Determine and Use Manufacturing Overhead Rate The following selected ledger accounts of the Lakewood Manufacturing Company are for May (the fifth month of its accounting year May 1 May debits May debits Material Inventory 40.000 May credits 145.000 125.000 Factory Overhead 160.000 May 1 balance 14.000 May balance 28.000 May debits: May debits Work in Process Inventory Direct material Direct labor 129.000 180,000 Man, overhead 171,000 May credits 171.000 May credits 480,000 Factory Payroll Payable 200.000 May 1 balance 50.000 May credits 196.000 Finished Goods Inventory May 1 balance 102.000 480.000 May debits a. Determine the amount of indirect material requisitioned for production during May May credits 500.000 b. How much indirect labor cost was apparently incurred during May? c. Calculate the manufacturing overhead rate based on direct labor cost. d. Was manufacturing overhead for May under or over-applied and bat amount

Determine and Use Manufacturing Overhead Rate The following selected ledger accounts of the Lakewood Manufacturing Company are for May (the fifth month of its accounting year May 1 May debits May debits Material Inventory 40.000 May credits 145.000 125.000 Factory Overhead 160.000 May 1 balance 14.000 May balance 28.000 May debits: May debits Work in Process Inventory Direct material Direct labor 129.000 180,000 Man, overhead 171,000 May credits 171.000 May credits 480,000 Factory Payroll Payable 200.000 May 1 balance 50.000 May credits 196.000 Finished Goods Inventory May 1 balance 102.000 480.000 May debits a. Determine the amount of indirect material requisitioned for production during May May credits 500.000 b. How much indirect labor cost was apparently incurred during May? c. Calculate the manufacturing overhead rate based on direct labor cost. d. Was manufacturing overhead for May under or over-applied and bat amount

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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6. Factory Overhead Rates, Entries, and Account Balance Sundance Solar Company operates two factories. 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 Factory 2 Estimated factory overhead cost for fiscal year beginning March 1 $943,360 $686,700 Estimated direct labor hours for year 10,900 Estimated machine hours for year 21,440 Actual factory overhead costs for March $75,320 $59,270 Actual direct labor hours for March 980 Actual machine hours for March 1,670
Question: Starr Company reports the following information for August. Raw materials purchases $76,200 production Factory wages earned on account Direct materials used in $48,000 $15,350 120% of direct labor cost (direct labor) Overhead rate Required: Prepare journal entries to record the following events. 1. Raw material purchased. 2. Direct materials used in production. 3. Direct labor used in production. 4. Applied overhead.
larco Company shows the following costs for three jobs orked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March). Costs during April Direct materials used. Direct labor used Overhead applied Status on April 30 dditional Information Raw Materials Inventory has a March 31 balance of 85,200. Job 306 $ 34,200 25,200 15,200 5A 148,000 90,200 ? Finished (sold) Raw materials purchases in April are $513,000, and total actory payroll cost in April is $376,000. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, 35,250; factory utilities, $22,250; and factory equipment epreciation, $54,250. Req 5B iterials process 1 goods 'entories Job 307 $ 40,200 23, 200 14,200 Predetermined overhead rate is 50% of direct labor cost. . Job 306 is sold for $648,000 cash in April. Inventories 233,000 163,000 ? Finished (unsold) Compute gross profit for April. how how the three…
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CASE: The following data for the month of September were taken from the cost records of Department 1 of Pro-life Products which uses process costing system: Opening inventory of work in process: Units: 500 (with all materials added and 50% of labor and overhead) Cost: ■ Materials.. ■ Labor..... ■ Factory Overhead. ■ Materials.. ■ Labor........ ■ Factory Overhead. ..P14,900 Completed and transferred: 4,800 units Ending Inventory of work-in-process: Units: 700 (with all materials, and 60% of labor and overhead) REQUIREMENT: Upload a document containing your answers for the requirements below. Prepare a complete cost of production report using weighted average cost method containing the following: A. Accounting for the physical flow of units B. Equivalent units of production (EUP) C. Costs, identifying the cost per equivalent unit D. Cost Assignment, showing total cost to account and cost accounted for. ..P2,400 .P1,500 .P760 .P25,100 P19,380 Put into production Units: 5,000 Cost: