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| | Beginning of Period | End of Period ||------------------|---------------------|---------------|| Raw materials | $41,000 | $37,000 || Work in process | $9,800 | $19,700 || Finished goods | $54,000 | $35,000 |### Cost Incurred for the Period- **Raw materials purchases**: $197,000- **Factory payroll**: $100,000- **Factory overhead (actual)**: - Indirect materials used: $10,000 - Indirect labor used: $23,000 - Other overhead costs: $109,000 **Instructions for Recording Labor in Journal Entries**1. **Direct Labor Used:** - Recorded as factory wages payable.2. **Indirect Labor Used:** - Recorded as factory wages payable.**Objective:**Prepare journal entries for both transactions for the period.**Journal Entry Worksheet:**- Use this section to input your entries for direct labor used.- **Note:** Ensure to enter debits before credits.**Worksheet Layout:**- **Transaction Table:** - **Columns:** - "Transaction": Entry number or reference. - "General Journal": Description of the transaction. - "Debit": Amount to be debited. - "Credit": Amount to be credited.**Navigation and Actions:**- **View Transaction List:** Button to view all transactions involved.- **Tabs:** - "A" and "B" to switch between different tasks or entries.- **Record Entry:** Finalize and save your journal entry.- **Clear Entry:** Erases the current input in the worksheet.- **View General Journal:** Allows you to access the compiled journal.This structure ensures that students understand how to properly record labor costs in accounting journals, focusing on direct and indirect labor entries.

Name: The following information is available for ADT Company, which produce
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: 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|

Business

Accounting

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 $ 41,000 9,800 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 37,000 19,700 35,000 $ 197,000 100,000 10,000 23,000 109,000

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 $ 41,000 9,800 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 37,000 19,700 35,000 $ 197,000 100,000 10,000 23,000 109,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the following information to answer questions. (Algo) 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 [The following information applies to the questions displayed below.] Raw materials Work in process Finished goods Beginning of period $ 48,000 9,000 65,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 43,000 20,700 34,900 $ 179,000 250,000 12,000 57,500 114,500
help me
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 End of Period $ 27,000 $ 54,000 9,600 60,000 19,900 34,700 Cost incurred for the period Raw materials purchases $ 179,000 Factory payroll 150,000 Factory overhead (actual) Indirect materials used 13,000 Indirect labor used Other overhead costs 34,500 103,500 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.
d Jason's Custom Tooling (JCT) uses a job order cost system and applies overhead using a predetermined overhead rate based on direct labor costs. The following debits (credits) appeared in Work-in-Process Inventory for November: November 1 For the month For the month For the month For the month Description Balance Direct materials Direct labor Factory overhead To finished goods Amount $ 43,000 235,000 144,000 136,800 (419,000) Job 13-11, the only job still in process at the end of November, has been charged direct labor of $30,000. Required: What cost amount of direct materials was charged to Job 13-11? Direct materials $ 80,800 x
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. Beginning of period $ 50,000 9,100 60,000 End of Inventories Period Raw materials $ 50,000 Work in process Finished goods 19,700 34,800 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) $ 178,000 300,000 17,000 69,000 101,000 Indirect materials used Indirect labor used Other overhead costs 1. Incurred other actual overhead costs (all paid in Cash). 2. Applied overhead to work in process.
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
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $770,000. b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect. d. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. e. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. f. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900. g. Factory overhead costs applied to jobs, $568,500. h. Jobs completed, $1,500,000. i. Cost of goods sold, $1,375,000. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it…
EXERCISE 4 Three banks in a town quote the following nominal interest 4. rates: Bank A pays interest on savings account at 4.5% compounded continuously, Bank B pays 4.75% on a savings account compounded monthly and Bank C pays 4.5% on a savings account compounded quarterly. а. Which bank pays its savers the lowest interest? Note, APR = (1+ %3D АPR = e -1 G+1)= b. 30%? If you invest €10000 in Bank B, how long should it take to increase by
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 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 35,000 $ 39,000 9,980 56,000 Required 134 Required 2 and 5 20,900 33,500 Cost of direct labor used $ 183,000 200,000 1. In the Raw Materials Inventory T-account, Insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 2. Compute the cost of direct labor used for the period. 3. In the Work in Process Inventory T-account, Insert amounts for…
A manufacturer uses job-order costing. On January 1, the company's inventory balances were as follow Raw materials Work in process Finished goods $50,500 $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $592,000. b. Raw materials used in production, $557,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $442,000; indirect labor, $150,000; selling and administrative salaries, $295,000. d. Incurred various selling and administrative expenses (e.g, advertising, sales travel costs, and finished goods warehousing), $381,000 e. Incurred various additional…
s
Use the following information for the next two questions: Sur Company uses a job-order costing system and has the following data available: $78,000 $0 Beginning Direct Materials Inventory Beginning Work-In-Process Inventory Beginning Finished Goods Inventory Direct materials purchased on account Direct materials used $10,000 $444,000 $270,000 $390,000 $438,000 140% Overhead application rate (based on direct labor cost) All work-in-process inventory during this period was completed and sold. 36. Direct labor cost incurred Factory overhead incurred The journal entry to record the actual factory overhead costs incurred would include a A) Debit to Cash, Accounts Payable etc. for $438,000 B) Debit to Factory Department Overhead Control for $438,000 C) Credit to Factory Department Overhead Control for $546,000 D) Credit to Work-In-Process Inventory for $546,000 37. The journal entry to record the factory overhead costs applied would include a A) Credit to Cash, Accounts Payable etc. for…