Homework Answers
a) Journal entry
| Date | Account | Debit | Credit |
| Work in process (240000*1/12) | 20000 | ||
| Finished goods | 60000 | ||
| Cost of goods sold | 160000 | ||
| Manufacturing overhead | 240000 |
b) Calculate following
| Balance before allocation | Balance after allocation | |
| Work in process | 100000 | 120000 |
| Finished goods | 300000 | 360000 |
| Cost of goods sold | 800000 | 960000 |
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How do you solve for A and B?
3. Account balances from the Kai Corp. are...
Account balances from the Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods...
Account balances from the Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods Cost of Goods Sold $240,000 underapplied 100,000 300,000 800,000 If underspplied or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balances), Cost of Goods Sold after adjustment would have a balance of Select one: a. $1,440,000 b. S 640,000 c. S 960,000 d. $1,040,000 If operations run on less than...
Caplin Incorporated had the following selected account balances at the end of 2018: Work in Process...
Caplin Incorporated had the following selected account balances at the end of 2018: Work in Process $400,000 Finished Goods 300,000 Cost of Goods Sold 500,000 Factory Overhead (over-applied) 36,000 Amount of Factory Overhead Applied in 2018 600,000 Required: Give the journal entry to record the factory overhead applied. What was the actual overhead for the year? Give the journal entry to dispose of the Factory Overhead balance assuming it is written off to Cost of Goods Sold. What would be...
Ivey Incorporated had the following selected account balances at the end of 2019: Work in Process...
Ivey Incorporated had the following selected account balances at the end of 2019: Work in Process Finished Goods Cost of Goods Sold Factory Overhead (over-applied) Amount of Factory Overhead Applied in 2018 $400,000 300,000 500,000 36,000 600,000 Required: a. Give the journal entry to record the factory overhead applied. b. What was the actual overhead for the year? c. Give the journal entry to dispose of the Factory Overhead balance assuming it is written off to Cost of Goods Sold....
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts...
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 444,000 (6) 490,000 Bal. 46,689 ces Work in Progress Bal. (c) 840,000 121,000 226, eee 131,000 498,888 (b) Bal. 128,888 Finished Goods Bal. (C) 184,000 840, 800 (d) 892,000 Bal. 132,000 Cost of Goods Sold (d) 892,000 The overhead applied to production during the year is distributed among the...
Help me out 36. The following account balances and information are available for Stevens Inc. at...
Help me out
36. The following account balances and information are available for Stevens Inc. at the end of 2019: Overapplied Manufacturing overhead Raw materials Work in process Finished goods Cost of goods sold Ending balance $60,000 100,000 25,000 75,000 200,000 (contains $10,000 of applied overhead) (contains $30,000 of applied overhead) (contains $80,000 of applied overhead) The overapplied balance in the Manufacturing Overhead account is determined to be material (significant). After closing the Manufacturing Overhead account, Cost of Goods Sold...
Please type the explanations and answers. Please explain how to solve the problems. Thank you. Thank...
Please type the explanations and answers. Please explain how to
solve the problems. Thank you.
Thank you.
Knowledge Check 01 Which of the following costs is usually Immaterial in most service firms? Multiple Choice Direct materials Direct labor Service Overhead Knowledge Check 01 What is the correct Journal entry for a company that issues $100.000 of raw material, which includes $10,000 of Indirect material? Debit Work In Process $100.000 and credit Raw Materials Inventory $100,000 Debit Work In Process $90.000,...
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts...
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 392,000 (b) 425,000 Bal. 33, 000 Work in Progress Bal. 775,000 108,000 213,000 118,000 425,000 (b) Bal. 89,000 Finished Goods Bal. (c) 833, 500 164, 500 775,000 (d) Bal. 106,000 Cost of Goods Sold (d) 833, 500 The overhead applied to production during the year is distributed among the...
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts...
The following information is taken from the accounts of Foster
Corp. The entries in the T-accounts are summaries of the
transactions that affected those accounts during the year.
Manufacturing Overhead
(a)
456,000
(b)
505,000
Bal.
49,000
Work in Progress
Bal.
124,000
(c)
855,000
229,000
134,000
(b)
505,000
Bal.
137,000
Finished Goods
Bal.
188,500
(d)
905,500
(c)
855,000
Bal.
138,000
Cost of Goods Sold
(d)
905,500
The overhead applied to production...
Check my w The following information is taken from the accounts of Foster Corp. The entries...
