Activity 3:0 F5 T Activity-base usage and unit volume information for the…
A1
Cornerstone Exercise 7-31 Calculating ABC Unit Costs oqrmo gninobro9n ageaea Perry National Bank has collected the following information for four activities and two types of credit cards:en wallokae she aitkop 7pilnquao.bobbonsisbbdo bns noiteanol 2000 ei i bas 1251 orlu boliel oved aomoqmos srls to diod TO Activity Driver Classic Gold Activity Rate Processing transactions Preparing statements re e Number of statements Answering questions Exer Providing ATMS Transactions processed 8,000 e 8,000 viirio/4,800 16,000 32,000 4,800 $0.15 0.90 Number of calls 3.00 24,000 9,600 ATM transactions 1.20 There are 5,000 holders of Classic cards and 20,000 holders of the Gold cards. activities: Required: ese twoho tion molding Calculate the unit cost (rounded to the nearest cent) for Classic and Gold credit cards. The Cornerstone Exercise 7-32 Assigning Costs to Activities Baker Company produces small engines for lawnmower producers. The accounts payable depart- ment at Baker has six clerks who…

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debit to Work in Process of $660 credit to Work in Process of $660 debit to Work in Process of $31,980