Chapter 20, Problem 20.11P

What are adjusting journal entries and why are they necessary? Meed

no ai  What are adjusting journal entries and why are they necessary?

Lawrence Industries plans to produce 30,000 units next period at a denominator activity of 45,000 direct labor hours. The direct labor wage rate is $16.00 per hour. The company's standards allow 2.2 yards of direct materials for each unit of product; the material costs $8.50 per yard. The company's budget includes a variable manufacturing overhead cost of $3.25 per direct labor hour and fixed manufacturing overhead of $270,000 per period. Using 45,000 direct labor hours as the denominator activity, compute the predetermined overhead rate and break it down into variable and fixed elements.

What are adjusting journal entries and why are they necessary?

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