Time tickets indicated 3,000 labor hours in the production of Job .115, out of which 2,800 were direct labor hours. The company pays $10 per each labor hour. The entry to record this transaction is: *
Q: During June, Buttrey Corporation incurred $73,000 of direct labor costs and $13,000 of indirect…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Manufacturing overhead: Estimated for the year…
A: Cost allocation is a process of assigning or allocating indirect cost to each and every unit using a…
Q: During the current month, Carla Vista Company incurs the following manufacturing costs. (a)…
A: Production cost is the cost incurred in a factory for the production of goods and hence includes…
Q: Edwin Parts, a job shop, recorded the following transactions in May: Purchased $87,200 in materials…
A: Journal Entry is a way to record transactions of a business in chronological order. It serves as the…
Q: Crane Company applies manufacturing overhead based on direct labor hours. Information concerning…
A: The overhead allocation is a method of allocating indirect costs to the goods produced. It can be…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Pre-determined overhead rate is used to apply manufacturing overhead to work-in-progress inventory.
Q: A foundry employee worked a normal 40-hour shift, but four hours were idle due to a small fire in…
A: 1.
Q: Crane Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead…
A: Pre-determined overhead rates are used to allocate the manufacturing overheads. It can be located on…
Q: Edwin Parts, a job shop, recorded the following transactions in May: Purchased $87,420 in materials…
A: In an organization's accounting system, a journal entry records a business transaction. The…
Q: Cavy Company estimates that total factory overhead costs will be $747,937 for the year. Direct labor…
A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…
Q: True Company provides the following estimated costs for the year The company unes a predesemined…
A: The predetermined overhead rate can be calculated by dividing total overhead by total machine hours.…
Q: Down Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing…
A: Pr The predetermined overhead rate can be calculated by dividing the Applied overhead by the Direct…
Q: To manufacture job No. 108, X company incurred $95,000 of factory wages payable plus $3,000 as…
A: Part-1 Factory Wages = $ 95,000 Payroll Taxes = $ 3,000 Net Wages Payable = $ 92,000 Part-2 Direct…
Q: Compute the amount of raw materials used during November if $32,000 of raw materials were purchased…
A: In this question we are require to calculate how much raw material is used for the production during…
Q: Steeler Towel Company estimates its overhead to be $522,000. It expects to have 174,000 direct labor…
A:
Q: Malik’s Bookshop applies operating overhead to printing jobs on the basis of machine hours used.…
A: Predetermined overhead rate is calculated on the basis of estimated cost and estimated hours,…
Q: Walter company uses a predetermined overhead rate based on direct labor hours to apply manufacturing…
A: Predetermined overhead rate = Manufacturing Overheads / Direct labor hours Direct labor hours…
Q: A company estimated 149,795 direct labor hours and $643,490 in overhead. The actual overhead was…
A: Predetermined Overhead Rate:- It is the rate calculated by dividing the manufacturing cost with the…
Q: Record the following journal entries for Allen Company: i (Click the icon to view the transactions.)…
A: Journal Entry :— It is an act of recording transaction in books of account. Working Note #:—…
Q: The following information were taken from the books of Mas Masayun Gud Eni Corporation during the…
A: Meaning of Overapplied or Underapplied overhead :- Overhead is said to be Overapplied if the Actual…
Q: Prepare journal entries to record the production activities. Paid factory payroll of $95,000.
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: To manufacture job No. 108, X company incurred $95,000 of factory labor, of which $3,000 were…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: The gross earnings of factory workers for Dinkel Company during the month of January are $400,000.…
A: Solution a: Gross earnings of factory workers = $400,000 Employer payroll taxes= $80,000
Q: The gross earnings of the factory workers for Waterway Company during the month of January are…
A: a).Factory labor A/c Dr.100800 To Factory wages payable A/c86000 To Employer fringe benefits…
Q: Bulla Ltd, which uses a job costing system, had one job in process at the start of the year: Job K1…
A: Budgeted overhead = $920,000 Budgeted machine activity = 20,000 hours Predetermined overhead rate =…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Factory overhead means all type of indirect costs being incurred on production and manufacturing of…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Predetermined overhead rate = Estimated factory overhead costs / direct labor hours = $238,800 /…
Q: During the period, labor costs incurred on account amounted to $275,000 including $200,000 for…
A: Note: When actual factory overhead costs are recorded then Factory overhead are debited and the the…
Q: A company incurred $50,000 of indirect labor costs in production. The journal entry to record this…
A: The objective of the question is to understand the journal entry that needs to be made when a…
Q: At Carla Vista Manufacturing, the estimated gross payroll total for all employees this year is…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: Kline Manufacturing has the following labor costs: Factory-Gross wages Factory-Net wages Employer…
A: Gross wage is the amount of wages earned by the employee. The net wages indicate the wages payable…
Q: Time tickets indicated 900 labor hours in the production of Job .115, out of which 600 were direct…
A: Journal entries are passed following the golden rules of accounting Debit all assets and expenses…
Q: During the first quarter, Sunland Company incurs the following direct labor costs: January $ 37,600,…
A: PREDETERMINED OVERHEAD RATEA predetermined rate:The predetermined overhead rate refers to an…
Q: Winston Company estimates that the factory overhead for the following year will be $609,500. The…
A: Determination of the factory overhead cost applied:: Factory overhead rate=$609,500/26500 Machine…
