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Instructions Chart of Accounts ASSETS REVENUE Lockmiller Company estimates that total factory Factory Overhead 110 Cash 410 Sales overhead costs will be $1,494,500 for the year. Direct 121 Accounts Receivable 610 Interest Revenue labor hours are estimated to be 427,000. a. For Lockmiller Company, determine the predetermined factory overhead rate using 125 Notes Receivable Required: 126 Interest Receivable EXPENSES direct labor hours as the activity base. Round your answer to the nearest cent. a. For Lockmiller Company, determine the 131 Materials 510 Cost of Goods Sold ] per direct labor hour predetermined factory overhead rate 132 Work in Process 520 Wages Expense using direct labor hours as the activity 133 Factory Overhead 531 Selling Expenses base. Round your answer to the D. During May, Lockmiller Company accumulated 21,000 hours of direct labor costs 134 Finished Goods 532 Insurance Expense nearest cent. on Job 275 and 25,300 hours on Job 310. Determine the amount of factory overhead 141 Supplies 533 Utilities Expense b. During May, Lockmiller Company applied to Jobs 275 and 310 in May. 142 Prepaid Insurance 534 Office Supplies Expense accumulated 21,000 hours of direct labor 143 Prepaid Expenses 540 Administrative Expenses costs on Job 275 and 25,300 hours on 181 Land 560 Depreciation Expense-Factory Job 310. Determine the amount of factory overhead applied to Jobs 275 191 Factory 590 Miscellaneous Expense and 310 in May. 192 Accumulated Depreciation-Factory 710 Interest Expense LIABILITIES 210 Accounts Payable Journal 221 Utilities Payable JOURNAL 231 Notes Payable DATE DESCRIPTION POST. REF. DEBIT CREDIT 236 Interest Payable 1 241 Lease Payable 2 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends

Instructions Chart of Accounts ASSETS REVENUE Lockmiller Company estimates that total factory Factory Overhead 110 Cash 410 Sales overhead costs will be $1,494,500 for the year. Direct 121 Accounts Receivable 610 Interest Revenue labor hours are estimated to be 427,000. a. For Lockmiller Company, determine the predetermined factory overhead rate using 125 Notes Receivable Required: 126 Interest Receivable EXPENSES direct labor hours as the activity base. Round your answer to the nearest cent. a. For Lockmiller Company, determine the 131 Materials 510 Cost of Goods Sold ] per direct labor hour predetermined factory overhead rate 132 Work in Process 520 Wages Expense using direct labor hours as the activity 133 Factory Overhead 531 Selling Expenses base. Round your answer to the D. During May, Lockmiller Company accumulated 21,000 hours of direct labor costs 134 Finished Goods 532 Insurance Expense nearest cent. on Job 275 and 25,300 hours on Job 310. Determine the amount of factory overhead 141 Supplies 533 Utilities Expense b. During May, Lockmiller Company applied to Jobs 275 and 310 in May. 142 Prepaid Insurance 534 Office Supplies Expense accumulated 21,000 hours of direct labor 143 Prepaid Expenses 540 Administrative Expenses costs on Job 275 and 25,300 hours on 181 Land 560 Depreciation Expense-Factory Job 310. Determine the amount of factory overhead applied to Jobs 275 191 Factory 590 Miscellaneous Expense and 310 in May. 192 Accumulated Depreciation-Factory 710 Interest Expense LIABILITIES 210 Accounts Payable Journal 221 Utilities Payable JOURNAL 231 Notes Payable DATE DESCRIPTION POST. REF. DEBIT CREDIT 236 Interest Payable 1 241 Lease Payable 2 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends

FINANCIAL ACCOUNTING
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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Instructions Chart of Accounts ASSETS REVENUE Lockmiller Company estimates that total factory Factory Overhead 110 Cash 410 Sales overhead costs will be $1,494,500 for the year. Direct 121 Accounts Receivable 610 Interest Revenue labor hours are estimated to be 427,000. 125 Notes Receivable a. For Lockmiller Company, determine the predetermined factory overhead rate using Required: 126 Interest Receivable EXPENSES direct labor hours as the activity base. Round your answer to the nearest cent. a. For Lockmiller Company, determine the 131 Materials 510 Cost of Goods Sold per direct labor hour predetermined factory overhead rate 132 Work in Process 520 Wages Expense using direct labor hours as the activity 133 Factory Overhead 531 Selling Expenses base. Round your answer to the b. During May, Lockmiller Company accumulated 21,000 hours of direct labor costs 134 Finished Goods 532 Insurance Expense nearest cent on Job 275 and 25,300 hours on Job 310. Determine the amount of factory overhead 141 Supplies 533 Utilities Expense b. During May, Lockmiller Company applied to Jobs 275 and 310 in May. 142 Prepaid Insurance 534 Office Supplies Expense accumulated 21,000 hours of direct labor 143 Prepaid Exреnses 540 Administrative Expenses 24 costs on Job 275 and 25,300 hours on 181 Land 560 Depreciation Expense-Factory Job 310. Determine the amount of 191 Factory 590 Miscellaneous Expense factory overhead applied to Jobs 275 and 310 in May. 192 Accumulated Depreciation-Factory 710 Interest Expense LIABILITIES 210 Accounts Payable Journal 221 Utilities Payable JOURNAL 231 Notes Payable DATE DESCRIPTION POST. REF. DEBIT CREDIT 236 Interest Payable 1 241 Lease Payable 2 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends
Transcribed Image Text:Instructions Chart of Accounts ASSETS REVENUE Lockmiller Company estimates that total factory Factory Overhead 110 Cash 410 Sales overhead costs will be $1,494,500 for the year. Direct 121 Accounts Receivable 610 Interest Revenue labor hours are estimated to be 427,000. 125 Notes Receivable a. For Lockmiller Company, determine the predetermined factory overhead rate using Required: 126 Interest Receivable EXPENSES direct labor hours as the activity base. Round your answer to the nearest cent. a. For Lockmiller Company, determine the 131 Materials 510 Cost of Goods Sold per direct labor hour predetermined factory overhead rate 132 Work in Process 520 Wages Expense using direct labor hours as the activity 133 Factory Overhead 531 Selling Expenses base. Round your answer to the b. During May, Lockmiller Company accumulated 21,000 hours of direct labor costs 134 Finished Goods 532 Insurance Expense nearest cent on Job 275 and 25,300 hours on Job 310. Determine the amount of factory overhead 141 Supplies 533 Utilities Expense b. During May, Lockmiller Company applied to Jobs 275 and 310 in May. 142 Prepaid Insurance 534 Office Supplies Expense accumulated 21,000 hours of direct labor 143 Prepaid Exреnses 540 Administrative Expenses 24 costs on Job 275 and 25,300 hours on 181 Land 560 Depreciation Expense-Factory Job 310. Determine the amount of 191 Factory 590 Miscellaneous Expense factory overhead applied to Jobs 275 and 310 in May. 192 Accumulated Depreciation-Factory 710 Interest Expense LIABILITIES 210 Accounts Payable Journal 221 Utilities Payable JOURNAL 231 Notes Payable DATE DESCRIPTION POST. REF. DEBIT CREDIT 236 Interest Payable 1 241 Lease Payable 2 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends
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