The company incurred factory overhead cost as follows: Indirect materials $ 28,300 Indirect labor 52,300 Factory Utilities cost 6,000 Factory Depreciation 10,200 Journalize the entry to record the actual factory overhead incurred during February

The company incurred factory overhead cost as follows: Indirect materials $ 28,300 Indirect labor 52,300 Factory Utilities cost 6,000 Factory Depreciation 10,200 Journalize the entry to record the actual factory overhead incurred during February

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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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

2. The company incurred factory overhead cost as follows:
Indirect materials $ 28,300
Indirect labor 52,300
Factory Utilities cost 6,000
Factory Depreciation 10,200
Journalize the entry to record the actual factory overhead incurred during February.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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Compute the ending balance of the Work-in-Process Inventory account for July. Job X14 Job X15 Total Direct materials $35,420 $14,700 $50,120 Direct labor 105,000 69,000 174,000 Applied overhead
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Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance 264,800 Aug. 31 Goods finished 129,400 31 Direct materials X 31 Direct labor 43,700 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 95,600 Aug. 1 Balance 12,800 31 Applied X If the balance of Work in Process on August 31 is $218,800, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $13,110 b. $95,600 c. $129,400 d. $12,800
Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 251,200 Aug. 31 Goods finished 191,300 31 Direct materials 31 Direct labor 43,900 31 Factory overhead Factory Overhead Aug. 1 - 31 Costs incurred 106,500 Aug. 1 Balance 13,600 31 Applied X If the balance of Work in Process on August 31 is $200,100, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? Oa. $13,600 b. $106,500 Oc. $13,170 d. $191,300
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Using the attached Prepare a schedule of cost of goods manufactured.
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Fuller Manufacturing Company for the month ending October 31 Cost of direct materials used in production Direct labor Work in process inventory, October 1 Work in process inventory, October 31 Total factory overhead Determine Fuller Manufacturing's cost of goods manufactured for the month ended October 31. Fuller Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended October 31 Manufacturing costs incurred during October: $155,300 186,400 69,900 94,700 85,400 Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured
selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 254,580 Aug. 31 Goods finished 178,220 31 Direct materials X 31 Direct labor 35,400 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 96,830 Aug. 1 Balance 14,490 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $217,140, what was the amount debited to Work in Process for direct materials in Augus?
Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 266,720 Aug. 31 Goods finished 135,920 31 Direct materials X 31 Direct labor 35,900 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 113,500 Aug. 1 Balance 12,290 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $219,290, what was the amount debited to Work in Process for direct materials in August? a.$385,990 b.$521,910 c.$83,330 d.$41,820 The journal entry to record the purchase of $39,313 of raw materials is a. Materials$39,313 Accounts Receivable$39,313 b. Inventory$39,313 Cash$39,313 c. Inventory$39,313 Accounts Receivable$39,313 d. Materials$39,313 Accounts Payable$39,313 All of the following could be considered a direct material except a.fabric b.glue c.steel d.lumber
nit.3
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