Please do not give solution in image format thanku ABC Company produces jackets. The following DL standards are for each jacket:Standard Hours2.5 DLHSStandard Rate$20.00 per DLHDirect laborActual results were as follows:5,00012,000$264,000Number of jackets producedDirect labor hours (DLHs) incurredDirect labor costThe journal entry to record direct labor would include a:debit to Work in Process, $264,000debit to DL Rate Variance, $24,000credit to Work in Process, $264,000debit to DL Efficiency Variance, $24,000

Name: Please do not give solution in image format thanku ABC Company produce
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Please do not give solution in image format thanku ABC Company produces jackets. The following DL standards are for each jacket:Standard Hours2.5 DLHSStandard Rate$20.00 per DLHDirect laborActual results were as follows:5,00012,000$264,000Number of j

When the pay period ends, the gross pay for each direct labor employee is calculated and added…

Business

Accounting

Direct labor Actual results were as follows: Standard Hours 2.5 DLHS Standard Rate $20.00 per DLH Number of jackets produced Direct labor hours (DLHS) incurred Direct labor cost The journal entry to record direct labor would include a: 5,000 12,000 $264,000 debit to Work in Process, $264,000 debit to DL Rate Variance, $24,000 credit to Work in Process, $264,000 debit to DL Efficiency Variance, $24,000

Direct labor Actual results were as follows: Standard Hours 2.5 DLHS Standard Rate $20.00 per DLH Number of jackets produced Direct labor hours (DLHS) incurred Direct labor cost The journal entry to record direct labor would include a: 5,000 12,000 $264,000 debit to Work in Process, $264,000 debit to DL Rate Variance, $24,000 credit to Work in Process, $264,000 debit to DL Efficiency Variance, $24,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

See similar textbooks

Related questions

Q: Hi - could you please send the CAPM model and explain what it is and when to use it please? Thank…

A: Capital Asset Pricing Model (CAPM):It defines the relationship of an asset’s expected return with…

Q: Q1. Provide in full the meaning of these abbreviations and tell briefly how they interface with the…

A: PIMS (PID-MoF) - Public Investment Management (Public Investment Division- Ministry of Finance)…

Q: For what reasons is the NPV technique preferable to IRR?

A: The Net Present Value (NPV) technique is a financial evaluation method used to assess the…

Q: Natarajan, Inc. had the following operating segments, with the in Segment Expenses $ 650,000…

A: We must contrast the segment revenues with the sum of the revenues of all other segments in order to…

Q: Having a probllem with T -Accts . Please help

A: The t-accounts are as follows:

Q: Please correct the aswer

A: The current yield of the bond is referred to as the relationship between the annual coupon amount…

Q: Which of the following is a feature of Power Query? Change column headings so the new name appears…

A: Power Query is a data preparation and transformation tool which is part of Power BI and Microsoft…

Q: Using CVP analysis answer from d to g

A: Hi student Since you have asked for multiple subparts, we will answer only three subparts. If you…

Q: Distinguish between source and voucher papers

A: Given : This question explains about distinguish between source and voucher papers.

Q: i need details explanatio

A: Under FIFO method, unit purchase first, sold first. Cost of goods sold means we need calculate cost…

Q: Manual Computation

A: The value of the investment is the sum of the downpayment and PV of deferred annuity. A deferred…

Q: when do you use FIFO vs LIFO?

A: First-in-First out method - Under this method goods that are brought at earlier dates are sold first…

Q: Oriole Company expects to produce 1,260,000 units of product XX in 2022. Monthly production is…

A: Variable Cost :— It is the cost that changes with change in activity of cost driver. Variable cost…

Q: What is the result of inputting =IF(S>9,ok,error) into a cell? #NAME? ok 5. error

A: If function is used to validate a statement. And it gives an output according to the validation.

Q: A is a textual description that explains a section of programming code. Keyword Procedure Name…

A: A programming code is a set of instructions that a programmer gives to the computer by way of a…

Q: no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit…

A: Perpetual inventory system is used for recording the transactions related to the purchase and sale…

Q: Spring Company's cost structure is dominated by variable costs with a contribution margin ratio of…

A: Break-even analysis is a technique used widely by production management. It helps to determine the…

Q: I need typing clear urjent no chatgpt use i will give 5 upvotes I need full explanation

A: The correct answer is b) Operational amplifier circuits. Explanation:• Operational amplifiers…

Q: True or False: Access controls limit who can change records Group of answer choices True False

A: Access ControlsIn computing environments access controls manage how resources are used and prevent…

Q: How is the access control list approach different from RBAC?

