Journal entry worksheet<ABRecord the application of manufacturing overhead to production at apredetermined rate of $54 per direct labor hour.>Note: Enter debits before credits.Transaction2General JournalDebitCreditsave masterclearView general journal Fairfield Company's payroll costs for the most recent month are summarized here:ItemHourly labor ungesDescription920 hours $27 per hour190 hours for Job 101340 hours for Job 102Factory supervisionProduction engineerFactory Janitorial workSelling, general, andadministrative salariesTotal payroll costsRequired:390 hours for Job 103Total Cost$ 5,1309,18010,530$ 24,8404,3507,1001,2008,800$ 46,2981. & 2. Prepare the journal entries for payroll and to apply manufacturing overhead to production. The company applies manufacturingoverhead to products at a predetermined rate of $54 per direct labor hourNote: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.View transaction listJournal entry worksheetABRecord Fairfield Company's payroll costs to be paid at a later date.Note Enter debits before credits.S.No Date1Account TitleDebitCredit

Step 1:1. First, calculate the payroll cost related to the factory: Factory payroll cost = Factory…

Answered: Journal entry worksheet < A B Record…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 11EA: A company has the following transactions during the week. Purchase of $1,000 raw materials inventory...

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A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?
Buckhorn Company's accounting records noted the following amounts for company payroll costs. What amount of payroll would be categorized as a period cost? Payroll Costs: Marketing director salary Factory manager salary Commissions paid to sales staff Administrative personnel wages Wages of production workers Multiple Choice C $302,000 $327,000 $615,000 $376,000 $164,000 $99,000 $74,000 $64,000 $214,000
Subject: accounting
Malone Company has the following balances for the current month: Indirect materials used $1320 Direct labor 5469 Sales salaries 11588 Indirect labor 1508 Production manager's salary 10170 Marketing costs 4286 Factory rent Direct materials used What are the total period costs? 11814 2021
Sheridan Incorporated has the following information available about the jobs worked on during the month of February 2022: Job Number 110 111 112 Materials Labour $26,300 35,000 20,000 $22,900 $18,000 25,800 31,800 16,700 Overhead Total Costs $67,200 92,600 13,060 Account Titles and Explanation 49,760 Jobs 110 and 111 were completed in February and Job 111 was sold on account for $92,200 in February. Journalize the entries for the completion of the two jobs and the sale of Job 111. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit
WUIKS UH three jobs during the upcoming year. Direct labor-hours recorded by job are: job 237, 7,000 hours; job 250. 30,000 hours; and job 239, 21.000 hours. How much overhead cost will the company apply to Work in Process for the year? If actual costs are P420,000 for the year, will overhead be underapplied or overapplied? by how much? Exercise 4 (Departmental Overhead Rates) Bobcat Company has two departments, milling and assembly. The company uses a job-order cost system and computes a predetermined overhead rate in each department. The milling department bases its rate on machine-hours, and the assembly department bases its rate on direct labor cost. At the beginning of the year, the company made the following estimates: Department Milling 8,000 60,000 P510,000 72,000 Assembly Direct labor-hours 75,000 3,000 P800,000 640,000 Machine-hours Manufacturing overhead cost Direct labor cost Required: 1. Compute the predetermined overhead rate to be used in each department. 2. Assume that…
For the year ended December 31, 2022, the job cost sheets of Cullumber Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. Explanation 4. Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $32,000 38,400 14,080 Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $678,400. 5. Manufacturing overhead incurred on account totaled $153,600. 6. Incurred depreciation on factory machinery $10,240. 7. Assigned indirect materials of $17,920 and indirect labor of $23,040. 55,040 74,240 Direct Manufacturing Labor Overhead $30,720 46,080 23,040 61,440 70,400 Total Costs $36,864 $99,584 55,296 139,776 27,648 64,768 73,728 190,208…
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EA17. 5.5 Prepare the journal entry to record the factory wages of $28,000 incurred for a single production department assuming payment will be made in the next pay period.
General Accounting
Kline Manufacturing has the following labor costs: Factory-Gross wages $500,000 Factory-Net wages 420,000 Employer Payroll Taxes Payable The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for 50,000

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