Q: On January 1, VYLGHA946 Corp. estimated its total overhead for the upcoming year to Be s.300,000 anu…
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…
Q: Cavy Company estimates that total factory overhead costs will be $572,128 for the year. Direct labor…
A: Solution a1: Predetermined factory overhead rate = Estimated overhead / Estimated direct labor hours…
Q: Pharoah Engineering Contractors incurred employee payroll costs of $32,400 ($25,200 direct and…
A: Answer:- Journal entries are used to keep the record of business transactions. It basically…
Q: 8. The company sold P250,000 goods for P300,000, on account. Terms: 5%, 3/10, 9. In connection with…
A: The journal keeps the record for day to day transactions of the business on regular basis. The…
Q: Morris Corp applies manufacturing overhead cost to Jobs (to the work in process account) at a rate…
A: Applied Overhead = Actual DLHs x Predetermined Overhead rate Applied Overhead = 5,000 DLHs x $50 per…
Q: Brooks Company has the following balances for the current month: $24,000 $40,000 $19,200 $4,800…
A: MANUFACTURING OH Manufacturing overhead are All the overhead that is incurred in manufacturing of an…
Q: Winston Company estimates that the factory overhead for the following year will be $967,500. The…
A: Predetermined overhead rate = Estimated factory overhead/ Estimated factory overhead
Q: Edwin Parts, a job shop, recorded the following transactions in May: Purchased $87,200 in materials…
A: Method of recording financial transactions in the book of original entries by debiting and crediting…
Q: On March 5, 2023, the Materials Department of Cards by Shannon received the following: Materials…
A: The journal entries are prepared to record the transactions on regular basis. The overhead is…
Q: The ABC Manufacturing Company has the following transactions: 1. The company processed P400,000 raw…
A: The cost of producing every single product is computed utilizing the job order technique of pricing.…
Step by step
Solved in 2 steps
- During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare journal entries for the following: Record the expenses incurred. Date To record overhead expenses. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour. Date To allocate manufacturing overhead to work in process inventory. Note: Account titles are important! Using the proper account is vital in accounting. For this question use the following account titles: Accounts Payable Accumulated Depreciation Manufacturing Overhead Property Taxes Payable Work In Process InventorySwifty Company purchases $50,700 of raw materials on account, and it incurs $64,000 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Mar. 31 31 Account Titles and Explanation (To record raw materials purchased) (To record factory labor costs) Debit CreditWinston Company estimates that the factory overhead for the following year will be $833,900. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 26,900 hours. The total machine hours for the year were 54,000 hours. The actual factory overhead for the year was $1,697,000. Required: a. Determine the total factory overhead amount applied. b. Compute the overapplied or underapplied amount for the year. Enter the amount as a positive value. c. Prepare the journal entry to close Factory Overhead into Cost of Goods Sold. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
- Show Me How Applying factory overhead Keenan Company estimates that total factory overhead costs will be $322,000 for the year. Direct labor hours are estimated to be 23,000. a. For Keenan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. $ per direct labor hour b. During May, Keenan Company accumulated 720 hours of direct labor costs on Job 200 and 510 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. $ c. Prepare the journal entry to apply factory overhead to both jobs in May according to the predetermined overhead rate. If an amount box does not require an entry, leave it blank.During the month, Job #2 used specialized machinery for 350 hours and incurred $700 in utilities on account, $400 in factory depreciation expense, and $200 in property tax on the factory. Prepare journal entries for the following: Record the expenses incurred. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.jobs that had cost 10000 dollars to complete were shipped to customers during the month.These jobs were sold on account at 20% above costs,prepare journal entries for this transaction
- A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that total factory overhead costs would be $466,920 and direct labor hours would be 46,692. Actual factory overhead costs incurred were $496,253, and actual direct labor hours were 51,693. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? O $516,930 overapplied Ob. $50,010 underapplied Oc. $20,677 overapplied Od. $20,677 underappliedDuring the current month, a company that uses job order costing purchases $50,000 in raw materials for cash. It then uses $12,000 of raw materials indirectly as factory supplies and uses $32,000 of raw materials as direct materials. Prepare journal entries to record these three transactions.Jackson Company estimated that its manufacturing employees would work 87,000 direct labor hours during the current year. During the year, its manufacturing employees actually worked 71,500 direct labor hours. Actual manufacturing overhead costs amounted to $351,000 Jackson applies overhead cost on the basis of direct labor hours. The manufacturing overhead account was overapplied by $17.225 during the current year. Based on this information the predetermined overhead rate was Mutiple Choice $6.35 per lobor hour $475 per labor hour $524 per labor hour $515 per labor hour
- A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? Pick one a. $54,800 underapplied b. $6,000 overapplied c. $54,800 overapplied d. $6,000 underapplied A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The entry to apply the factory overhead costs for the year would include a a. credit to Factory Overhead for $432,000 b. debit to Factory…Burnham industries incurs the following costs for the month: Direct materials $2,000 Direct labor 3,000 Factory depreciation expense 3,500 Factory utilities expense 750 CEO's salary 4,000 What is the prime cost?Provide the journal entry of each transactions.
