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) Indirect materials used Indirect labor used Other overhead costs Beginning of period $ 43,000 www transaction liet 9,100 $4,000 wote: Enter debits before credits. Transaction 1 Record entry End of Period $ 45,000 20, 580 33,900 urred other actual overhead costs (all paid in Cash). plied overhead to work in process. re journal entries for the above transactions for the period. 195,000 100,000 Journal entry worksheet < A В Record the entry for other actual overhead costs incurred (all paid in Cash). 11,000 23,000 111,500 General Journal Clear entry Debit Credit View general Journal Journal entry worksheet Record the entry to apply overhead to work in process. Note: Enter debits before credits. Transaction 2 Record entry General Journal Clear entry Debit Credit View general Journal
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) Indirect materials used Indirect labor used Other overhead costs Beginning of period $ 43,000 www transaction liet 9,100 $4,000 wote: Enter debits before credits. Transaction 1 Record entry End of Period $ 45,000 20, 580 33,900 urred other actual overhead costs (all paid in Cash). plied overhead to work in process. re journal entries for the above transactions for the period. 195,000 100,000 Journal entry worksheet < A В Record the entry for other actual overhead costs incurred (all paid in Cash). 11,000 23,000 111,500 General Journal Clear entry Debit Credit View general Journal Journal entry worksheet Record the entry to apply overhead to work in process. Note: Enter debits before credits. Transaction 2 Record entry General Journal Clear entry Debit Credit View general Journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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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
$ 43,000
Raw materials purchases
Factory payroll
Factory overhead (actual)
Indirect materials used
Indirect labor used.
Other overhead costs
Cost incurred for the period
View transaction list
9,180
54,000
Journal entry worksheet
< A B
End of Period
$ 45,000
20,500
33,900
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
1
Record entry
$ 195,000
100,000
Record the entry for other actual overhead costs incurred (all paid in Cash).
11,000
23,088
111,500
General Journal
Clear entry
Debit
Credit
View general Journal
>
Journal entry worksheet
Record the entry to apply overhead to work in process.
Note: Enter debits before credits.
Transaction
2
Record entry
General Journal
Clear entry
Debit
Credit
View general Journal
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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
Beginning of
period
$ 43,000
Raw materials purchases
Factory payroll
Factory overhead (actual)
Indirect materials used
Indirect labor used.
Other overhead costs
Cost incurred for the period
View transaction list
9,180
54,000
Journal entry worksheet
< A B
End of Period
$ 45,000
20,500
33,900
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
1
Record entry
$ 195,000
100,000
Record the entry for other actual overhead costs incurred (all paid in Cash).
11,000
23,088
111,500
General Journal
Clear entry
Debit
Credit
View general Journal
>
Journal entry worksheet
Record the entry to apply overhead to work in process.
Note: Enter debits before credits.
Transaction
2
Record entry
General Journal
Clear entry
Debit
Credit
View general Journal
>
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