Question

Oak Outdoor Furniture manufactures wood patio furniture. If the company reports the following costs for June...

Oak Outdoor Furniture manufactures wood patio furniture. If the company reports the following costs for June 2018​,

Wood $ 270,000

Nails, glue, stain 18,000

Depreciation on saws 5,300

Indirect manufacturing labor 45,000

Depreciation on delivery truck 1,700

Assembly­line workers' wages 51,000

what is the balance in the Manufacturing Overhead account before overhead is allocated to​ jobs? Assume that the labor has been​ incurred, but not yet paid. Prepare journal entries for overhead costs incurred in June. What is the balance in the Manufacturing Overhead account before overhead is allocated to​ jobs?

1.First, prepare an entry for the overhead costs for materials used.

2.​Next, prepare an entry for the overhead costs for labor incurred.

3.Finally, prepare an entry for all other overhead costs.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
what is the balance in the Manufacturing Overhead account before overhead is allocated to​ jobs?
Manufacturing Overhead
Nails Glue Stain 18000
Depreciation of Saw 5300
Indirect Labour 45000
Balance 68300
1. First, prepare an entry for the overhead costs for materials used.
Manufacturing Overhead 18000
To Raw material Inventory 18000
2. prepare an entry for the overhead costs for labor incurred.
Manufacturing Overhead 45000
To Wages Payable 45000
3.Finally, prepare an entry for all other overhead costs
Manufacturing OH 5300
To Accumulated Depreciation 5300
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 4,300 Job 34 4,700 $ 9,000 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,800 $ 4,200 Completed and sold Job 34 3,600 3,100...
Torn Baker manufactures custom teakwood patio furniture. Suppose Baker has the following transactions: a. Purchased raw...
Torn Baker manufactures custom teakwood patio furniture. Suppose Baker has the following transactions: a. Purchased raw materials on account,             $135,000. b. Materials costing $130,000 were requisitioned (used) for production. Of .this total, $30,000 were indirect materials.· c. Labor records show that direct labor of $22,000 and indirect labor of $5,000 were incurred (but not yet paid). d. Assigned labor cost to work in process and manufacturing overhead. Requirement      Prepare journal entries for each transaction. Then explain each journal entry in...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs:         Work in Process Balance on 3/1 Job 33 $ 6,000 Job 34 3,900 $ 9,900 Source documents revealed the following during March:          Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 2,200 $ 5,700 Completed and sold Job 34 2,400 3,000...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 5,900 Job 34 4,000 $ 9,900 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,900 $ 5,000 Completed and sold Job 34 2,700 4,900...
Floral Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on...
Floral Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: Manufacturing overhead costs. . . . . . . . $640,000 Direct labor cost. . . . . . . . . . . . . . . . . . . $1,600,000 Machine hours. . . . . . . . . . . . ....
GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June...
GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $ 65,160 Polyester filling 20,510 Lumber 146,280 Glue 6,250 The materials purchased during June are summarized from the receiving reports as follows: Fabric $337,960 Polyester filling 465,070 Lumber 909,240 Glue 33,520 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $128,630 $162,960 $403,330 $ 694,920 Job 602 98,660...
GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on...
GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric   $ 66,590 Polyester filling   19,430 Lumber   153,410 Glue   6,060 The materials purchased during June are summarized from the receiving reports as follows: Fabric   $338,750 Polyester filling   474,360 Lumber   909,440 Glue   33,420 Materials were requisitioned to individual jobs as follows: Fabric   Polyester Filling   Lumber   Glue   Total Job 601   $128,580   $159,190   $401,640       $ 689,410 Job...
1.Showboat Corporation had actual manufacturing overhead costs for the most recent year of $ 29,700.Manufacturing overhead...
1.Showboat Corporation had actual manufacturing overhead costs for the most recent year of $ 29,700.Manufacturing overhead is allocated using a predetermined manufacturing overhead rate of $3.50 per direct labor hour. Direct labor cost is $27 per hour. At the end of the​ year, Cabaret Corporation found it had overallocated manufacturing overhead by $1,350. How much manufacturing overhead was allocated in total during the​ year? 2.Barefoot Running​ Company's work in process inventory on June 1 has a balance of $23,300 representing...
Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on...
Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $31,500 Polyester filling 9,500 Lumber 70,600 Glue 3,000 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $155,300 Polyester filling 215,900 Lumber 425,500 Glue 14,800 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $59,000 $74,300 $198,800 $332,100 Job 602...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $360,000 of manufacturing overhead for an estimated allocation base of 900 direct labor-hours. The following transactions took place during the year: Raw materials purchased on account,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT