Please do not give image format Required informationReq 2AReq 28In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costsincurred).Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listReq 2CJournal entry worksheet<2 3Record construction costs.Date2024Note: Enter debits before credits.Becord entryGeneral JournalClear entryDebitCreditMay peneral Journal8 Exercise 4-7 (Static) Contrast ABC and Conventional Product Costs [LO4-2, L04-3, L04-41Kunkel Company makes two products and uses a conventional costing system in which a single plantwide predetermined overheadrate is computed based on direct labor-hours. Data for the two products for the upcoming year follow:Direct materials cost per unitMercon$ 10.00$ 3.00Direct labor cost per unitDirect labor-hours per unit0.20Number of units produced10,000These products are customized to some degree for specific customers.Wurcon$ 8.00$ 3.750.2540,000Required:1. The company's manufacturing overhead costs for the year are expected to be $336,000. Using the company's conventional costingsystem, compute the unit product costs for the two products.2. Management is considering an activity-based costing system in which half of the overhead would continue to be allocated on thebasis of direct labor-hours and half would be allocated on the basis of engineering design time. This time is expected to be distributedas follows during the upcoming year:1. Unit product cost under conventional system2. Unit product cost under ABC systemMercon4,000MerconWurcon4,000Engineering design time (in hours)Compute the unit product costs for the two products using the proposed ABC system.(For all requirements, do not round intermediate calculations. Round your final answers to 2 decimal places.)Total8,000Wurcon

After determining the cost drivers, expenses from each cost pool are allocated to individual goods…

Kunkel Company makes two products and uses a conventional costing system in rate is computed based on direct labor-hours. Data for the two products for the up Wurcon Mercon $ 10.00 Direct materials cost per unit Direct labor cost per unit Direct labor-hours per unit Number of units produced $ 3.00 0.20 10,000 These products are customized to some degree for specific customers. $ 8.00 $ 3.75 0.25 40,000

Kunkel Company makes two products and uses a conventional costing system in rate is computed based on direct labor-hours. Data for the two products for the up Wurcon Mercon $ 10.00 Direct materials cost per unit Direct labor cost per unit Direct labor-hours per unit Number of units produced $ 3.00 0.20 10,000 These products are customized to some degree for specific customers. $ 8.00 $ 3.75 0.25 40,000

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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