Homework Answers
Part 1
|
Account titles and explanation |
Debit |
Credit |
|
Work in Process |
850 |
|
|
Factory Overhead |
600 |
|
|
Raw Materials |
1450 |
|
|
Work in Process |
1600 |
|
|
Factory Overhead |
400 |
|
|
Wages Payable |
2000 |
Part 2
a. total factory overhead amount applied = $1357500
b. $8700 underapplied
c.
|
Account titles and explanation |
Debit |
Credit |
|
Manufacturing overhead |
8700 |
|
|
Cost of goods sold |
8700 |
Predetermined overhead rate = Budgeted overhead / Budgeted Machine hours = 1250000/50000 = $25 per machine hour
Overhead applied = Actual Machine hours * Predetermined overhead rate = 54300*25 = $1357500
Overapplied overhead = overhead applied – actual overhead = 1357500-1348800 = $8700
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account field.)2. What is the ending balance in Raw Materials?3. What is the journal entry to record the labor costs incurred
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Journal entry one is given.
Journal entry 2 record the raw materials used in production,
189,000 (151,200 direct materials and 37,800 indirect
materials).
Journal entry 3 record the entry for accrued direct Labor
costs incurred, 50,000; indirect Labor cost incurred, 22,000.
Journal entry 4 depreciation recorded on factory equipment,
105,000.
Journal entry 5 other manufacturing overhead costs accrued
during October, 130,000.
Journal entry 6 The company applies manufacturing overhead
cost to production on the basis of 6$ per machine hour....
1. What is the journal entry to record raw materials used in
production? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)2. What is the ending balance in Raw Materials?3. What is the journal entry to record the labor costs incurred
during the year? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)4. What is the total amount of manufacturing overhead applied...
Prepare Journal Entries for
1. Raw materials were purchased on account: $236000
2. Raw materials were requisitioned for use in production:
$208,000 (85% direct and 15% indirect)
3. Record the costs that were incurred for employee
services.
4. Heat, power, and water costs were incurred in the factory:
$50,100.
5. Prepaid insurance expired during the year: $19,000 (80%
relates to factory operations, and 20% relates to selling and
administrative activities).
6. Advertising costs were incurred, $59,000.
7. Depreciation was recorded...
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