X BED Which of the following pair of journal entries correctly records the current month's activity where the company had $21,030 in total factory labor costs that were paid in cash with $16,200 of this total for direct labor? O Factory Payroll 21,030 Cash 21,030 Wage Expense 16,200 Factory Overhead 4,830 21,030 21,030 21,030 16,200 4,830 21,030 21,030 21,030 16,200 4,830 21,030 21,030 Factory Payroll O Factory Payroll Cash Goods in Process Inventory Wage Expense Factory Payroll O Cash Factory Payroll Goods in Process Inventory Factory Overhead Factory Payroll Factory Payroll Cash 21,030

X BED Which of the following pair of journal entries correctly records the current month's activity where the company had $21,030 in total factory labor costs that were paid in cash with $16,200 of this total for direct labor? O Factory Payroll 21,030 Cash 21,030 Wage Expense 16,200 Factory Overhead 4,830 21,030 21,030 21,030 16,200 4,830 21,030 21,030 21,030 16,200 4,830 21,030 21,030 Factory Payroll O Factory Payroll Cash Goods in Process Inventory Wage Expense Factory Payroll O Cash Factory Payroll Goods in Process Inventory Factory Overhead Factory Payroll Factory Payroll Cash 21,030

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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pp. Subject :- Accounting
Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning August 1 $717,960 $1,050,800 Estimated direct labor hours for year 14,200 Estimated machine hours for year 23,160 Actual factory overhead costs for August $57,510 $90,930 Actual direct labor hours for August 1,280 Actual machine hours for August 1,810 a. Determine the factory overhead rate for Factory 1. per machine hour b. Determine the factory overhead rate for Factory 2. per direct labor hour c. Journalize the entries to apply factory overhead to production in each factory for August. If an amount box does not require an entry, leave it blank. Factory 1 Factory 2
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Problem 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 32,200 Direct labor used (in March) Overhead applied (March) 23,200 13,200 $ 38,200 21,200 12,200 Costs during April Direct labor used Overhead applied Direct materials used 143,000 Status on April 30 88,200 ? Finished (sold) 228,000 $ 108,000 158,000 ? 113,000 7 Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,200. b. Raw materials purchases in April are $508,000, and total factory payroll cost in April is $371,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $25,000; factory rent, $34,000; factory utilities, $21,000; and factory…
QUESTION 11 O'Hare Company is a manufacturing firm that uses a job-order cost system to determine the costs of its products. O'Hare Company counted the production supplies on hand at year-end and determined that the amount used was $125. The recognition of this event on the financial statements would include an increase to which of the following accounts? Supply expense. Work in process. Finished goods. Manufacturing overhead.
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ll. Subject : - Accounting
6. Factory Overhead Rates, Entries, and Account Balance Sundance Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning March 1 $943,360 $686,700 Estimated direct labor hours for year 10,900 Estimated machine hours for year 21,440 Actual factory overhead costs for March $75,320 $59,270 Actual direct labor hours for March 980 Actual machine hours for March 1,670
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Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90