1.Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment].2.Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant itemsfrom your journal entries to these T-accounts.3.Prepare a journal entry for item (g) above.4.If 10,000 of the custom-made machined parts are shipped to the customer in February,how much of this job's cost will be included in cost of goods sold for February? EXERCISE 3-10 Applying Overhead; Journal Entries; T-accounts LO3-1, LO3-2Dillon Products manufactures various machined parts to customer specifications. The companyuses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours.At the beginning of the year, the company used a cost formula to estimate that it would incur$4,800,000 in manufacturing overhead cost at an activity level of 240,000 machine-hours.The company spent the entire month of January working on a large order for 16,000 custom-made machined parts. The company had no work in process at the beginning of January. Cost datarelating to January follow:Raw materials purchased on account, $325,000.Raw materials used in production, $290,000 (80% direct materials and 20% indirect materials).Labor cost accrued in the factory, $180,000 (one-third direct labor and two-thirds indirect labor).d. Depreciation recorded on factory equipment, $75,000.Other manufacturing overhead costs incurred on account, $62,000.f. Manufacturing overhead cost was applied to production on the basis of 15,000 machine-hoursactually worked during the month.The completed job for 16,000 custom-made machined parts was moved into the finishedgoods warehouse on January 31 to await delivery to the customer. (In computing the dollaramount for this entry, remember that the cost of a completed job consists of direct materials,direct labor, and applied overhead.)6.а.b.с.е.g.

Prepare journal entries to record items (a) through (f) above [ign Prepare T-accounts for Manufacturing Overhead and Work in Prc from your journal entries to these T-accounts. Prepare a journal entry for item (g) above. If 10,000 of the custom-made machined parts are shipped to how much of this job's cost will be included in cost of goods sole

Prepare journal entries to record items (a) through (f) above [ign Prepare T-accounts for Manufacturing Overhead and Work in Prc from your journal entries to these T-accounts. Prepare a journal entry for item (g) above. If 10,000 of the custom-made machined parts are shipped to how much of this job's cost will be included in cost of goods sole

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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The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Work in Process Inventory Debit Credit Beginning WIP 4,500 Direct materials 47,100 Direct labor 29,600 Applied overhead 15,800 To finished goods ? Ending WIP 8,900 The cost of jobs transferred to finished goods is:
Prepare the journal entry for (a) materials and (b) labor, based on the following: Raw materials issued: $850 for Job 609 $300 for general use in the factory Labor time tickets: $900 for Job 609 $325 for supervision
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Required information Use the following information to answer questions. (Algo) [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 Raw materials Work in process Finished goods Beginning of period $ 43,000 9,200 63,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 57,000 18,600 34,300 $ 183,000 150,000 18,000 34,500 98,500 Exercise 15-12 (Algo) Computing materials, labor, overhead, and cost of goods manufactured LO P1, P2, P3, P4 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the…
Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $3,350 2,780 5,090 5,800 17,860 3,540 2,320 15,720 101 104 108 Indirect 111 115 117 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
eBook Show Me How E Print Item Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity. Round your answers to two decimal places. Overhead Overhead Annual Rate per Activity per Activity Usage Activity Machine Setups $162,750 4,200 Machine Hours 381,051 14,113 Inspections 110,550 3,300
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Online A company uses a job-order costing system with the following partially completed summary T-accounts for the just completed period: Debit Balance Direct materials Direct labor Overhead applied Balance Debits Debit Work In Process 22,000 Credits 85,000 161,000 269,000 ? Manufacturing Overhead 200,000 Credits Manufacturing overhead for the period was: Credit Credit 434,000 ?
Predetermined Factory Overhead Rate Road Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $22 per hour. $1,054,900 770,000 39,700 110,400 20,000 15,400 21,100 90,700 11,600 $2,133,800 Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour
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