Juarez Bullders Incurred $285,000 of labor costs for construction Jobs completed during the month of August, of which $212.000 was direct and $73.000 was indicect supervisory costs. The correct Journal entry to record the $73,000 Indirect labor for the month is: Multiple Choice Debit Factory Wage Expense; credit Cash. Debit Supervisor Wage Expense; credit Factory Wages Payable. Debit Factory Wages Payable; credit Factory Overhead. Debit Factory Overhead; credit Factory Wages Payable. Debit Supervisor Wage Expense; credit Factory Overhead.

Juarez Bullders Incurred $285,000 of labor costs for construction Jobs completed during the month of August, of which $212.000 was direct and $73.000 was indicect supervisory costs. The correct Journal entry to record the $73,000 Indirect labor for the month is: Multiple Choice Debit Factory Wage Expense; credit Cash. Debit Supervisor Wage Expense; credit Factory Wages Payable. Debit Factory Wages Payable; credit Factory Overhead. Debit Factory Overhead; credit Factory Wages Payable. Debit Supervisor Wage Expense; credit Factory Overhead.

Name: Juarez Bullders Incurred $285,000 of labor costs for construction Job
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Juarez Bullders Incurred $285,000 of labor costs for construction Jobs completed during the month of August, of which $212,000 was direct and $73.000 was indirect sAupervisorycosts. The correct Journal entry to recard the $73,000 Indirect labor for

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Brass Works is in the process of determining manufacturing overhead. Journalize events (a) (d) to Factory Overhead, Administrative Expenses, Selling Expenses, or allocated between the three as appropriate. The insurance policy and electric bill were paid in cash at the time of acquisition. Next calculate the overhead application rate and apply overhead to Work in Process. a. Brass Works purchases an insurance policy for $4,000. It is computed that 80% of the value of the policy protects production, the balance protects the administrative offices. Brass Works charges insurance initially to expense. If an amount box does not require an entry, leave it blank.
Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $188,870. Estimated direct labor cost was $456,280 for 18,700 hours. Actual costs for the most recent month are summarized here: Item Description Direct labor (1,500 hours) Indirect costs Indirect labor Indirect materials. Factory rent Factory supervision Factory depreciation Factory janitorial work Factory insurance General and administrative salaries Selling expenses 3. Calculate actual manufacturing overhead costs. 4. Compute over- or underapplied overhead. Required: 1. Calculate the predetermined overhead rate. 2. Calculate the amount of applied manufacturing overhead. 89 Complete this question by entering your answers in the tabs below. SEP Total Cost $ 45,629 84 2,570 3,460 3,240 4,760 5,680 1,230 1,830 4,260 5,380 TAO O
At the beginning of the year, Custom Mfg. established Its predetermined overhead rate by using the following cost predictions: overhead costs, $600,000, and direct materlals costs, $200,000. At year-end, the company's records show that actual overhead costs for the year are $1,499,100. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory $360, 000 82, 000 55,000 $497,000 Total actual direct materials cost 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs Incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplled. 4. Prepare the adjusting entry to allocate any over- or underapplled overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Req 4 Determine the predetermined overhead rate. Overhead Rate…
During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $47,300; indirect labor, $84,300; utilities cost, $13,000; and factory depreciation, $51,800. Journalize the entry on May 30 to record the factory overhead incurred during May. Refer to the Chart of Accounts for exact wording of account titles.
Please solve I need help !
The following data on materials purchased and issued during the month of June were shown: the cost of materials issued to production (under FIFO method) should be: 2.Of the following costs, how much is the total product/manufacturing costs? Direct Labor> P 50,000. Factory Rent >P 10,000. Indirect Labor >P10,000 . Salaries of Factory Supervisor >P35,000. Factory supplies used >P 5,000. Indirect Materials >P15,000. Direct Materials >P45,000. Salary of sales >P35,000. Insurance of Machineries >P 12,000. 3. Of the following costs, how much is the prime cost? Direct Labor> P 50,000. Factory Rent >P 10,000. Indirect Labor >P10,000 . Salaries of Factory Supervisor >P35,000. Factory supplies used >P 5,000. Indirect Materials >P15,000. Direct Materials >P45,000. Salary of sales >P35,000. Insurance of Machineries >P 12,000.
PAMELA Manufacturing Company uses a job order cost system. The following debits (credits) appeared in Work in Process for the month of August: August 1 P40,500 Charges during August: Direct materials 243,000 Direct labor 162,000 Factory overhead 129,600 Debits to Finished goods 486,000 PAMELA Manufacturing applies overhead to production at a predetermined rate of 80% of direct labor cost Job XXX, which was started during August and is the only job still in process at the end of August, has been charged direct labor of P20,250. The amount of direct materials charged to Job XXX is
Auduon, Incorporated uses a predetermined factory overhead rate based on machine-hours. For October, Audubon recorded $5,500 in overapplied overhead, based on 35,100 actual machine-hours worked and actual manufacturing overhead incurred of $603,485. Audubon estimated manufacturing overhead for October to be $572,550. Required: What was the estimated number of machine-hours Audubon expected in October? Note: Do not round intermediate calculations. Expected machine-hours machine-hours
Factory Overhead Costs During August, Carrothers Company incurred factory overhead costs as follows: indirect materials, $3,110; indirect labor, $5,660; utilities cost, $1,210; and factory depreciation, $4,040. Journalize the entry to record the factory overhead incurred during August. If an amount box does not require an entry, leave it blank. Factory Overhead Materials Wages Payable Utilities Payable Accumulated Depreciation-Factory
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June: Debits to account: Balance, June 1 Direct materials Direct labor $5,000 $18,000 $12,300 Manufacturing overhead (applied to jobs as 125% of direct labor cost) $15,375 Total debits to account Credits to account: Transferred to Finished Goods Inventory account $50,675 $44,000 $6,675 Balance, June 30 Instructions a. Assuming that the direct labor charged to the jobs still in process at June 30 amounts to $1,600, compute the amount of manufacturing overhead and the amount of direct materials that have been charged to these jobs as of June 30. b. Prepare general journal entries to summarize: 1. The manufacturing costs (direct materials, direct labor, and overhead) charged to production during June. 2. The transfer of…
During the April, Almerinda Company incurred factory overhead costs as follows: indirect materials, $42000; indirect labour $90000: utilities costs, $16000 and factory depreciation, $54000. Journalize the entry to record the factory overhead incurred during April.
Frontier Incorporated has provided the following information for the year ended 20x8: a. Purchased raw materials on account for $240,400. b. Issued $230,400 in raw materials to production ($32,400 were not traceable to specific jobs). c. Incurred $242,400 in direct labor costs (24,520 hours) and $92,900 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory utilities $24,400 (paid in cash); depreciation on equipment $45,400; indirect supplies $17,900 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $75,400; sales salaries $88,400. f. Applied manufacturing overhead to jobs in process at a rate of $9 per direct labor hour. g. Completed jobs costing a total of $644,400. h. Sold jobs for $856,400 on account. The cost of the jobs was $642,400. i. Closed the manufacturing overhead account balance. Required: Prepare the journal entries to record these transactions. Note: If no entry is…