Answered: Hourly wages of operators of robotic…

Hourly wages of operators of robotic machinery used in production Engine oil used in mower engines prior to shipment Salary of vice president of marketing Property taxes

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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Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory Indicate whether each period cost is a selling expense or an administrative expense. Costs a. Annual bonus paid to the chief financial officer of the company b. Annual fee to a celebrity to promote the aircraft c. Cost of electronic guidance system installed in the airplane cockpit d. Cost of the flight data recorder (the black box) for the airplane e. Cost of normal scrap from production of the airplane body f. Cost of small replicas of the airplane used to promote and market the airplane g. Cost of paving the headquarters employee parking lot h. Decals for cockpit door, the cost of which is immaterial to the cost of the final product 1. Depreciation on factory equipment j. Hourly wages for janitorial staff for the factory k. Hydraulic pumps used in the airplane's flight control system 1. Instrument panel installed in the…
Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $1,233,000 900,000 79,900 222,200 40,300 31,100 24,700 106,000 13,600 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $20.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour $2,650,800
The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents: Law Firm Accounts Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Cost data for the month of March follow. 1. Purchased supplies on account $2,400. 2. 3. 4. 5. 6. (a) 1. Journalize the transactions for March. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) 2. No. Account Titles and Explanation 3. 5. Issued supplies $1,680 (60% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $89,600 (80% direct and 20% indirect). 6. Operating overhead costs incurred for cash totaled $51,200. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $96,000. Supplies Accounts Payable Manufacturing Firm Accounts Raw…
Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $953,500 696,000 31,700 88,000 16,000 12,200 Advertising expense 19,100 Administrative office salaries 82,000 Administrative office depreciation expense 10,500 Total costs and expenses $1,909,000 The average shop direct labor rate is $24.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. $ per direct labor hour
Analyze and review the following items and determine the appropriate journal entry. Record the journal entry
Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $1,287,800 940,000 50,300 139,800 25,400 19,500 25,800 110,800 14,200 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $20.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour $2,613,600
A worker is paid P 32.45 for every article he produces. Find the gross earnings of the worker if he finished the following number of articles: Monday, 20; Tuesday, 25; Wednesday, 22; Thursday, 25 and Friday , 13
The predetermined overhead allocation rate for a given accounting period is calculated ________ Group of answer choices before the accounting period begins before the commencement of each job during the accounting period at the end of the accounting period after the completion of each job during the accounting period
vd subject-Accounting
explain why the factory overhead balance must be disposed of at year end?
Jason is a recently hired service advisor at Silver Service. He has been assigned to a team of five technicians. Jason gets paid a salary plus commission based off of the production of the entire team. What type of expense(s) is Jason's payroll expense? Direct expense Variable expense Fixed expense Fixed and variable expense
Job order costing for a service company The law firm of Prawitt and Bradford accumulates costs associated with individual cases, using job order costing. The following transactions occurred during August: August 3. Charged 510 hours of professional (lawyer) time to the Shadow Creek Co. breech of contract suit to prepare for the trial, at a rate of $240 per hour. 10. Reimbursed travel costs to employees for depositions related to the Shadow Creek case, $14,500. 14. Charged 120 hours of professional time for the Shadow Creek trial at a rate of $300 per hour. 18. Received invoice from consultants Westerly and Henninger for $76,800 for expert testimony related to the Shadow Creek trial. 27. Applied office overhead at a rate of $75 per professional hour charged to the Shadow Creek case. 31. Paid administrative and support salaries of $33,500 for the month. 31. Used office supplies for the month, $11,300. 31. Paid professional salaries of $163,600 for the month. 31. Billed Shadow Creek…