[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 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 Journal entry worksheet A. $ 32,000 9,200 61,000 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. Transaction Note: Enter debits before credits. D End of Period $ 48,000 $ 190,000 250,000 18,400 33,400 13,000 57,500 118,500 Record the entry for other actual overhead costs incurred (all paid in Cash). General Journal Debit Credit

[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 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 Journal entry worksheet A. $ 32,000 9,200 61,000 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. Transaction Note: Enter debits before credits. D End of Period $ 48,000 $ 190,000 250,000 18,400 33,400 13,000 57,500 118,500 Record the entry for other actual overhead costs incurred (all paid in Cash). General Journal Debit Credit

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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 joorder 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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1. How much overhead would have been charged to the company’s Work-in-Process account during the year? 2. Comment on the appropriateness of the company’s cost drivers (i.e., the use of machine hours in Machining and direct-labor cost in Assembly).
Compute the amount for each of the following. Direct materials used Indirect materials used Direct labor used Indirect labor used Cost of goods manufactured Cost of goods sold (before closing over- or underapplied overhead) Compute the amount that overhead is overapplied or underapplied.
Mcle Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Beginning inventories: Raw materials Work in process Finished goods Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Raw materials purchased on account Raw materials (all direct) requisitioned for use in production Direct labor cost Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured Required: $ 42,000 $ 21,800 $ 38,600 $ 576,000 37,800 direct labor-hours $ 506,000 $ 453,800 $ 592,800 45,900 direct labor-hours $ 133,000 $ 616,000 $ 1,566,000 a. Complete the T-account to determine the ending balance in Raw Materials. b. Complete the T-account to determine the ending balance in Work in Process.
TCM Company uses activity-based costing to determine products costs for external financial reports. The company has provided the following data concerning its activity-based costing system: Activity cost pools (and activity measures) Depreciation (allocated based on machine-hours) Batch setup (allocated based on # of set ups) General Factory (allocated based on direct labor hours) Estimated Overhead costs $67,500 273,700 204,000 Expected Activity (Allocation base) Product y Product x Activity Cost pool Depreciation Batch setup General factory The activity rate for the general factory activity cost pool is? Total 5000 m hours 4000 1000 7000 set ups 3000 4000 8000 dl hours 1000 7000
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June: Debits to account: Balance, June 1 Direct materials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) Total debits to account Credits to account: Transferred to Finished Goods Inventory account Balance, June 30 Required: $ 5,000 18,000 12,100 15,125 $ 50,225 44,000 $ 6,225 a. Assuming that the direct labor charged to the jobs still in process at June 30 amounts to $1,500, compute the amount of manufacturing overhead and the amount of direct materials that have been charged to these jobs as of June 30. b. Prepare general journal entries to summarize: 1. The manufacturing costs (direct materials, direct labor, and overhead) charged to production during June. 2. The transfer of…
! 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…
Doles Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products. Activity Cost Pools Setting up batches Processing customer orders Assembling products Data concerning two products appear below: Number of batches Number of customer orders Number of assembly hours Total overhead cost Activity Rate $69.22 per batch $26.28 per customer order $ 12.11 per assembly hour Product K52W 65 45 418 Required: How much overhead cost would be assigned to each of the two products using the company's activity-based costing system? (Round your intermediate calculations and final answers to 2 decimal places.) Product K52W Product X94T Product X94T 52 30 161
Assigning indirect costs to departments is completed by ________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventory In a process costing system, which account shows the overhead assigned to the department? cost of goods sold • finished goods inventory raw material inventory work in process inventory A print shop produces custom paintings. It has received four different orders (a/B/C/D) The total cost for the four orders is labor $6000, materials $10,000 and overheads for 5,000. What processes/systems would you implement if you wanted to know the cost for each of the orders which are not similar.
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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.
Waterway Manufacturing assigns overhead based on machine hours. Department R records 608 machine hours, while Department W records 392 machine hours for the period. The overhead rate is $6 per machine hour. What will the entry to assign overhead include? Select answer from the options below A debit to Manufacturing Overhead for $6000. A credit to Manufacturing Overhead for $6000. A debit to Work in Process Inventory-Department W for $2352. A credit to Work in Process Inventory-Department R for $3648.
Manufacturing cost data for Wildhorse Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.) Work in process 1/1/22 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Work in process 12/31/22 Cost of goods manufactured $ Case A 61,000 50,020 177,693 245,830 234,606 (a) (b) (c) Case B $18,910 $101,260 170,800 14,396 (d) (e) (f) (g)