Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 14PA
A movie production studio incurred the following costs related to its current movie:
- Purchased office supplies on account: $33,000
- Issued direct supplies: $22,512
- Issued indirect supplies: $7,535
- Time tickets showing direct labor: $32,503,230
- Time tickets showing indirect labor: $574,326
- Utilities expense on account: $957,323
Overhead applied: 10% of direct labor cost
Create
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
A movie production studio incurred the following costs related to its current movie:
Purchased office supplies on account: $30,000
Issued direct supplies: $22,517
Issued indirect supplies: $7,555
Time tickets showing direct labor: $32,503,220
Time tickets showing indirect labor: $574,323
Utilities expense on account: $957,318
Overhead applied: 20% of direct labor cost
Create journal entries for the listed transactions. If an amount box does not require an entry, leave it blank.
A.
fill in the blank 2
fill in the blank 3
fill in the blank 5
fill in the blank 6
B.
fill in the blank 8
fill in the blank 9
fill in the blank 11
fill in the blank 12
C.
fill in the blank 14
fill in the blank 15
fill in the blank 17
fill in the blank 18
D.
fill in the blank 20
fill in the blank 21
fill in the blank 23
fill in the blank 24
E.
fill in the blank 26
fill in the blank 27
fill in the blank 29
fill in the blank 30
F.
fill in the blank 32
fill…
A movie production studio incurred the following costs related to its current movie:
Purchased office supplies on account: $31,000
Issued direct supplies: $22,510
Issued indirect supplies: $7,545
Time tickets showing direct labor: $32,503,240
Time tickets showing indirect labor: $574,328
Utilities expense on account: $957,327
Overhead applied: 10% of direct labor cost
Create journal entries for the listed transactions. If an amount box does not require an entry, leave it blank.
A.
fill in the blank 2
fill in the blank 3
fill in the blank 5
fill in the blank 6
B.
fill in the blank 8
fill in the blank 9
fill in the blank 11
fill in the blank 12
C.
fill in the blank 14
fill in the blank 15
fill in the blank 17
fill in the blank 18
D.
fill in the blank 20
fill in the blank 21
fill in the blank 23
fill in the blank 24
E.
fill in the blank 26
fill in the blank 27
fill in the blank 29
fill in the blank 30
F.
fill in the blank 32
fill…
A movie production studio incurred the following costs
related to its current movie:
A. Purchased office supplies on account: $31,000
B. Issued direct supplies: $22,511
C. Issued indirect supplies: $7,550
D. Time tickets showing direct labor: $32,503,270
E. Time tickets showing indirect labor: $574,324
F. Utilities expense on account: $957,327
ç. Overhead applied: 10% of direct labor cost
Create journal entries for the listed transactions. If an
amount box does not require an entry, leave it blank.
A.
В.
C.
D.
E.
F.
G.
Accounts Payable
Movie in Process
Movie Overhead
Salary Payable
Supplies
II II II II II II II
II II II II I II I|
ய் -
Chapter 4 Solutions
Principles of Accounting Volume 2
Ch. 4 - Which of the following product situations is...Ch. 4 - A job order costing system is most likely used by...Ch. 4 - Which of the following is a prime cost? A....Ch. 4 - Which of the following is a conversion cost? raw...Ch. 4 - During production, to what are the costs in job...Ch. 4 - Which document lists the inventory that will be...Ch. 4 - Which document shows the cost of direct materials,...Ch. 4 - Which document lists the total direct materials...Ch. 4 - Which document lists the total direct labor used...Ch. 4 - Assigning indirect costs to specific jobs is...
