Assistance please The Harriott manufacturing company uses job order costing system. The company uses machinehours to apply overthead cost to jobs. At the beginning of ao20, the company estimated that 31.400machine hours would be worked and s5.024,000 overhead cost would be incurred during a020.The following activities took place in the work in process inventory during February:WIP Inventory A/CNovember i Bal. b/f$51.a50Direct Materials Used256,400Other transactions incurred:• Indirect material issued to production was s40,36o• Total manufacturing labour incurred in November was sy68,000, 75% of this amountrepresented direct labour.Other manufacturing overhead costs incurred for November amounted to s340.490.Two jobs were completed with total costs of syk4.000 & sa70,000 respectively. They weresold on account at a margin of 33%% on sales.Required:i)Compute Harriott's predetermined manufacturing overhead rate for 2020.i)State the journal entries necessary to record the above transactions in the general journal:a) For direct materials used in Novemberb) For indirect material issued to production in Novembere) For total manufacturing labour incurred in Novemberd) To assign manufacturing labour to the appropriate accountse) For other manufacturing overhead incurredO For manufacturing overhead applied to production for November, given that Harriottmanufacturing company worked a,860 machine hours.g) To move the completed jobs into finished goods inventoryh) To sell the two completed jobs on accountCalculate the manufacturing overhead variance for Harriott and state the journal entriesnecessary to dispose of the variance.iii)iv)What is balance on the Cost of Goods Sold account after the adjustmentv)Calculate the gross profit earned by Harriott on the jobs completed.vi)Determine the balance in work in process inventory on November 30.

Job Costing It is a method of costing where all the costs like direct material, direct labour and…

The Harriott manufacturing company uses job order costing system. The company uses mac hours to apply overhead cost to jobs. At the beginning of aoao, the company estimated that machine hours would be worked and ss,04.000 overhead cost would be incumed during aon The following activities took place in the work in process inventory during February: WIP laventory A/C November Bal. b/f Direct Materials Used a56.00 Other transactions incurred: • Indirect material issued to production was sn o • Total manufacturing labour incurred in November was sy6k.oo0, 75% of this represented direct labour. • Other manufacturing overhead costs incurred for November amounted to s0490. • Two jobs were completed with total costs of syl.o0o & sayo,000 respectively. They sold on account at a margin of 3y% on sales.

The Harriott manufacturing company uses job order costing system. The company uses mac hours to apply overhead cost to jobs. At the beginning of aoao, the company estimated that machine hours would be worked and ss,04.000 overhead cost would be incumed during aon The following activities took place in the work in process inventory during February: WIP laventory A/C November Bal. b/f Direct Materials Used a56.00 Other transactions incurred: • Indirect material issued to production was sn o • Total manufacturing labour incurred in November was sy6k.oo0, 75% of this represented direct labour. • Other manufacturing overhead costs incurred for November amounted to s0490. • Two jobs were completed with total costs of syl.o0o & sayo,000 respectively. They sold on account at a margin of 3y% on sales.

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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