Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products ar uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direc labor cost. Beginning of period $ 45,000 9,600 68,000 End of Period $ 45,000 19,000 33,500 Inventories Raw materials Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs $ 178,000 250,000 9,000 57,500 115,500 Exercise 15-14 (Algo) Recording direct and indirect labor LO P2, P3

Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products ar uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direc labor cost. Beginning of period $ 45,000 9,600 68,000 End of Period $ 45,000 19,000 33,500 Inventories Raw materials Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs $ 178,000 250,000 9,000 57,500 115,500 Exercise 15-14 (Algo) Recording direct and indirect labor LO P2, P3

Name: Journal entryworksheet< ABRecord the entry for indirect labor used.No
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Description: Journal entryworksheet< ABRecord the entry for indirect labor used.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit2Record entryClear entryView general journal Use the following information to answer questions. (Algo)[The foll

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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Care Company uses job costing and has assembled the following cost data for the production and assembly of item X: (Click the icon to view the cost data.) Based on the above cost data, the manufacturing overhead for item X is A. $1,590 underallocated. B. $350 overallocated. C. $350 underallocated. D. $1,590 overallocated. Cost Data Direct manufacturing labor wages Direct material used Indirect manufacturing labor Utilities Fire insurance Manufacturing overhead applied Indirect materials Depreciation on equipment $ 36,000 100,000 3,800 450 490 10,000 6,500 350 X
The TLX-26383 company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based on a cost formula that estimated $ 90,000 of manufacturing overhead and an estimated allocation base of $60,000 in direct labor cost. The company has provided the following data: Beginning Ending $ 11,000 Raw Materials Inventory (all direct) Work in Process Inventory $ 28,000 $41,000 $ 35,000 Finished Goods Inventory $ 73,000 $ 64,000 The following actual costs were incurred during the year: Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead cost $130,000 $120,000 $110,000 Suppose the company closes out any under- or over-applied overhead cost to Cost of Goods Sold. How much was the company's adjusted Cost of Goods Sold? Multiple Choice О $ 453,000 О $462,000 ○ $447,000 О $ 392,000 $532,000
Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Factory Wages Payable Debit Credit Credit 46,900 Work in Process Inventory Debit Credit 26,150 9,900 26,150 87,650 104,584 Required 1 172,220 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Required 2 127,900 Complete this question by entering your answers in the tabs below. Finished Goods Inventory Credit Debit 172,220 155,190 Required 1 Required 2 87,650 42, 150 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied…
The JOC-10847 company uses a job-order costing system with a predetermined overhead rate using direct labor hours as the allocation base. The company made the following estimates at the beginning of last year: Direct labor-hours required for the estimated production Fixed manufacturing overhead cost Variable manufácturing overhead cost per direct labor-hour 153,000 $ 654,000 $ 4.60 The JOC-10847 company started and completed Product A989 last year. It recorded the following information for Product A989: Direct materials Direct labor cost Direct labor hours used Number of units produced $ 330 $ 220 34 hours 50 units The JOC-10847 company uses a markup percentage of 110% of its total manufacturing cost in determining selling price. The selling price per unit the company would charge for Product A989 is closest to: (Carry out your calculations up to 2 decimal places) O$ 33.17 O$ 14.19 O$ 31.44 O$ 29.81
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Required information [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 41,000 9,800 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used. Indirect labor used Other overhead costs End of Period $ 37,000 19,700 35,000 $ 197,000 100,000 10,000 23,000 109,000
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Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 43,000 9,200 63,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 57,000 18,600 34,300 $ 183,000 150,000 18,000 34,500 98,500 Exercise 15-12 (Algo) Computing materials, labor, overhead, and cost of goods manufactured LO P1, P2, P3, P4 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the…
The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials -Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Beginning of period $ 40,000 9,400 56,000 Journal entry worksheet A Prepare journal entries for the above transactions for the period. B C Transaction 1 Note: Enter debits before credits. End of Period $ 50,000 20,600 34,000 $ 183,000 150,000 11,000 34,500 91,000 Record the raw material purchases for cash. General Journal Debit Credit
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