Q2// Johnstown manufacturing company produces custom made, dyed sweat shirt for distribution on college campuses. The following standard have been established: • Direct Labor: 1/2 hours @ 6 per hour • Factory Overhead : 1/2 hour @ $10 per hour The monthly production budget is based on normal plant operation of 1600 hour, with fixed factory overhead of $11200. the following data concerned with transaction during January 2018: Direct labor payroll 1550 hour at $5.9, Actual factory overhead $16100, Actual production volume 3483 unit Total Allocated Rate $10, Fixed Allocated Rate $7. Required: Prepare a journals entries by using partial methods. .

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Please help me
Q2// Johnstown manufacturing company produces custom made, dyed sweat shirt for distribution on
college campuses. The following standard have been established:
Direct Labor: 1/2 hours @ 6 per hour
• Factory Overhead : 1/2 hour @ $10 per hour
The monthly production budget is based on normal plant operation of 1600 hour, with fixed factory
overhead of $11200. the following data concerned with transaction during January 2018 : Direct labor
payroll 1550 hour at $5.9 , Actual factory overhead $16100 , Actual production volume 3483 unit
Total Allocated Rate $10, Fixed Allocated Rate $7.
Required : Prepare a journals entries by using partial methods.
Transcribed Image Text:Q2// Johnstown manufacturing company produces custom made, dyed sweat shirt for distribution on college campuses. The following standard have been established: Direct Labor: 1/2 hours @ 6 per hour • Factory Overhead : 1/2 hour @ $10 per hour The monthly production budget is based on normal plant operation of 1600 hour, with fixed factory overhead of $11200. the following data concerned with transaction during January 2018 : Direct labor payroll 1550 hour at $5.9 , Actual factory overhead $16100 , Actual production volume 3483 unit Total Allocated Rate $10, Fixed Allocated Rate $7. Required : Prepare a journals entries by using partial methods.
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education