еВookShow Me HowPrint ItemPolyesterFillingFabricLumberGlueTotalJob 601$49,500$62,400$166,800$278,700Job 60238,10067,800146,000251,900Job 60335,10046,00081,200162,300Factory overhead-indirectmaterials$6,4006,400Total$122,700$176,200$394,000$6,400 $699,300The glue is not a significant cost, so it is treated as indirect materials (factory overhead).a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank.a.b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank.b.c. Determine the April 30 balances that would be shown in the materials ledger accounts.FabricPolyester FillingLumberGlueBalance, April 30%$4 engageNOWv2 |I Online teach xn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-falseO eBookShow Me HowPrint ItemEntries for MaterialsKingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materlals ledger are asfollows:Fabric$26,200Polyester filling7,900Lumber58,700Glue2,500The materials purchased during April on account are summarized from the receiving reports as follows:Fabric$130,200Polyester filling181,000Lumber356,700Glue12,400Materials were requisitioned to individual jobs as follows:PolyesterFabricLumberGlueTotalFillingJob 601$49,500$62,400$166,800$278,700Job 60238,10067,800146,000251,900Job 60335,10046,00081,200162,300Factory overhead-indirect$6,4006,400materials$122,700$176,200$394,000 $6,400$699,300TotalThe glue is not a significant cost, so it is treated as indirect materials (factory overhead).PreviousNext

еВook Show Me How Print Item Fabric Polyester Filling Lumber Glue Total Job 601 $49,500 $62,400 $166,800 $278,700 Job 602 38,100 67,800 146,000 251,900 Job 603 35,100 46,000 81,200 162,300 Factory overhead-indirect materials $6,400 6,400 Total $122,700 $176,200 $394,000 $6,400 $699,300 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. a. b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. b. c. Determine the April 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Glue Balance, April 30

еВook Show Me How Print Item Fabric Polyester Filling Lumber Glue Total Job 601 $49,500 $62,400 $166,800 $278,700 Job 602 38,100 67,800 146,000 251,900 Job 603 35,100 46,000 81,200 162,300 Factory overhead-indirect materials $6,400 6,400 Total $122,700 $176,200 $394,000 $6,400 $699,300 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. a. b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. b. c. Determine the April 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Glue Balance, April 30

