GEN COMBO MANAGERIAL ACCOUNTING FOR MANAGERS; CONNECT 1S ACCESS CARD
4th Edition
ISBN: 9781259911682
Author: Eric Noreen
Publisher: McGraw-Hill Education
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Chapter 4, Problem 4.12Q
To determine
Concept introduction:
Manufacturing overhead costs are applied to the production units using allocation rate(s).
To indicate: the adjustment for under applied and over applied overhead costs.
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Travis Company purchased merchandise on account from a supplier for $13,200, terms 2/10, net 30 on December 26. Travis Company paid for the merchandise on December 31, within the discount period.
Required:
Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles.
Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1,
2025, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800,
direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was
part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1.
During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and
50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during
the month.
1.
Purchased additional raw materials of $75,600 on account.
2.
Incurred factory labor costs of $58,800.
3.
Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various other…
Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1,
2025, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800,
direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was
part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1.
During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and
50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during
the month.
1.
Purchased additional raw materials of $75,600 on account.
2.
Incurred factory labor costs of $58,800.
3.
Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various other…
Chapter 4 Solutions
GEN COMBO MANAGERIAL ACCOUNTING FOR MANAGERS; CONNECT 1S ACCESS CARD
Ch. 4 - Why arent actual manufacturing overhead costs...Ch. 4 - What is the purpose of the job cost sheet in a...Ch. 4 - Prob. 4.3QCh. 4 - Prob. 4.4QCh. 4 - Prob. 4.5QCh. 4 - Prob. 4.6QCh. 4 - Prob. 4.7QCh. 4 - Prob. 4.8QCh. 4 - Prob. 4.9QCh. 4 - Prob. 4.10Q
Ch. 4 - Prob. 4.11QCh. 4 - Prob. 4.12QCh. 4 - Prob. 4.13QCh. 4 - Prob. 4.14QCh. 4 - Compute the Predetermined Overhead Rate [LO4-1]...Ch. 4 - Prob. 4.2ECh. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Direct Method of Determining cost of Goods sold...Ch. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Computing predetermined overhead Rates and 00b...Ch. 4 - Departmental Overhead Rates [LO4-1, LO4-2, LO4-3]...Ch. 4 - Prob. 4.10ECh. 4 - Prob. 4.11ECh. 4 - Applying overhead; cost of Goods Manufactured...Ch. 4 - Prob. 4.13ECh. 4 - Prob. 4.14E
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- General Accounting questionarrow_forwardWhat Is the correct answer A B ?? General Accounting questionarrow_forwardCullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2025, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $75,600 on account. 2. Incurred factory labor costs of $58,800. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various other…arrow_forward
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