Ch. 4 - In a job order cost system, which account shows...Ch. 4 - In a job order cost system, raw materials...Ch. 4 - In a job order cost system, overhead applied is...Ch. 4 - In a job order cost system, factory wage expense...Ch. 4 - In a job order cost system, utility expense...Ch. 4 - In a job order cost system, indirect labor...Ch. 4 - The activity base for service industries is most...Ch. 4 - A printing company manufactures notebooks of...Ch. 4 - Burnham Industries incurs these costs for the...Ch. 4 - Chocos Chocolates incurs these costs for the...Ch. 4 - How do job order costing and process costing...Ch. 4 - Why are product costs assigned to the product and...Ch. 4 - Is the cost of goods manufactured the same as the...Ch. 4 - From beginning to end, place these items in the...Ch. 4 - How is the predetermined overhead rate determined?Ch. 4 - How is the predetermined overhead rate applied?Ch. 4 - Why are the overhead costs first accumulated in...Ch. 4 - Why is the manufacturing overhead account debited...Ch. 4 - Match the concept on the left to its correct...Ch. 4 - When compared to manufacturing companies, service...Ch. 4 - Little Things manufactures toys. For each item...Ch. 4 - Table 4.3 shows a list of expenses involved in the...Ch. 4 - Burnham Industries incurs these costs for the...Ch. 4 - Marzons records show raw materials Inventory had a...Ch. 4 - Sterlings records show the work in process...Ch. 4 - Logo Gear purchased $2,250 worth of merchandise...Ch. 4 - A company estimates its manufacturing overhead...Ch. 4 - Job order cost sheets show the following costs...Ch. 4 - A new company started production. Job 10 was...Ch. 4 - K company production was working on Job 1 and Job...Ch. 4 - A company has the following transactions during...Ch. 4 - During the month, Job AB2 used specialized...Ch. 4 - Job 113 was completed at a cost of $5,000, and Job...Ch. 4 - A companys Individual job sheets show these costs:...Ch. 4 - A summary of material requisition slips and time...Ch. 4 - Abuah Goods manufactures clothing. For each item...Ch. 4 - Chocos Chocolates incurs the following costs for...Ch. 4 - The table shows a list of expenses involved in the...Ch. 4 - Masonrys records show the raw materials inventory...Ch. 4 - Steinways records show their work in process...Ch. 4 - Langstons purchased $3,100 of merchandise during...Ch. 4 - A company estimates its manufacturing overhead...Ch. 4 - Job order cost sheets show the following costs...Ch. 4 - A new company started production. Job 1 was...Ch. 4 - Inez has the following information relating to Job...Ch. 4 - A company has the following information relating...Ch. 4 - A company has the following transactions during...Ch. 4 - During the month, Job Arch2 used specialized...Ch. 4 - Job 113 was completed at a cost of $7,500, and Job...Ch. 4 - A companys individual job sheets show these costs:...Ch. 4 - A summary of materials requisition slips and time...Ch. 4 - For each item listed, state whether a job order...Ch. 4 - York Company Is a machine shop that estimated...Ch. 4 - Pocono Cement Forms expects $900,000 in overhead...Ch. 4 - Job cost sheets show the following information:...Ch. 4 - Complete the information in the cost computations...Ch. 4 - During the year, a company purchased raw materials...Ch. 4 - Freeman Furnishings has summarized its data as...Ch. 4 - Coops Stoops estimated its annual overhead to be...Ch. 4 - MountaIn Peaks applies overhead on the basis of...Ch. 4 - The actual overhead for a company is $74,539....Ch. 4 - When setting its predetermined overhead...Ch. 4 - The following data summarize the operations during...Ch. 4 - The following events occurred during March for...Ch. 4 - A movie production studio incurred the following...Ch. 4 - For each item listed, state whether a job order...Ch. 4 - Rulers Company is a neon sign company that...Ch. 4 - Event Forms expects $120,000 in overhead during...Ch. 4 - Summary information from a companys job cost...Ch. 4 - Complete the information in the cost computations...Ch. 4 - During the year, a company purchased raw materials...Ch. 4 - Freeman Furnishings has summarized its data as...Ch. 4 - Queen Bees Honey, Inc., estimated its annual...Ch. 4 - Mountain Tops applies overhead on the basis of...Ch. 4 - The actual overhead for a company is $73,175....Ch. 4 - When setting its predetermined overhead...Ch. 4 - The following data summarize the operations during...Ch. 4 - The Following events occurred during March for...Ch. 4 - A leather repair shop incurred the following...Ch. 4 - Can a company use both job order costing and...Ch. 4 - If a job order cost system tracks the direct...Ch. 4 - What are the similarities in calculating the cost...Ch. 4 - If a company bases its predetermined overhead rate...Ch. 4 - How do the job cost sheets act as a subsidiary...Ch. 4 - How is a job order cost system used in a service...
Additional Business Textbook Solutions
Find more solutions based on key concepts
8. What types of accounts does a company debit and credit in a prepaid expense adjusting entry?
Financial Accounting: Tools for Business Decision Making, 8th Edition
Using the numbers in the preceding question, what is the size of Ectenias labor force? a. 50 b. 60 c. 70 d. 80
Principles of Economics (MindTap Course List)
(Record inventory transactions in the periodic system) Wexton Technologies began the year with inventory of 560...
