COMPUTE DIRECT LABOR BASED ON THE FOLLOWING: FACTORY
SUPERVISOR=$1,000
ASSEMBLY LINE WORKERS=$2,000 AND
OFFICE SALARIES=$5,000
COMPUTE...
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING: FACTORY
SUPERVISOR=$1,000
ASSEMBLY LINE WORKERS=$2,000 AND
OFFICE SALARIES=$5,000
COMPUTE DIRECT MATERIALS USED BASED ON THE FOLLOWING:
BEG RM=$1,000
BEG WIP=$2,000
BEG FG=$3,000
END RM=$4,000
END WIP=$5,000
END FG=$6,000
RM PURCHASED=$7,000
COMPUTE COST OF GOODS MANUFACTURED BASED ON THE FOLLOWING:
DL=8,000
BEG WIP=2,000
BEG FG=3,000
MO=9,000
END WIP=5,000
END FG=6,000
DM USED =7,000
COMPUTE MANUFACTURING OVERHEAD:
FACTORY RENT=1,000
FACTORY UTILITIES=2,000
OFFICE DEPRECIATION=4,000
PREPARE THE JOURNAL ENTRY TO RECORD 5,000 RM PURCHASED ON
ACCOUNT
BASED...
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING:
FACTORY SUPERVISOR=$1,000ASSEMBLY LINE WORKERS=$2,000 AND OFFICE
SALARIES=$5,000
COMPUTE DIRECT...
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING:
FACTORY SUPERVISOR=$1,000ASSEMBLY LINE WORKERS=$2,000 AND OFFICE
SALARIES=$5,000
COMPUTE DIRECT MATERIALS USED BASED ON THE FOLLOWING:
BEG RM=$1,000BEG
WIP=$2,000BEG FG=$3,000
END RM=$4,000
END WIP=$5,000
END FG=$6,000
RM PURCHASED=$7,000
COMPUTE COST OF GOODS MANUFACTURED BASED ON THE FOLLOWING:
DL=8,000
BEG WIP=2,000
BEG FG=3,000
MO=9,000
END WIP=5,000
END FG=6,000
DM USED =7,000
COMPUTE MANUFACTURING OVERHEAD:
FACTORY RENT=1,000
FACTORY UTILITIES=2,000
OFFICE DEPRECIATION=4,000
PREPARE THE JOURNAL ENTRY TO RECORD 5,000 RM PURCHASED ON
ACCOUNT
BASED ON 8 ABOVE,...
Journal Entry for
2/ 1 Paid $4,000 for office rent for the month.
2/ 3 Purchased...
Journal Entry for
2/ 1 Paid $4,000 for office rent for the month.
2/ 3 Purchased on account supplies for $1,300.
2/ 4 Paid the $1,200 for January utilities.
2/ 7 Collected $4,500 from Mrs. Smith.
2/11 Completed a job for Mr. Ellis for $5,100 and
collected the $5,100 from him.
2/28 completed a job for mr. putter and presented him with a
bill for $6400
2/28 Paul withdrew $1,000 from the business and
Sylvia withdrew $1,000.
2/28 Utilities for...
Sales
550,000
Lubricants for factory machines
2,790
Rent, factory building
34,580
Depreciation of...
Sales
550,000
Lubricants for factory machines
2,790
Rent, factory building
34,580
Depreciation of office equipment
3,280
Direct Labor
75,000
Indirect materials
1,650
Sales Commissions
56,740
Factory utilities
5,400
Manufacturing overhead applied
67,000
Insurance, factory
12,000
Rent, office
18,900
Purchases of Raw Materials
183,000
Work in Process, beginning
8,250
Work in Process, ending
13,900
Raw materials, beginning
23,000
Raw materials, ending
17,500
Prepare the Schedule...
Fairfield Company applies manufacturing overhead to products at
a predetermined rate of $66 per direct labor...
Fairfield Company applies manufacturing overhead to products at
a predetermined rate of $66 per direct labor hour. Its actual
manufacturing costs for the most recent period are summarized
here:
Item
Description
Total
Cost
Direct materials
Used on Jobs 101 and 102
72,000
Indirect materials
Used on multiple jobs
14,600
Hourly labor wages
920 hours @ $33 per hour
170 hours for Job 101 =
$
5,610
320 hours for Job 102 =
10,560
430 hours for Job 103 =
14,190...
For each of these transactions, events, or facts, record the
necessary journal entry.
a.
Received an...
For each of these transactions, events, or facts, record the
necessary journal entry.
a.
Received an $6,000 advance to provide services in the future
b.
Provided services that were paid for in a), above
c.
Paid a $3,000 two-year insurance policy in advance
d.
Accrued $5,000 rent expense to be paid next month
e.
Recorded $4,000 depreciation on plant assets
f.
Purchased $2,000 supplies with cash
g.
Sold $9,000 of inventory for $11,000 on account
h.
Recognized the expiration of...
On March 31, 2019, Dorchester Corporation recorded the following
factory overhead costs incurred: Factory Manager Salary...
On March 31, 2019, Dorchester Corporation recorded the following
factory overhead costs incurred: Factory Manager Salary $5,500
Factory Utilities 2,800 Machinery Deprecation 9,000 Machinery
Repairs 1,800 Factory Rent 2,000 The overhead application rate is
based on direct labor hours. The preset formula for overhead
application estimated that $22,000 would be incurred, and 2,000
direct labor hours would be worked. During March, 650 hours were
actually worked on Job Order 3-1 and 1,200 hours were actually
worked on Job Order 3-2....
On March 31, 2019, Dorchester Corporation recorded the following
factory overhead costs incurred:
Factory Manager Salary...
On March 31, 2019, Dorchester Corporation recorded the following
factory overhead costs incurred:
Factory Manager Salary $5,500
Factory Utilities 2,800
Machinery Deprecation 9,000
Machinery Repairs 1,800
Factory Rent 2,000
The overhead application rate is based on direct labor hours.
The preset formula for overhead application estimated that $22,000
would be incurred, and 2,000 direct labor hours would be worked.
During March, 650 hours were actually worked on Job Order 3-1 and
1,200 hours were actually worked on Job Order 3-2....
Hudson Company manufactures women’s shoes. It uses a job costing
system that allocates factory overhead on...
Hudson Company manufactures women’s shoes. It uses a job costing
system that allocates factory overhead on the basis of
machine-hours. Budgeted factory overhead for the year 2019 was
$768,000, and management budgeted 96,000 machine-hours. The
company’s income tax rate is 21% (Round income tax to the nearest
dollar). Below is Hudson’s trial balance at the beginning of July
2019. Debit Credit Cash…………………………………… $ 7,000 Accounts
Receivable…………………… 18,000 Materials Inventory……………………… 9,000 Work
in Process…………………………. 20,000 Finished Goods Inventory………………..
32,000 Prepaid Factory...
3-a. Compute over- or underapplied
manufacturing overhead. (Round your answer to 2 decimal
places.)
3-b. If...
3-a. Compute over- or underapplied
manufacturing overhead. (Round your answer to 2 decimal
places.)
3-b. If the balance in the Manufacturing Overhead
account is closed directly to Cost of Goods Sold, will Cost of
Goods Sold increase or decrease?
Decrease
Increase
4. Prepare Lamonda’s cost of goods manufactured
report for April. (Round your answers to 2 decimal
places.)
Lamonda Corp. uses a job order cost system. On April 1, the
accounts had balances as shown in the T-accounts below:
The...