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 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Beginning of period $ 26,000 9,700 69,000 Indirect materials used Indirect labor used. Other overhead costs View transaction list Journal entry worksheet A B 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. Note: Enter debits before credits. Transaction End of Period $ 58,000 19,600 34,300 $ 171,000 250,000 7,000 57,500 100,000 Record the entry for other actual overhead costs incurred (all paid in Cash). General Journal Debit Credit >
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 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Beginning of period $ 26,000 9,700 69,000 Indirect materials used Indirect labor used. Other overhead costs View transaction list Journal entry worksheet A B 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. Note: Enter debits before credits. Transaction End of Period $ 58,000 19,600 34,300 $ 171,000 250,000 7,000 57,500 100,000 Record the entry for other actual overhead costs incurred (all paid in Cash). General Journal Debit Credit >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Please complete both parts.
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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
<
Cost incurred for the period
View transaction list
Raw materials purchases
Factory payroll
Factory overhead (actual)
Indirect materials used
Indirect labor used
Other overhead costs.
Beginning of
period
$ 26,000
Journal entry worksheet
A
9,700
69,000
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.
B
Transaction
1
Note: Enter debits before credits.
End of
Period
$ 58,000
19,600
34,300
$ 171,000
250,000
7,000
57,500
100,000
Record the entry for other actual overhead costs incurred (all paid in Cash).
General Journal
Debit
Credit
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Transcribed Image Text:!
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
<
Cost incurred for the period
View transaction list
Raw materials purchases
Factory payroll
Factory overhead (actual)
Indirect materials used
Indirect labor used
Other overhead costs.
Beginning of
period
$ 26,000
Journal entry worksheet
A
9,700
69,000
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.
B
Transaction
1
Note: Enter debits before credits.
End of
Period
$ 58,000
19,600
34,300
$ 171,000
250,000
7,000
57,500
100,000
Record the entry for other actual overhead costs incurred (all paid in Cash).
General Journal
Debit
Credit
>
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