l 69%4G+11:55 MEmployer Payroll Taxes Payable $3,000 anda credit to Factory Wages payable $95,000None of the aboveTime tickets indicated 9,000 labor hours inthe production of Job .115, out of which6,000 were direct labor hours. Thecompany pays $8 per each labor hour. Theentry to record this transaction is:A debit to Work in Process Inventory$48,000 and a credit to Factory Labor$48,000A debit to Work in Process InventoryO $72,000 and a credit to Factory Labor$72,000A debit to Work in Process Inventory$48,000, a debit to manufacturingoverhead $24,000, and a credit to FactoryLabor $72,000O None of the aboveThe journal entry to record the completionof Job No.114 at a cost of $18,000 wouldinclude: * 11:56 M19 ull 69% idocs.google.com/forms/d/e/112P40,000, a uebit to manulattumgoverhead $24,000, and a credit to FactoryLabor $72,000None of the aboveThe journal entry to record the completionof Job No.114 at a cost of $18,000 wouldinclude: *A debit to Work in Process Inventory$18,000 and a debit to Finished GoodsInventory $18,000A credit to Work in Process Inventory$18,000 and a debit to Finished GoodsInventory $18,000A debit to Work in Process Inventory$18,000 and a credit to Finished GoodsInventory $18,000O None of the aboveGoods costing $15,000 were sold for$20,000 on account. The entry to recordthis transaction would include: *

Name: l 69%4G+11:55 MEmployer Payroll Taxes Payable $3,000 anda credit to F
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Description: l 69%4G+11:55 MEmployer Payroll Taxes Payable $3,000 anda credit to Factory Wages payable $95,000None of the aboveTime tickets indicated 9,000 labor hours inthe production of Job .115, out of which6,000 were direct labor hours. Thecompany pays $8 pe

Overhead means the cost incurred indirectly in production of goods . For examples , supervisor…

Business

Accounting

Time tickets indicated 9,000 labor hours in the production of Job .115, out of which 6,000 were direct labor hours. The company pays $8 per each labor hour. The entry to record this transaction is: * A debit to Work in Process Inventory $48,000 and a credit to Factory Labor $48,000 A debit to Work in Process Inventory $72,000 and a credit to Factory Labor $72,000 A debit to Work in Process Inventory $48,000, a debit to manufacturing overhead $24,000, and a credit to Factory Labor $72,000 None of the above

Time tickets indicated 9,000 labor hours in the production of Job .115, out of which 6,000 were direct labor hours. The company pays $8 per each labor hour. The entry to record this transaction is: * A debit to Work in Process Inventory $48,000 and a credit to Factory Labor $48,000 A debit to Work in Process Inventory $72,000 and a credit to Factory Labor $72,000 A debit to Work in Process Inventory $48,000, a debit to manufacturing overhead $24,000, and a credit to Factory Labor $72,000 None of the above

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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In January, Dieker company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use (indirect materials) $600.Prepare a summary journal entry to record raw materials used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount
Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year: direct materials costs, $650,000; direct labor costs, $3,000,000; and factory overhead costs applied, $1,800,000. 1. Determine the company’s predetermined overhead rate for the year. 2. Assuming that the company’s $71,000 ending Work in Process Inventory account for the year had $20,000 of direct labor costs, determine the inventory’s direct materials costs.
During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,400 on account, factory labor incurred $7,300, and factory utilities payable $2,600.Prepare separate journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Cavy Company estimates that total factory overhead costs will be $1,011,028 for the year. Direct labor hours are estimated to be 100,700. a. Determine the predetermined factory overhead rate. Round your answer to the nearest cent.$fill in the blank 8b99eb02a009f9f_1 b. Determine the amount of factory overhead applied to Job 567 if the amount of direct labor hours is 1,200 and Job 999 if the amount of direct labor hours is 2,800. Job 567 $fill in the blank 8b99eb02a009f9f_2 Job 999 $fill in the blank 8b99eb02a009f9f_3 c. Prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate. fill in the blank aa9138f9703b038_2 fill in the blank aa9138f9703b038_4
Q. 8. Dula Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900, Work in Process-Assembly S10,600, and Finished Goods $31,000. During July, the following transactions occurred. (a) Purchased $85,200 of raw materials on account. (b) Incurred $60,000 of factory labor. (Credit Wages Payable.) (c) Incurred $60,000 of manufacturing overhead; $34,000 was paid and the remainder is unpaid. (d) Requisitioned materials for Cutting $15,500 and Assembly $9,200. (e) Used factory labor for Cutting $38,000 and Assembly $22,000. (f) Applied overhead at the rate of S16 per machine hour. Machine hours were Cutting 1,870 and Assembly 1,260. (g) Transferred goods costing $87,800 from the Cutting Department to the Assembly Department. (h) Transferred goods costing $120,700 from Assembly to Finished Goods. (i) Sold goods costing $190,000 for $205,000 on account. Instructions Journalize the transactions. (Omit…
Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $262,000 and direct labor hours to be 20,000. Actual overhead for the year was $290,000. Required: 1. Compute the predetermined overhead rate. 2. If the company actually used 23,200 direct labor hours, how much manufacturing overhead is applied to their job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the company actually used 23,200 direct labor hours, how much manufacturing overhead is applied to their job? Applied Manufacturing Overhead 89 SEP 17 Next > A O
Sunland Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 (a) $6,740 (b) 3,760 Job 202 Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) $8,460 No. Account Titles and Explanation (To assign labor to jobs) 7,520 (To assign materials to jobs) Debit Credit
During March, Pendergraph Corporation incurred $60,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $62,000 The journal entry to record the application of Manufacturing Overhead to Work in Process would include a Multiple Choice credit to Manufacturing Overhead of $62,000 debit to Work in Procedor $60,000 debit to Manufacturing Ovemead or $62.000