Please see picture. Required informationSkip to question [The following information applies to the questions displayed below.]The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.InventoriesBeginning of periodEnd of PeriodRaw materials$ 29,000$ 59,000Work in process9,60018,500Finished goods64,00033,200Cost incurred for the periodRaw materials purchases$ 181,000Factory payroll150,000Factory overhead (actual) Indirect materials used16,000Indirect labor used34,500Other overhead costs91,500 Incurred other actual overhead costs (all paid in Cash).Applied overhead to work in process.Prepare journal entries for the above transactions for the period. **Required Information***The following information applies to the questions displayed below.*The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.**Inventories** | | Beginning of period | End of Period | |---|----------------------|---------------| | **Raw materials** | $29,000 | $59,000 | | **Work in process** | $9,600 | $18,500 | | **Finished goods** | $64,000 | $33,200 |**Cost Incurred for the Period** | Cost Type | Amount | |---|-------------| | **Raw materials purchases** | $181,000 | | **Factory payroll** | $150,000 | | **Factory overhead (actual)** | | | - Indirect materials used | $16,000 | | - Indirect labor used | $34,500 | | - Other overhead costs | $91,500 |1. Incurred other actual overhead costs (all paid in Cash).2. Applied overhead to work in process.Prepare journal entries for the above transactions for the period.---### Journal Entry Worksheet[Record the entry for other actual overhead costs incurred (all paid in Cash).]**Note:** Enter debits before credits.| Transaction | General Journal | Debit | Credit ||---|----------------|-------|-------|| 1 | | | |---**Explain Details**The table lists the beginning and end-of-period balances for raw materials, work in process, and finished goods inventories, indicating the changes in stock levels for these periods.The other table breaks down the costs incurred during the period, including purchases of raw materials, the factory payroll, and various actual overhead costs such as indirect material used, indirect labor used, and other overhead costs.Users are required to prepare journal entries based on these transactions, focusing on recording actual overhead costs incurred and applying overhead to work in process. The journal entry worksheet provides a space to detail the specific transactions and record the financial impact accurately.---**View Transaction List**Users can view the entire transaction list from the specified link/button, ensuring they have a comprehensive view of all relevant activities for proper accounting and record-keeping.

Answered: Incurred other actual overhead costs…

Incurred other actual overhead costs (all paid in Cash). Applied overhead to work in process. Prepare journal entries for the above transactions for the

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 9EB: A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the...

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Required information

Skip to question

[The following information applies to the questions displayed below.]

The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.

Inventories	Beginning of period	End of Period
Raw materials	$ 29,000	$ 59,000
Work in process	9,600	18,500
Finished goods	64,000	33,200

Cost incurred for the period
Raw materials purchases	$ 181,000
Factory payroll	150,000
Factory overhead (actual)
Indirect materials used	16,000
Indirect labor used	34,500
Other overhead costs	91,500

Incurred other actual overhead costs (all paid in Cash).
Applied overhead to work in process.

Prepare journal entries for the above transactions for the period.

**Required Information**

*The following information applies to the questions displayed below.*

The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.

**Inventories**

| | Beginning of period | End of Period |
|---|----------------------|---------------|
| **Raw materials** | $29,000 | $59,000 |
| **Work in process** | $9,600 | $18,500 |
| **Finished goods** | $64,000 | $33,200 |

**Cost Incurred for the Period**

| Cost Type | Amount |
|---|-------------|
| **Raw materials purchases** | $181,000 |
| **Factory payroll** | $150,000 |
| **Factory overhead (actual)** | |
| - Indirect materials used | $16,000 |
| - Indirect labor used | $34,500 |
| - Other overhead costs | $91,500 |

1. Incurred other actual overhead costs (all paid in Cash).
2. Applied overhead to work in process.

Prepare journal entries for the above transactions for the period.

---

### Journal Entry Worksheet

[Record the entry for other actual overhead costs incurred (all paid in Cash).]

**Note:** Enter debits before credits.

| Transaction | General Journal | Debit | Credit |
|---|----------------|-------|-------|
| 1 | | | |

---

**Explain Details**

The table lists the beginning and end-of-period balances for raw materials, work in process, and finished goods inventories, indicating the changes in stock levels for these periods.

The other table breaks down the costs incurred during the period, including purchases of raw materials, the factory payroll, and various actual overhead costs such as indirect material used, indirect labor used, and other overhead costs.

Users are required to prepare journal entries based on these transactions, focusing on recording actual overhead costs incurred and applying overhead to work in process. The journal entry worksheet provides a space to detail the specific transactions and record the financial impact accurately.

---

**View Transaction List**

Users can view the entire transaction list from the specified link/button, ensuring they have a comprehensive view of all relevant activities for proper accounting and record-keeping.

Definition Definition Indirect costs incurred while producing goods or services. Overhead costs cannot be directly attributed to products or services. Overhead includes indirect material cost, indirect labor cost, rent, utilities expenses, and depreciation. Since these costs directly affect the profitability of a company, managing overhead becomes an important task for management.

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