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 joborder costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.InventoriesRaw materialsWork in processFinished goodsBeginning ofperiodCost incurred for the periodRaw materials purchasesFactory payrollFactory overhead (actual)$ 41,0009,20050,000Indirect materials usedIndirect labor usedOther overhead costsEnd of Period$ 42,00020,70033,700$ 176,000150,0008,00034,500117,500Exercise 15-14 (Algo) Recording direct and indirect labor LO P2, P31. Direct labor used (recorded as factory wages payable).2. Indirect labor used (recorded as factory wages payable).Prepare journal entries for the above transactions for the period.

The objective of the question is to prepare journal entries for the transactions of ADT Company for…

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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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Required information [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 40,000 $ 18,000 $ 35,000 The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded this year: a. Raw materials were purchased on account, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. d. Incurred various selling and…
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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
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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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! 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. Beginning of period $ 45,000 9,600 68,000 End of Period Inventories Raw materials Work in process Finished goods $ 45,000 19,000 33,500 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 15-13 (Algo) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. Prepare journal entries for the above transactions for the period. X Answer is not complete. No Transaction General Journal…

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