Financial Accounting (12th Edition) (What's New in Accounting)
Classification of costs, service sector. Market Focus is a marketing research firm that organizes focus groups ...
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
(Loan amortization) To buy a new house you must borrow $150,000. To do this you take out a $150,000, 30-year, 1...
Foundations Of Finance
1-1. Define marketing and outline the steps in the marketing process. (AASCB: Communication)
Marketing: An Introduction (13th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- JOC (Journal Entries) A movie production studio incurred the following costs related to its current movie A Purchased office supplies (material) on account: $33,000 B. Issued direct supplies (material): $22,512 C. Issued indirect supplies: $7,535 D. Time tickets showing direct labor: $32,503,230 E. Time tickets showing indirect labor: $574,326 F. Utilities expense on account: $957,323 G. Overhead applied: 10% of direct labor cost Create journal entries for the listed transactions. A. $ 33,000 Accounts Payable B. Work in Process C. D. E. F. G. $ 33,000arrow_forwardBurnham Industries incurs the following costs for the month: Direct materials $2,000 Direct labor 2,900 Factory depreciation expense 3,700 Factory utilities expense 800 CEO's salary 4,100 A. What is the prime cost? $4 B. What is the conversion cost?arrow_forwardJournalize the following transactions: Materials used in production, $40,000 Paid plant supervisor’s salary, $6,000 Plant depreciation, $10,000 Production labor costs incurred, $80,000 MOH is allocated at the rate of 120% of direct labor costs Cost of goods manufactured, $200,000 Revenue on account, $450,000 Cost of goods sold, $300,000 Paid advertising costs, $90,000arrow_forward
- Please help me with show all calculation thankuarrow_forwardThe following data from the just completed year are taken from the accounting records of KentonCompany: Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000 Required: 1.Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold 3. Prepare an income statement.arrow_forwardHow do I find the numbers to the questions marks?Selling expenses $ 211,000Purchases of raw materials $ 266,000Direct labor ?Administrative expenses $ 152,000Manufacturing overhead applied to work in process $ 363,000Actual manufacturing overhead cost $ 350,000Inventory balances at the beginning and end of the year were as follows:Beginning of Year End of YearRaw materials $ 53,000 $ 32,000Work in process ? $ 28,000Finished goods $ 33,000 ?The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $38,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.arrow_forward
- journalize the transactions, please explain to me how you got the numbersarrow_forwardThe following costs were incurred in August: Direct Materials $25,000 Direct Labor $20,000 Manufacturing (Factory) Overhead $25,000 Selling and Administrative Expenses $40,000 (1) What is the amount of the prime costs? (2) What is the amount of the period costs? (3) What is the amount of the conversion costs?arrow_forwardRob's Pool Cleaning applies overhead support costs to jobs using direct labor costs as the allocation base. The company's unadjusted Cost of Services for the year amounted to $800,000. Determine the company's adjusted Cost of Services given the following data: Estimated Actual Direct Labor $180,000 $177,500 Overhead Support Costs $270,000 $284,000arrow_forward
- Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,760. b. Incurred manufacturing wages of $10,100, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $19,180. d. Used in production: direct materials, $8,020; indirect materials $3,720. e. Recorded manufacturing overhead: depreciation on plant, $14,150; plant insurance (previously paid), $1,340; plant property tax, $3,670 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,770. h. Sold inventory on account, $26,680; cost of goods sold, $12,230. i. Adjusted for overallocated or underallocated overhead.arrow_forwardJournalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,760. b. Incurred manufacturing wages of $10,100, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $19,180. d. Used in production: direct materials, $8,020; indirect materials $3,720. e. Recorded manufacturing overhead: depreciation on plant, $14,150; plant insurance (previously paid), $1,340; plant property tax, $3,670 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,770. h. Sold inventory on account, $26,680; cost of goods sold, $12,230. i. Adjusted for overallocated or underallocated overhead.arrow_forwardAt the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 The following additional details are provided for the year: Direct materials placed in production Direct labor incurred Manufacturing overhead incurred Manufacturing overhead allocated to production Cost of jobs completed $80,000 190,000 300,000 295,000 500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-ProcessInventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Cost Classifications - Managerial Accounting- Fixed Costs Variable Costs Direct & Indirect Costs; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=QQd1_gEF1yM;License: Standard Youtube License