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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Raw materials $9.800 Work in process 65,847 Finished goods 30,640 Work in process consisted of the following jobs: Job 22 Job 24 Job 25 $4,800 Direct materials $6,200 Direct labour $5,190 9,210 6,447 10,500 7,350 9,500 Applied overhead 6,650 Total $24,050 $20,847 $20,950 Number of units 20 40 30 Finished goods consisted of Job 23, with the following costs: Job 23 Direct materials $8,200 Direct labour 13,200 Applied overhead 9,240 Total $30,640 50 Number of units Shown below are the direct cost data related to jobs started in October: Direct materials Job 26 $5,180 $11,200 Job 27 Job 28 $5,600 $4,200 $9,340 $5,910 Total $14,980 $26,450 Direct labour Number of units 20 30 20
MANUFACTURNG OVERHEADS Thumamina Limited manufactures various produds that are produced in two production departments: Department Q and Department V. In addition to these two production departments, the company has a service department, which provides support to the production departments. The following additional information is available: Department Q Department V Service department Number of employees 150 100 Floor space 2050 m 1250 m2 1100 m2 Value of machinery R900 000 R300 000 R250 000 Kilowatt hours 1300 1000 400 Labour hours 5000 4 000 150 Machine hours 4 000 2 000 100 The budgeted manufacturing overheads for 2018 are as follows: Rent of building R1010 000 Electricity R95 000 Depreciation of machinery (based on machine hours) R230 000 Salaries of supervisors R380 500 Insurance buildings (based on value of machinery) R150 755 Indirect material: Department Q R88 000 Department V R35 000 Service department R27 000 Required Calculate the primary allocation of overheads per…
3. Data: DEPARTMENT 1 DEPARTMENT 2 DEPARTMENT 3 Actual direct labor hours Indirect cost rate per hour of direct labor Real indirect costs: Factory rental Factory supplies Indirect labor Factory fuel Utensils Cost of items sold Final inventory of work in process Final inventory of finished items 420 55 375 $ 3.95 $ 2.10 $ 4.00 $ 400 $ 250 $ 360 233 141 220 407 324 175 385 400 620 120 80 75 $8 750 1,760 $9,000 $ 7,050 2 300 940 5 400 2 800 1,500 REQUESTED: Using the data provided, prepare two groups of journal entries, one with an applied Manufacturing Overhead account and one without. Do the following: Record the indirect costs applied. Record the actual indirect costs Close the indirect costs applied against the control account Allocate overhead or under-applied overhead between work-in-process inventory, ending inventory of finished items, and cost of items sold.
eBook E Print Item Multiple Production Department Factory Overhead Rates Spotted Cow Dairy Company manufactures three products-whole milk, skim milk, and cream-in two production departments, Blending and Packing. The factory overhead for Spotted Cow Dairy is $299,700. The three products consume both machine hours and direct labor hours in the two producțion departments as follows: Direct Labor Machine Hours Hours Blending Department Whole milk 260 650 Skim milk 245 710 Cream 215 260 720 1,620 Packing Department Whole milk 470 500 Skim milk 300 415 Cream 130 165 900 1,080 Total 1,620 2,700 The management of Spotted Cow Dairy Company now plans to use the multiple production department factory overhead rate method. The total factory overhead associated with each department is as follows: Blending Department $178,200 Packing Department 121,500 Total $299,700
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fill in missing t account
job #309 incurrerrd $900 of direct material, 30 hours of direct labor at $40 per hour, 80 machine hours and 5 inspctions
Activity Cost Pool Activity Measure Assembling units Processing orders Supporting customers Number of units Number of orders Number of customers Not applicable Other Costs assigned to the "Other" activity cost pool have no activity measure; they consist of the costs of unused capacity and organization-sustaining costs-neither of which are assigned to orders, customers, or the product. Ferris Corporation distributes the costs of manufacturing overhead and of selling and admin- istrative overhead to the activity cost pools based on employee interviews, the results of which are reported below: Distribution of Resource Consumption Across Activity Cost Pools Assembling Processing Units Supporting Orders Customers Other Total 35% Manufacturing overhead Selling and administrative %001 overhead 25% %07 %001 %0L 000 units 250 orders Total activity. customers Required: Perform the first-stage allocation of overhead costs to the activity cost pools as in Exhibit 8 5. 1. Compute activity rates for…
Sheridan Company manufactures customized desks. The following pertains to Job No. 978: Direct materials used $11450 Direct labor hours worked 560 Direct labor rate per hour $15.00 Machine hours used 500 Applied factory overhead rate per machine hour $22.00 What is the total manufacturing cost for Job No. 978? $36350 $29050 $30850 $32350
Check my workCheck My Work button is now enabled Item 3 Logan Products has two production departments—assembly and finishing. These are supported by two service departments—sourcing (purchasing and handling of materials and human resources) and operations (work scheduling, supervision, and inspection). Logan has the following labor hours devoted by each of the service departments to the other departments. Total Labor Hours Used by Departments Sourcing Operations Assembly Finishing Sourcing - 20,000 40,000 60,000 Operations 10,000 - 60,000 50,000 The costs incurred in the plant are as follows: Departments Departmental Costs Sourcing $ 174,000 Operations 220,000 Assembly 416,000 Finishing 261,000 Total $ 1,071,000 Required: Use four decimal places (e.g., 33.3333%) in your calculation of percentages. 1. What are the costs allocated to the two production departments using (a) the direct method, (b) the step method, when…
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2 43 es ! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Textra produces parts for a machine manufacturer. Parts go through two departments, Molding and Trimming. The company budgets overhead cost of $246,250 in the Molding department and $206,250 in the Trimming department. The company budgets 16,000 machine hours (MH) in Molding and 25,000 direct labor hours (DLH) in Trimming. Actual production information follows. Number of Molding Department Part Z Units 3,000 Hours per Unit Total Hours Trimming Department Hours per Unit Total Hours 2.0 MH per unit Part X Totals 4,000 2.5 MH per unit 6,000 MH 10,000 MH 16,000 MH 3 DLH per unit 9,000 DLH 4 DLH per unit 16,000 DLH 25,000 DLH Exercise 17-7 (Algo) Plantwide overhead rate LO P1 Required: 1. Compute the plantwide overhead rate using direct labor hours as the allocation base. 2. Determine the overhead cost per unit for each part using…