Check my w The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead 408,000 445,000 Bal. 37,000 Work in Progress inces Bal. (c) 795,000 112,000 217,000 122.000 445,000 (b) Bal. 101,000 Finished Goods Bal. 170,500 795,000 (d) 851.500 Bal. 114,000 Cost of Goods Sold 051.500 Cost of Goods Sold (d) 851,500 The overhead applied to production during the year is...
Please answer all the question!! Thanks a lot！ At Allen Company, manufacturing overhead is applied based...
Please answer all the question!! Thanks a lot！
At Allen Company, manufacturing overhead is applied based on direct labor hours. Overhead was estimated to be $540,000 and direct labor hours were estimated to be 360,000. Actual direct labor hours and actual direct labor costs for the year amounted to 400,000 hours and $700,000. In addition, Allen Company incurred the following actual costs during the year: * Administrative expenses, $100,000 • Depreciation expense on fixed assets, $500,000 (80% of the depreciation...
Account balances from the Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods Cost of Goods Sold $240,000 underapplied 100,000 300,000 800,000 If underspplied or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balances), Cost of Goods Sold after adjustment would have a balance of Select one: a. $1,440,000 b. S 640,000 c. S 960,000 d. $1,040,000 If operations run on less than...
Ivey Incorporated had the following selected account balances at the end of 2019: Work in Process Finished Goods Cost of Goods Sold Factory Overhead (over-applied) Amount of Factory Overhead Applied in 2018 $400,000 300,000 500,000 36,000 600,000 Required: a. Give the journal entry to record the factory overhead applied. b. What was the actual overhead for the year? c. Give the journal entry to dispose of the Factory Overhead balance assuming it is written off to Cost of Goods Sold....
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 444,000 (6) 490,000 Bal. 46,689 ces Work in Progress Bal. (c) 840,000 121,000 226, eee 131,000 498,888 (b) Bal. 128,888 Finished Goods Bal. (C) 184,000 840, 800 (d) 892,000 Bal. 132,000 Cost of Goods Sold (d) 892,000 The overhead applied to production during the year is distributed among the...
Help me out
36. The following account balances and information are available for Stevens Inc. at the end of 2019: Overapplied Manufacturing overhead Raw materials Work in process Finished goods Cost of goods sold Ending balance $60,000 100,000 25,000 75,000 200,000 (contains $10,000 of applied overhead) (contains $30,000 of applied overhead) (contains $80,000 of applied overhead) The overapplied balance in the Manufacturing Overhead account is determined to be material (significant). After closing the Manufacturing Overhead account, Cost of Goods Sold...
Please type the explanations and answers. Please explain how to
solve the problems. Thank you.
Thank you.
Knowledge Check 01 Which of the following costs is usually Immaterial in most service firms? Multiple Choice Direct materials Direct labor Service Overhead Knowledge Check 01 What is the correct Journal entry for a company that issues $100.000 of raw material, which includes $10,000 of Indirect material? Debit Work In Process $100.000 and credit Raw Materials Inventory $100,000 Debit Work In Process $90.000,...
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 392,000 (b) 425,000 Bal. 33, 000 Work in Progress Bal. 775,000 108,000 213,000 118,000 425,000 (b) Bal. 89,000 Finished Goods Bal. (c) 833, 500 164, 500 775,000 (d) Bal. 106,000 Cost of Goods Sold (d) 833, 500 The overhead applied to production during the year is distributed among the...
The following information is taken from the accounts of Foster
Corp. The entries in the T-accounts are summaries of the
transactions that affected those accounts during the year.
Manufacturing Overhead
(a)
456,000
(b)
505,000
Bal.
49,000
Work in Progress
Bal.
124,000
(c)
855,000
229,000
134,000
(b)
505,000
Bal.
137,000
Finished Goods
Bal.
188,500
(d)
905,500
(c)
855,000
Bal.
138,000
Cost of Goods Sold
(d)
905,500
The overhead applied to production...
Check my w The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead 408,000 445,000 Bal. 37,000 Work in Progress inces Bal. (c) 795,000 112,000 217,000 122.000 445,000 (b) Bal. 101,000 Finished Goods Bal. 170,500 795,000 (d) 851.500 Bal. 114,000 Cost of Goods Sold 051.500 Cost of Goods Sold (d) 851,500 The overhead applied to production during the year is...
Please answer all the question!! Thanks a lot！
At Allen Company, manufacturing overhead is applied based on direct labor hours. Overhead was estimated to be $540,000 and direct labor hours were estimated to be 360,000. Actual direct labor hours and actual direct labor costs for the year amounted to 400,000 hours and $700,000. In addition, Allen Company incurred the following actual costs during the year: * Administrative expenses, $100,000 • Depreciation expense on fixed assets, $500,000 (80% of the depreciation...
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