The records of Phoenix Corporation revealed the following data for the current year. $ 73,150 115,000 Work in Process Finished Goods 133, 650 111,600 84,200 Cost of Goods Sold Direct Labor Direct Material Requirement: 1. Assume, for this question only, actual overhead is $98,700 and applied overhead is $93,250. Total Manufacturing Cost is: 2. Assume that Phoenix has underapplied overhead of $37,200 and that this amount is material. What journal entry is needed to close the overhead account? (Round decimals to nearest whole percent.) 3. Assume that Phoenix has underapplied overhead of $10,000 and that this amount is

The records of Phoenix Corporation revealed the following data for the current year. $ 73,150 115,000 Work in Process Finished Goods 133, 650 111,600 84,200 Cost of Goods Sold Direct Labor Direct Material Requirement: 1. Assume, for this question only, actual overhead is $98,700 and applied overhead is $93,250. Total Manufacturing Cost is: 2. Assume that Phoenix has underapplied overhead of $37,200 and that this amount is material. What journal entry is needed to close the overhead account? (Round decimals to nearest whole percent.) 3. Assume that Phoenix has underapplied overhead of $10,000 and that this amount is

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Description: The records of Phoenix Corporation revealed the following data for the current year.Work in Process$ 73,150Finished Goods115,000Cost of Goods Sold133, 650Direct Labor111,600Direct Material84,200Requirement:1. Assume, for this question only, actual o

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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The following information is available: -Estimated Factory Overhead for the year $10,000 -Estimated Direct Labor Hours for the year 5,000 -Actual Factory Overhead for the year $9,500 -Actual Direct Labor Hours for the year 5,010 1. What is the amount of the Applied Factory overhead? A. $9,969.90 B.$10,020.00 C.$9,468.90 D. Not enough information 2.Total factory payroll paid was $60,000 of which $5,000 is indirect labor. What is the journal entry? A. FOH $65,000; Wages Payable $65,000 B. WIP $55,000; Wages Payable $60,000; FOH $5,000 C. WIP $60,000, FOH 5,000; Cash $65,000 D. WIP $55,000; FOH 5,000; Cash $60,000 3. The Cost of Goods Manufactured ($20,00) was transferred out of the factory. What is the journal entry? A. FG $20,000; WIP $20,000 B. FG $20,000; COGS $20,000 C. WIP $20,000; FG $20,000 D. COGM $20,000; $20,000
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