Answer iii and iv The Fielder manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February:WIP Inventory A/CFebruary 1 Bal.Direct Materials Usedb/f256,40051,250Other transactions incurred:• Indirect material issued to production was $38,000• Total manufacturing labour incurred in February was $345,000, 80% of this amountrepresented direct labour.• Other manufacturing overhead costs incurred for February amounted to $340,750.• Two jobs were completed with total costs of $324,000 & $240,000 respectively. They weresold on account at a margin of 40% on sales. Required:i)ii)Compute Fielder's predetermined manufacturing overhead rate for 2020.State the journal entries necessary to record the above transactions in the general journal:a) For direct materials used in Februaryb) For indirect material issued to production in Februaryc) For total manufacturing labour incurred in Februaryd) To assign manufacturing labour to the appropriate accountse) For other manufacturing overhead incurredf) For manufacturing overhead applied to production for February, given that Fieldermanufacturing company worked 2,750 machine hours.g) To move the completed jobs into finished goods inventoryh) To sell the two completed jobs on accountiii) Calculate the manufacturing overhead variance for Fielder and state the journal entriesnecessary to dispose of the variance.iv)What is balance on the Cost of Goods Sold account after the adjustmentv)Calculate the gross profit earned by Fielder.vi)Determine the balance in work in process inventory on February 29.

Indirect materials 38,000 Indirect labours (345000*20%) 69,000…

ii) Calculate the manufacturing overhead variance for Fielder and state the journal entries necessary to dispose of the variance. iv) What is balance on the Cost of Goods Sold account after the adjustment

ii) Calculate the manufacturing overhead variance for Fielder and state the journal entries necessary to dispose of the variance. iv) What is balance on the Cost of Goods Sold account after the adjustment

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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