Budgeted manufacturing overhead costs. $1,160,000 Budgeted direct manufaturing labor-hours 29,000 hours Data tableActual direct materials usedActual direct manufacturing labor costs paid in cashIndirect materials usedSupervision and engineering salaries paid in cashPlant utilities and repairs paid in cashPlant depreciationActual direct manufacturing labor-hoursCost of individual jobs completed and transferred to finished goodsCost of goods soldGA$$20,00050,0002,00049,0007,000$ 20,0003,000230,000$ 225,000X Huckvale Corporation manufactures custom cabinets for kitchens. Ituses a normal-costing system with two direct cost categories-directmaterials and direct manufacturing labor-and one indirect cost pool,manufacturing overhead costs. It provides the following information forApril 2020:(Click the icon to view the information for 2020.)(a)Present the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not required.)Journal EntryAccountsPresent the journal entry for (b) manufacturing labor incurred.(b)Journal EntryCAccountsThe following information is also available for 2020:(Click the icon to view the additional information.)Read the requirement.DebitDebitCreditCredit

The direct Costs incurred are debited to work in process account. The indirect cost incurred is…

Answered: esent the journal entry for (a) usage…

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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Mountain tops applies overhead on the basis of direct labor hours and reports the following information: Budget Actual Overhead $450,000 $452, 000 Direct Labor Hours 75,000 77,000 Direct Materials $195,000 Direct Labor 333,000 A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over applied, or under applied and by how much?
Overhead rate per hour?
Multiple Production Department Factory Overhead Rates The total factory overhead for Bardot Marine Company is budgeted for the year at $1,290,000, divided into two departments: Fabrication, $772,500, and Assembly, $517,500. Bardot Marine manufactures two types of boats: speedboats and bass boats. The speedboats require three direct labor hours in Fabrication and two direct labor hours in Assembly. The bass boats require one direct labor hour in Fabrication and four direct labor hours in Assembly. Each product is budgeted for 7,500 units of production for the year. If required, round all per unit answers to the nearest cent. a. Determine the total number of budgeted direct labor hours for the year in each department. Fabrication direct labor hours Assembly direct labor hours b. Determine the departmental factory overhead rates for both departments. Fabrication per dlh Assembly per dlh c. Determine the factory overhead allocated per unit for each product using the department factory…
Department Personnel Custodial Services Maintenance Printing Binding Personnel Custodial Services Maintenance Printing Binding Total budgeted cost Total Labor- Square Feet of Space Occupied Printing Department Binding Department Total hours Hours 16,000 8,200 14,300 30,600 108,000 177,100 Budgeted overhead costs in each department for the current year are shown below: $ 300,000 66,000 93,400 Req 1 Req 2 12,400 3,100 10,500 40,400 20,900 87,300 Machine-Hours 2,400 500 2,900 414,000 170,000 $ 1,043,400 Number of Employees 22 49 69 Req 3A 105 300 545 Because of its simplicity, the company has always used the direct method to allocate service department costs to the two operating departments. Machine- Hours 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…
The budgeted conversion costs for a just-in-time cell are $224,200 for 3,800 production hours. Each unit produced by the cell requires 45 minu process time. During the month, 2,300 units are manufactured in the cell. The estimated materials cost is $50 per unit. What is the journal ent units are completed and placed into finished goods? a. Raw and In Process Inventory 207,350 Finished Goods Inventory 207,350 Ob. Finished Goods Inventory 239,800 Raw and In Process Inventory 239,800 ○ c. Raw and In Process Inventory 239,800 Finished Goods Inventory 239,800 Od. Finished Goods Inventory 207,350 Raw and In Process Inventory 207,350
Answer question D
Multiple production department factory overhead rates The total factory overhead for Cypress Marine Company is budgeted for the year at $567,500, divided into two Fabrication, $311,250, and Assembly, $256,250. Cypress Marine manufactures two types of boats: speedboats speedboats require two direct labor hours in Fabrication and three direct labor hours in Assembly. The bass boa labor hour in Fabrication and two direct labor hours in Assembly. Each product is budgeted for 5,000 units of pri If required, round all per unit answers to the nearest cent.
Factory depreciation Indirect labor Factory electricity Indirect materials Selling expenses Administrative expenses Total costs Tortilla chips Potato chips Factory overhead is allocated to the three products on the basis of processing hours. The products had the following production budget and processing hours per case: Budgeted Volume Processing Hours (Cases) Per Case Pretzels Total Tortilla chips Potato chips $24,012 59,508 6,000 6,000 1,200 13,200 Pretzels 6,786 14,094 33,408 18,792 $156,600 Total If required, round all per-case answers to the nearest cent. a. Determine the single plantwide factory overhead rate. per processing hour 0.12 0.15 b. Use the overhead rate in (a) to determine the amount of total and per-case overhead allocated to each of the three products under generally accepted accounting principles. Total Per-Case Factory Overhead Factory Overhead 0.10
Single plantwide factory overhead rate Platzer Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The budgeted factory overhead cost is $104,040. Overhead is allocated to the three products on the basis of direct labor hours. The products have the following budgeted production volume and direct labor hours per unit: Instruments BudgetedProductionVolume Direct LaborHours Per Unit Flutes 2,300 units 0.5 Clarinets 400 1.6 Oboes 1,000 1.1 If required, round all per unit answers to the nearest cent. a. Determine the single plantwide overhead rate.fill in the blank 1 of 1$ per direct labor hour b. Use the overhead rate in (a) to determine the amount of total and per-unit overhead allocated to each of the three products, Instruments TotalFactory Overhead Cost Per UnitFactory Overhead Cost Flutes fill in the blank 1 of 7$ fill in the blank 2 of 7$ Clarinets fill in the blank 3 of 7 fill in the blank 4 of 7 Oboes fill in the blank 5…
Monthly budgeted fixed overhead cost?
Budgeted overhead £100,000 Actual overhead £90,000 Budgeted labour hours 20,000 Actual labour hours 21,000 Calculate the amount of under/over recovery of overheads. A Over absorption £15,000 B Over absorption £5,000 C Under absorption £15,000 D Under absorption £5,000
Im a factory the budgeted and actual figures of the cost of materials and direct labour incurred in the production during the month of January are as under: Budgeted 1,00,000 Actual Units of Finished Goods Produced Materials : 90,000 Materials: Units 1,82,000 $0.52 $94640 2,00,000 Cost of Materials per unit Total Cost of Materials $0.5 $1,00,000 Direct Labour Hours |(2 units of finished goods in one hour) 47,000 50,000 $2.10 per hour $98,700 $2.00 per hour $1,00,000 Wages Total Direct Labour Cost You are required to calculate the material and labour variances

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esent the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not re Journal Entry Accounts esent the journal entry for (b) manufacturing labor incurred. Journal Entry Accounts Debit Debit Credit Credit