Q: could not understand need manual answer no

A: Money paid today is not same as in the future because value of money decreases with time because the…

Q: Which of the following QBO features can be used to save a transaction that will be re-used in the…

A: Introduction:- QBO means Quick book online. It is an accounting software. It is very easy to use…

Q: Choose the term that best describes static data? O Static data does not change once it is created. O…

A: Solution:Correct answer : (a) Static data does not change once it is created.

Q: Can you verify step 2 from the answer with error?Thanks

A: Solution b: Contribution margin per unit = Selling price per unit - Variable cost per unit = $15 -…

Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

Topic Video

Question

Please do not give solution in image format thanku

ABC Company produces jackets. The following DL standards are for each jacket:
Standard Hours
2.5 DLHS
Standard Rate
$20.00 per DLH
Direct labor
Actual results were as follows:
5,000
12,000
$264,000
Number of jackets produced
Direct labor hours (DLHs) incurred
Direct labor cost
The journal entry to record direct labor would include a:
debit to Work in Process, $264,000
debit to DL Rate Variance, $24,000
credit to Work in Process, $264,000
debit to DL Efficiency Variance, $24,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:-

VIEW

Step 2: Solution :-

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined overhead rate on 27,500 direct labor hours. At the end of the year, actual overhead was $106,000 and the total direct labor hours were 29,000. What is the entry to dispose of the over applied or under applied overhead?
Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hours
Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the predetermined overhead rate using the labor rate of $17 per hour?
The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?
The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was $3,325 over applied for the year. What is the overhead application rate per direct labor hour? What is the journal entry to dispose of the under applied overhead?
Selected cost data for Classic Print Co. are as follows: Estimated manufacturing overhead cost for the year $ 125,000 Estimated direct labor cost for the year 78,125 Actual manufacturing overhead cost for the year 116,000 Actual direct labor cost for the year 67,000 Requirements4 Marks 1.Compute the predetermined overhead allocation rate per direct labor dollar. 2.Prepare the journal entry to allocate overhead costs for the year. 3.Use a T-account to determine the amount of underallocated or overallocated manufacturing overhead. 4.Prepare the journal entry to adjust for the underallocatedor overallocated manufacturing overhead.
Little Company uses a standard costing system. The following monthly cost functions apply to its manufacturing overhead items: Cost Function PO.80 per DLH P1.00 per DLH P0.40 per DLH P8,000 P32,000 Overhead Item Indirect materials Indirect labor Utilities Insurance Depreciation Information for the month of October is as follows: Actual overhead costs incurred: Indirect materials P20,800 24,000 9,600 8,800 32,000 P95,200 Indirect labor Utilities Insurance Depreciation Total Actual direct labor hours worked 24,000 Standard direct labor hours allowed for production achieved 27,000 Little uses expected capacity to calculate standard overhead rates. The monthly expected capacity is 25,000 hours. Required: а. Calculate the following standard overhead rates based upon expected capacity:
A company uses job-order costing system with a pre-determined overhead rate based onthe machine hours. The total machine hours are 64,000 hours. The variable manufacturingoverhead per machine hour is $6 and the estimated total fixed manufacturing overheadscost is $704,000. The additional information for a job order "JOCS" is summarized asfollows:20DescriptionNumber of unitsTotal machine hoursDirect materials80$1,400$2,800Direct labor costsThe company marks up it unit product costs by 25%. With the provided information,compute the selling price of the unit in JOCS.
The Fine Company uses a job order costing system. The following information belongs to current period: Estimated manufacturing overhead at the beginning of the period: $440,000 Actual manufacturing overhead incurred during the period: $400,000 Manufacturing overhead underapplied: $16,000 Predetermined overhead rate: $20 per direct labor hour On the basis of above information, how many direct labor hours were worked during the current period? Select one: a. 22,000 hours b. 20,800 hours 10 c. 19,200 hours. d. 20.000 hours
The Fine Company uses a job order costing system. The following information belongs to current period: Estimated manufacturing overhead at the beginning of the period: $440,000 Actual manufacturing overhead incurred during the period: $400,000 Manufacturing overhead underapplied: $16,000 Predetermined overhead rate: $20 per direct labor hour On the basis of above information, how many direct labor hours were worked during the current period? Select one: a. 22,000 hours b. 20,000 hours C. 20,800 hours d. 19,200 hours Previous page Next