Rize Company reports the following (partial) T-account activity at the end of its first year of operations. Factory Overhead Debit 80,700 125,300 194,600 Credit 404,800 1. Compute the under- or overapplied overhead for the year. 2. Prepare the journal entry to close Factory Overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead for the year. The under- or overapplied overhead for the year Actual overhead Applied overhead Required 2 >

Rize Company reports the following (partial) T-account activity at the end of its first year of operations. Factory Overhead Debit 80,700 125,300 194,600 Credit 404,800 1. Compute the under- or overapplied overhead for the year. 2. Prepare the journal entry to close Factory Overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead for the year. The under- or overapplied overhead for the year Actual overhead Applied overhead Required 2 >

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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View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. In January, Oriole Tool & Die requisitions raw materials for production as follows: Job 1 $970, Job 2 $1,700, Job 3 $730, and general factory use $620. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 31 Account Titles and Explanation Work in Process Inventory Manufacturing Overhead Raw Materials Inventory Debit $3,040 $630 Credit
4.
The journal entry to record the Labor Time Tickets includes a debit to the Manufacturing Overhead account of what dollar amount? Materials Labor Requisition Time For Slips Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000 Sub-Total 12,500 16,000 General Use 1,000 1,500 Total Cost $ 13,500 17,500 $17,500 $1,500 $16,000 $13,500
Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance.
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It is the end of the fiscal year for Sophco. The company applies Manufacturing Overhead to its inventory and cost of goods sold using a normal costing system and a predetermine overhead rate. At the end of the year the following balances are in the inventory, cost of good sold and manufacturing overhead accounts. WIP INV FG INV COGS RM 1,000,000 RM 500,000 RM 2,500,000 DL 3,000,000 DL DL 2,500,000 8,500,000 MO MO MO H 4,000,000 H 3,000,000 H 14,000,000 MFG OH 150,000 Required: ©Copyrighted by Richard S. Claire 6/14/2020. All rights reserved. Page 5 of Using the proration method, prorate the $150,000 of over applied manufacturing overhead to each account and enter the amounts into the "T" accounts above.
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Factory Overhead Costs During August, Carrothers Company incurred factory overhead costs as follows: indirect materials, $3,110; indirect labor, $5,660; utilities cost, $1,210; and factory depreciation, $4,040. Journalize the entry to record the factory overhead incurred during August. If an amount box does not require an entry, leave it blank. Factory Overhead Materials Wages Payable Utilities Payable Accumulated Depreciation-Factory
[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. Job 306 eq 5A $ 34,200 25,200 15,200 148,000 90,200 ? Finished (sold) b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. Req 5B mpute gross profit for April. profit Job 307 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. Req 5A $ 40,200 23,200 14, 200 Compute…
Current Attempt in Progress Total factory labor costs related to factory workers for Cullumber Company during the month of January are $115,200. Of the total accumulated cost of factory labor, 85% is related to direct labor and 15% is attributable to indirect labor. (a) (b) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. (a) Prepare the January 31 entry to record the factory labor costs for the month of January. Prepare the January 31 entry to assign factory labor to production. (b) Date Account Titles and Explanation Jan. 31 Jan. 31 Debit Credit
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