ACCOUTING PRIN SET LL INCLUSIVE
ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Chapter 7, Problem 10E
To determine

Cash receipts journal: A cash receipts journal is a special journal which records all the cash receipts in the business. The cash sales, cash purchases, and the cash collections are recorded in the cash receipts journal.

Cash payments journal: A cash payments journal is the special journal that records all the cash payments and the cash disbursements in the business.

Sales journal: A sales journal is a type of special journal which records the transactions of credit sales and the sales of the merchandise on account. As sales transactions are very frequent in the business, this special journal called as sales journal is prepared.

Purchases journal: A purchases journal is a special journal which records the transactions of goods purchased on account. As purchases transactions are very frequent in the business, this special journal called as purchases journal is prepared.

General journal: A general journal records those entries which are not recorded in the special journal. The entries which are frequent in the business are recorded in the special journal. The entries except those are recorded in the general journal like the closing entries, adjustment entries and the correction entries.

To indicate: The journal in which the transaction is recorded.

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Pugh Sporting Goods manufactures two types of kayaks: River Explorers and Lake Cruisers. The company incurred manufacturing overhead costs of $320,000 in May. They have decided to allocate these costs based on units produced. During May, the company used 10,500 direct labor hours for River Explorers and 12,000 direct labor hours for Lake Cruisers. In total, the company produced 8,000 River Explorers and 6,000 Lake Cruisers. The amount of overhead allocated to each product, respectively, would be: a) $182,880 and $137,160 b) $140,000 and $180,000 c) $160,000 and $160,000 d) $175,000 and $145,000 e) $168,000 and $152,000 Don't use AI
Calculate the firm's predetermined overhead rate.
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