. Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold to the hotel on account of a margin of 33 1/3% on sales. (the end of information in the picture). c) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. What is the balance on the account before performing end-of-period closing entries? Is manufacturing overhead under- or over- absorbed? State the journal entries necessary to dispose of the variance. Assume that the manufacturing overhead variance is immaterial.d) What is the balance in the Cost of Goods Sold account after the adjustment?e) Compute Exclusive Souvenirs’ gross profit earned on the jobs, after adjusting for the manufacturing overhead variance.f) Determine the balance in the Work in Process Inventory account on June 30g) State and explain three (3) differences between a job costing system and a process costing system Please assist with C-G. thank you! Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch ofsouvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensiveproduction process, so it assigns manufacturing overhead based on direct labour cost. Exclusive'spredetermined overhead rate for 2020 was computed from the following data:Total estimated factory overhead $2,400,000Total estimated direct labour cost $2,000,000The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June:WIP Inventory A/CJune 1 Balance b/lf$15,000Direct Balance Used123,000Additional data:• Total material requisitioned .$153,000• Manufacturing Labour Costs incurred$163,500 (75% represents direct labour)• Other manufacturing overheads incurred$94,275........

Name: . Two jobs were completed with total costs of $183,000 and $105,000 re
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Description: . Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold to the hotel on account of a margin of 33 1/3% on sales. (the end of information in the picture). c) Post the manufacturing overhead transactions to the

A manufacturing overhead cost variance refers to the difference between the cost budgeted during the…

Answered: Two jobs were completed with total…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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. Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold to the hotel on account of a margin of 33 1/3% on sales. (the end of information in the picture).

c) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. What is the balance on the account before performing end-of-period closing entries? Is manufacturing overhead under- or over- absorbed? State the journal entries necessary to dispose of the variance. Assume that the manufacturing overhead variance is immaterial.
d) What is the balance in the Cost of Goods Sold account after the adjustment?
e) Compute Exclusive Souvenirs’ gross profit earned on the jobs, after adjusting for the manufacturing overhead variance.
f) Determine the balance in the Work in Process Inventory account on June 30
g) State and explain three (3) differences between a job costing system and a process costing system

Please assist with C-G. thank you!

Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch of
souvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensive
production process, so it assigns manufacturing overhead based on direct labour cost. Exclusive's
predetermined overhead rate for 2020 was computed from the following data:
Total estimated factory overhead $2,400,000
Total estimated direct labour cost $2,000,000
The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June:
WIP Inventory A/C
June 1 Balance b/lf
$15,000
Direct Balance Used
123,000
Additional data:
• Total material requisitioned .
$153,000
• Manufacturing Labour Costs incurred
$163,500 (75% represents direct labour)
• Other manufacturing overheads incurred
$94,275
........

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