Homework Answers
| Transaction | General Journal | Debit | Credit | |
| 1 | Services in process inventory | 3250 | =65*50 | |
| Service wages payable | 3250 | |||
| (To record the agency’s direct labor) | ||||
| 2 | Services in process inventory | 2600 | =65*40 | |
| Services overhead | 2600 | |||
| (To record the applied overhead costs) |
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An advertising agency used 65 hours of direct labor in creating advertising for a music festival....
QS 15-14 Job order costing of services LO A1 Check my work An advertising agency used...
QS 15-14 Job order costing of services LO A1 Check my work An advertising agency used 83 hours of direct labor in creating advertising for a music festival. Direct labor costs $52 per hour. The agency applies overhead at a rate of $42 per direct labor hour. Prepare journal entries to record the agency's direct labor and the applied overhead costs for this job. View transaction list Journal entry worksheet А B Record direct labor. Note: Enter debits before credits...
An advertising agency is estimating costs for advertising a music festival. The job will require 200...
An advertising agency is estimating costs for advertising a music festival. The job will require 200 direct labor hours at a cost of $50 per hour. Overhead costs are applied at a rate of $65 per direct labor hour. What is the total estimated cost for this job? JOB COST SHEET Hours Rate Estimated Cost Materials 0.00 Total estimated cost Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw...
I need help with the whole question with a solution and explanation Please and Thank you....
I need help with the whole question with a solution and
explanation Please and Thank you.
Chapter 15 Homework Saved Help Save & Exit Submit Check my work An advertising agency is estimating costs for advertising a music festival. The job will require 320 direct labor hours at a cost of $74 per hour. Overhead costs are applied at a rate of $77 per direct labor hour. What is the total estimated cost for this job? 4.44 points JOB COST...
A manufacturer’s job cost sheet reports direct materials of $1,200 and direct labor of $250 for...
A manufacturer’s job cost sheet reports direct materials of $1,200 and direct labor of $250 for printing 200 T-shirts for a bikers’ reunion. Estimated overhead is computed as 140% of direct labor costs. What is the estimated overhead cost for this job? What is the total cost per T-shirt for this job? What journal entry does the manufacturer make upon completion of this job to transfer costs from work in process to finished goods? A manufacturing company estimates it will...
Armour, Inc., an advertising agency, applies overhead to jobs on the basis of direct professional labor...
Armour, Inc., an advertising agency, applies overhead to jobs on the basis of direct professional labor hours. Overhead was estimated to be $207,000, direct professional labor hours were estimated to be 23,000, and direct professional labor cost was projected to be $414,000. During the year, Armour incurred actual overhead costs of $203,700, actual direct professional labor hours of 22,500, and actual direct labor cost of $302,000. By year-end, the firm's overhead was:
Direct Labor Costs During August, Salinger Company accumulated 500 hours of direct labor costs on Job...
Direct Labor Costs During August, Salinger Company accumulated 500 hours of direct labor costs on Job 40 and 600 hours on Job 42. The total direct labor was incurred at a rate of $18 per direct labor hour for Job 40 and $20 per direct labor hour for Job 42. Journalize the entry to record the flow of labor costs into production during August.
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $244.500 and 9,500 estimated direct labor hours. Actual manufacturing overhead for the year amounted to $245,200 and actual direct labor-hours were 6,200. The overhead for the year was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 0 $84.912 underapplied O o $85,612 underapplied O o $84,912 overapplied...
Keenan Company estimates that total factory overhead costs will be $120,000 for the year. Direct labor...
Keenan Company estimates that total factory overhead costs will be $120,000 for the year. Direct labor hours are estimated to be 30,000. a. For Keenan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places. per direct labor hour b. During August, Keenan Company accumulated 860 hours of direct labor costs on Job 40 and 560 hours on Job 42. Determine the amount of factory overhead...
Salinger Company estimates that total factory overhead costs will be $115,000 for the year. Direct labor...
Salinger Company estimates that total factory overhead costs will be $115,000 for the year. Direct labor hours are estimated to be 23,000. a. For Salinger Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places. $ per direct labor hour b. During April, Salinger Company accumulated 650 hours of direct labor costs on Job 50 and 500 hours on Job 51. Determine the amount of factory...
The company applies overhead cost to jobs on the basis of direct labor-hours. For the current...
The company applies overhead cost to jobs on the basis of direct
labor-hours. For the current year, the company’s predetermined
overhead rate of $13.00 per direct labor-hour was based on a cost
formula that estimated $520,000 of total manufacturing overhead for
an estimated activity level of 40,000 direct labor-hours. The
following transactions were recorded for the year:
Raw materials were purchased on account, $584,000.
Raw materials use in production, $537,600. All of of the raw
materials were used as direct...
QS 15-14 Job order costing of services LO A1 Check my work An advertising agency used 83 hours of direct labor in creating advertising for a music festival. Direct labor costs $52 per hour. The agency applies overhead at a rate of $42 per direct labor hour. Prepare journal entries to record the agency's direct labor and the applied overhead costs for this job. View transaction list Journal entry worksheet А B Record direct labor. Note: Enter debits before credits...
An advertising agency is estimating costs for advertising a music festival. The job will require 200 direct labor hours at a cost of $50 per hour. Overhead costs are applied at a rate of $65 per direct labor hour. What is the total estimated cost for this job? JOB COST SHEET Hours Rate Estimated Cost Materials 0.00 Total estimated cost Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw...
I need help with the whole question with a solution and
explanation Please and Thank you.
Chapter 15 Homework Saved Help Save & Exit Submit Check my work An advertising agency is estimating costs for advertising a music festival. The job will require 320 direct labor hours at a cost of $74 per hour. Overhead costs are applied at a rate of $77 per direct labor hour. What is the total estimated cost for this job? 4.44 points JOB COST...
Direct Labor Costs During August, Salinger Company accumulated 500 hours of direct labor costs on Job 40 and 600 hours on Job 42. The total direct labor was incurred at a rate of $18 per direct labor hour for Job 40 and $20 per direct labor hour for Job 42. Journalize the entry to record the flow of labor costs into production during August.
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $244.500 and 9,500 estimated direct labor hours. Actual manufacturing overhead for the year amounted to $245,200 and actual direct labor-hours were 6,200. The overhead for the year was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 0 $84.912 underapplied O o $85,612 underapplied O o $84,912 overapplied...
Keenan Company estimates that total factory overhead costs will be $120,000 for the year. Direct labor hours are estimated to be 30,000. a. For Keenan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places. per direct labor hour b. During August, Keenan Company accumulated 860 hours of direct labor costs on Job 40 and 560 hours on Job 42. Determine the amount of factory overhead...
The company applies overhead cost to jobs on the basis of direct
labor-hours. For the current year, the company’s predetermined
overhead rate of $13.00 per direct labor-hour was based on a cost
formula that estimated $520,000 of total manufacturing overhead for
an estimated activity level of 40,000 direct labor-hours. The
following transactions were recorded for the year:
Raw materials were purchased on account, $584,000.
Raw materials use in production, $537,600. All of of the raw
materials were used as direct...
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