Required information [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 End of Period $ 47,000 $ 54,000 9,800 54,000 19,200 34,700 Cost incurred for the period Raw materials purchases $ 172,000 Factory payroll 200,000 Factory overhead (actual) Indirect materials used 12,000 Indirect labor used Other overhead costs 46,000 100,500 1. Incurred other actual overhead costs (all paid in Cash). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the period. View transaction list Journal entry worksheet < A B Record the entry to apply overhead to work in process. S < Prev 7 of 13 Next >

Required information [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 End of Period $ 47,000 $ 54,000 9,800 54,000 19,200 34,700 Cost incurred for the period Raw materials purchases $ 172,000 Factory payroll 200,000 Factory overhead (actual) Indirect materials used 12,000 Indirect labor used Other overhead costs 46,000 100,500 1. Incurred other actual overhead costs (all paid in Cash). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the period. View transaction list Journal entry worksheet < A B Record the entry to apply overhead to work in process. S < Prev 7 of 13 Next >

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Description: Required information[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 joborder costing system. Overhead is applied us

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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Required information [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 $ 41,000 9,800 54,000 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 $ 37,000 19,700 35,000 $ 197,000 100,000 10,000 23,000 109,000
Required information [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 40,000 $ 18,000 $ 35,000 The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded this year: a. Raw materials were purchased on account, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. d. Incurred various selling and…
Problem #1. ABC Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine hours required to support estimated production 150,000 Manufacturing overhead costs ₱1,350,000 Required: 1.Compute the predetermined overhead rate. 2.During the year, Job 500 was started and completed. The following information was available with respect to this job: Direct materials requisitioned ₱350 Direct labor cost ₱230 Machine hours used 30 Compute the total manufacturing costs assigned to Job 500. 3.During the year the company worked a total of 147,000 machine-hours on all jobs and incurred actual manufacturing overhead costs of ₱1,325,000. What is the amount of underapplied or overapplied overhead for the year?
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 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Beginning of period $ 40,000 9,400 56,000 Journal entry worksheet A Prepare journal entries for the above transactions for the period. B C Transaction 1 Note: Enter debits before credits. End of Period $ 50,000 20,600 34,000 $ 183,000 150,000 11,000 34,500 91,000 Record the raw material purchases for cash. General Journal Debit Credit
! 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. Beginning of period $ 45,000 9,600 68,000 End of Period Inventories Raw materials Work in process Finished goods $ 45,000 19,000 33,500 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs $ 178,000 250,000 9,000 57,500 115,500 Exercise 15-13 (Algo) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. Prepare journal entries for the above transactions for the period. X Answer is not complete. No Transaction General Journal…
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 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) $ 41,000 9,200 50,000 Indirect materials used Indirect labor used Other overhead costs End of Period $ 42,000 20,700 33,700 $ 176,000 150,000 8,000 34,500 117,500 Exercise 15-14 (Algo) Recording direct and indirect labor LO P2, P3 1. Direct labor used (recorded as factory wages payable). 2. Indirect labor used (recorded as factory wages payable). Prepare journal entries for the above transactions for the period.
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Reilly Company Reilly Company uses a job-order costing system and the following information is available from its records. The company has three jobs in process: #8, #12, and #15. Raw material used Direct labor per hour Overhead applied based on direct labor cost Direct material was requisitioned as follows for each job respectively: 25 percent, 30 percent, and 30 percent; the balance of the requisitions was considered indirect. Direct labor hours per job are 2,800; 3,300; and 4,000; respectively. Indirect labor is $45,000. Other actual overhead costs totaled $50,000. Refer to Reilly Company. How much overhead is applied to Work in Process? Select one: O O O O $130,000 $9.50 125% a. $164,938 b. $95,000 c. $162,900 d. $119,938
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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 ?
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 $ 38,000 Work in 9,200 process Finished goods 63,000 Beginning End of of period Period $ 41,000 20,300 33,500 Cost incurred for the period Raw materials purchases $ 184,000 Factory payroll 300,000 Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs Exercise 19-13 (Algo) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Prepare journal entries for the above transactions for the period. 13,000 69,000 107,000 Journal entry worksheet
Problem #4:Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased.) In computing a predetermined overhead rate at the beginning of the year, the company’s estimates were: manufacturing overhead cost, $800,000; and direct materials to be used in production, $500,000. The company has provided the following data :BeginningEndingRaw materials$20,000$80,000Work in Process150,00070,000Finished Goods260,000400,000The following actual costs were incurred during the year:Purchase of direct raw materials $510,000Direct labor cost90,000Manufacturing overhead costs: 4Indirect labor170,000Property taxes48,000Depreciation-equipment260,000Maintenance95,000Insurance7,000Rent -Building180,000Required: 1.a. Compute the predetermined overhead rate for the yearb. Compute the amount of under-or over-applied overhead for the year.1.Prepare the statement of cost of goods…