i) Compute Harriott’s predetermined manufacturing overhead rate for 2020. ii) State the journal entries necessary to record the above transactions in the general journal: For direct materials used in November For indirect material issued to production in November For total manufacturing labour incurred in November To assign manufacturing labour to the appropriate accounts For other manufacturing overhead incurred For manufacturing overhead applied to production for November, given that Harriott manufacturing company worked 2,860 machine hours. To move the completed jobs into finished goods inventory To sell the two completed jobs on account iii) Calculate the manufacturing overhead variance for Harriott and state the journal entries necessary to dispose of the variance.
i) Compute Harriott’s predetermined manufacturing overhead rate for 2020. ii) State the journal entries necessary to record the above transactions in the general journal: For direct materials used in November For indirect material issued to production in November For total manufacturing labour incurred in November To assign manufacturing labour to the appropriate accounts For other manufacturing overhead incurred For manufacturing overhead applied to production for November, given that Harriott manufacturing company worked 2,860 machine hours. To move the completed jobs into finished goods inventory To sell the two completed jobs on account iii) Calculate the manufacturing overhead variance for Harriott and state the journal entries necessary to dispose of the variance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
i) Compute Harriott’s predetermined manufacturing
ii) State the
- For direct materials used in November
- For indirect material issued to production in November
- For total manufacturing labour incurred in November
- To assign manufacturing labour to the appropriate accounts
- For other manufacturing overhead incurred
- For manufacturing overhead applied to production for November, given that Harriott
manufacturing company worked 2,860 machine hours. - To move the completed jobs into finished goods inventory
- To sell the two completed jobs on account
iii) Calculate the manufacturing overhead variance for Harriott and state the journal entries necessary to dispose of the variance.
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