Radford Inc. manufactures a sugar product by a continuous
process, involving three production departments-Refining, Sifting,
and...
Radford Inc. manufactures a sugar product by a continuous
process, involving three production departments-Refining, Sifting,
and Packing. Assume that records indicate that direct materials,
direct labor, and applied factory overhead for the first
department, Refining, were $385,000, $143,000, and $99,000,
respectively. Also, work in process in the Refining Department at
the beginning of the period totaled $29,600, and work in process at
the end of the period totaled $29,800.
Required:
a.
(1)
On September 30, journalize the entry to record...
Townsend Industries Inc. manufactures recreational vehicles.
Townsend uses a job order cost system. The time tickets...
Townsend Industries Inc. manufactures recreational vehicles.
Townsend uses a job order cost system. The time tickets from
November jobs are summarized as follows:
Job 201
$5,090
Job 202
6,120
Job 203
4,210
Job 204
6,787
Factory supervision
2,740
Factory overhead is applied to jobs on the basis of a
predetermined overhead rate of $22 per direct labor hour. The
direct labor rate is $53 per hour.
Required:
A.
Journalize the November 30 entry to record the factory labor
costs.
B....
Winston Company estimates that the factory overhead for the
following year will be $653,400. The company...
Winston Company estimates that the factory overhead for the
following year will be $653,400. The company has decided that the
basis for applying factory overhead should be machine hours, which
is estimated to be 36,300 hours. The total machine hours for the
year were 55,000 hours. The actual factory overhead for the year
was $1,004,000.
Required:
a.
Determine the total factory overhead amount applied.
b.
Compute the overapplied or underapplied amount for the year.
Enter the amount as a positive...
Townsend Industries Inc. manufactures recreational vehicles.
Townsend uses a job order cost system. The time tickets...
Townsend Industries Inc. manufactures recreational vehicles.
Townsend uses a job order cost system. The time tickets from
November jobs are summarized as follows:
Job 201 $3,620
Job 202 1,810
Job 203 1,430
Job 204 2,660
Factory supervision 1,240
Factory overhead is applied to jobs on the basis of a
predetermined overhead rate of $20 per direct labor hour. The
direct labor rate is $14 per hour.
If required, round final answers to the nearest dollar.
a. Journalize the entry to...
1.
During May, Lockmiller Company accumulated 20,000 hours of
direct labor costs on Job 275 and...
1.
During May, Lockmiller Company accumulated 20,000 hours of
direct labor costs on Job 275 and 24,200 hours on Job 310. The
total direct labor was incurred at a rate of $19.00 per direct
labor hour for Job 275 and $21.00 per direct labor hour for Job
310.
Required:
Journalize the entry on May 30 to record the flow of labor
costs into production during May. Refer to the chart of accounts
for the exact wording of the account titles....
Radford Inc. manufactures a sugar product by a continuous
process, involving three production departments-Refining, Sifting,
and...
Radford Inc. manufactures a sugar product by a continuous
process, involving three production departments-Refining, Sifting,
and Packing. Assume that records indicate that direct materials,
direct labor, and applied factory overhead for the first
department, Refining, were $381,000, $149,000, and $96,200,
respectively. Also, work in process in the Refining Department at
the beginning of the period totaled $30,000, and work in process at
the end of the period totaled $28,600.
Required:
a.
(1)
On September 30, journalize the
entry to record...
Tybee Industries Inc. uses a job order cost system. The
following data summarize the operations related...
Tybee Industries Inc. uses a job order cost system. The
following data summarize the operations related to production for
January, the first month of operations:
a. Materials purchased on account,
$29,800.
b. Materials requisitioned and
factory labor used:
Job
Materials
Factory Labor
301
$
2,960
$2,775
302
3,620
3,750
303
2,400
1,875
304
8,100
6,860
305
5,100
5,250
306
3,750
3,340
For general factory use
1,080
4,100
c. Factory overhead costs incurred
on account, $5,500.
d. Depreciation of machinery and...
Entries for Direct Labor and Factory Overhead
Townsend Industries Inc. manufactures recreational vehicles.
Townsend uses a...
Entries for Direct Labor and Factory Overhead
Townsend Industries Inc. manufactures recreational vehicles.
Townsend uses a job order cost system. The time tickets from
November jobs are summarized as follows:
Job 11-101
$6,240
Job 11-102
9,000
Job 11-103
7,210
Job 11-104
6,750
Factory supervision
4,000
Factory overhead is applied to jobs on the basis of a
predetermined overhead rate of $18 per direct labor hour. The
direct labor rate is $40 per hour.
a. Journalize the entry to record the...
On March 31, 20Y4, the balances of the accounts appearing in the
ledger of Danns Furnishings...
On March 31, 20Y4, the balances of the accounts appearing in the
ledger of Danns Furnishings Company, a furniture wholesaler, are as
follows:
Accumulated Depreciation—Building
$742,600
Administrative Expenses
515,600
Building
2,552,350
Cash
170,400
Cost of Merchandise Sold
3,698,650
Interest Expense
10,400
Kathy Melman, Capital
1,505,050
Kathy Melman, Drawing
175,450
Merchandise Inventory
992,800
Notes Payable
244,350
Office Supplies
20,000
Salaries Payable
8,100
Sales
6,501,450
Selling Expenses
715,850
Store Supplies
86,300
Journalize the closing entries. Refer to the chart of accounts
for...
Tybee Industries Inc. uses a job order cost system. The
following data summarize the operations related...
Tybee Industries Inc. uses a job order cost system. The
following data summarize the operations related to production for
January, the first month of operations:
a. Materials purchased on account, $29,800.
b. Materials requisitioned and factory labor used:
Job
Materials
Factory Labor
301
$ 2,960
$2,775
302
3,620
3,750
303
2,400
1,875
304
8,100
6,860
305
5,100
5,250
306
3,750
3,340
For general factory use
1,080
4,100
c. Factory overhead costs incurred on account, $5,500.
d. Depreciation of machinery and...