raw materials on account. 2. Actual manufacturing overhead costs include: a. Repairs (a/p): $2,500 b. Utilities : $875 C. Depreciation on equipment: $1625 d. Rent (paid in advance): $2750 Insurance (prepaid policy): $1415 f. Indirect Material: $2,000 е. 3. Factory Labor totaled $55,000, of which $3,000 is employer payroll taxes 4. Madison Co. issued $55,310 of material to Process 1. 5. Assigned $18,000 of factory labors costs, of which $10,000 was assigned to Process 1 and the remainder was indirect. 6. Manufacturing overhead costs are applied at 74% of material issued (round to nearest dollar) 7. Balance in WIP -1 is transferred to Process-2 8. $15,450 of material is issued to Process-2 9. Assigned factory labor totaling $22,000, of which $12,000 was assigned to process 2 and remainder was indirect. 10. Manufacturing overhead costs are applied to Process 2 at a rate of 49.5% of material issued (to process 2) **Round to nearest dollar** 11. Actual manufacturing overhead costs paid totaled $3,450; manufacturing overhead costs charged to accounts payable totaled $13,975 12. Balance of Process 2 is transferred to Process 3 13. $8,000 of material is issued into process 3 14. Assigned factory labor totaling $15,000, of which $5000 was assigned to process 3 and the remainder was indirect. 15. Manufacturing overhead costs are applied to Process 3 at a rate of 75.25% of materials issued (to process 3). 16. Process 3 has been completed, which completes the manufacturing process. 17. The cost transferred to finished goods included 15,000 units. Calculate the cost per unit (round to hundredths) ; Madison Co. sold 2500 units fa
raw materials on account. 2. Actual manufacturing overhead costs include: a. Repairs (a/p): $2,500 b. Utilities : $875 C. Depreciation on equipment: $1625 d. Rent (paid in advance): $2750 Insurance (prepaid policy): $1415 f. Indirect Material: $2,000 е. 3. Factory Labor totaled $55,000, of which $3,000 is employer payroll taxes 4. Madison Co. issued $55,310 of material to Process 1. 5. Assigned $18,000 of factory labors costs, of which $10,000 was assigned to Process 1 and the remainder was indirect. 6. Manufacturing overhead costs are applied at 74% of material issued (round to nearest dollar) 7. Balance in WIP -1 is transferred to Process-2 8. $15,450 of material is issued to Process-2 9. Assigned factory labor totaling $22,000, of which $12,000 was assigned to process 2 and remainder was indirect. 10. Manufacturing overhead costs are applied to Process 2 at a rate of 49.5% of material issued (to process 2) **Round to nearest dollar** 11. Actual manufacturing overhead costs paid totaled $3,450; manufacturing overhead costs charged to accounts payable totaled $13,975 12. Balance of Process 2 is transferred to Process 3 13. $8,000 of material is issued into process 3 14. Assigned factory labor totaling $15,000, of which $5000 was assigned to process 3 and the remainder was indirect. 15. Manufacturing overhead costs are applied to Process 3 at a rate of 75.25% of materials issued (to process 3). 16. Process 3 has been completed, which completes the manufacturing process. 17. The cost transferred to finished goods included 15,000 units. Calculate the cost per unit (round to hundredths) ; Madison Co. sold 2500 units fa
Chapter1: Financial Statements And Business Decisions
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Journalize the following transactions:
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1.
Madison Co. purchased $112,000 of raw materials on account.
2. Actual manufacturing overhead costs include:
a. Repairs (a/p): $2,500
b. Utilities: $875
C. Depreciation on equipment: $1625
d. Rent (paid in advance): $2750
Insurance (prepaid policy): $1415
f. Indirect Material: $2,000
e.
3. Factory Labor totaled $55,000, of which $3,000 is employer payroll taxes
4.
Madison Co. issued $55,310 of material to Process 1.
Assigned $18,000 of factory labors costs, of which $10,000 was assigned to Process 1 and the remainder was indirect.
6. Manufacturing overhead costs are applied at 74% of material issued (round to nearest dollar)
7. Balance in WIP -1 is transferred to Process-2
5.
8. $15,450 of material is issued to Process- 2
9. Assigned factory labor totaling $22,000, of which $12,000 was assigned to process 2 and remainder was indirect.
23:
10. Manufacturing overhead costs are applied to Process 2 at a rate of 49.5% of material issued (to process 2) **Round to nearest dollar**
11. Actual manufacturing overhead costs paid totaled $3,450; manufacturing overhead costs charged to accounts payable totaled $13,975
12. Balance of Process 2 is transferred to Process 3
13. $8,000 of material is issued into process 3
14. Assigned factory labor totaling $15,000, of which $5000 was assigned to process 3 and the remainder was indirect.
15. Manufacturing overhead costs are applied to Process 3 at a rate of 75.25% of materials issued (to process 3).
16. Process 3 has been completed, which completes the manufacturing process.
17. The cost transferred to finished goods included 15,000 units. Calculate the cost per unit (round to hundredths); Madison Co. sold 2500 units for
$40,625 (customer paid 15% down and owes the remainder); they sold 850 units for $14,000 on account
18. Determine over or under-applied manufacturing overhead costs and prepare adjusting entry.
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