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cey Company has adopted a JIT management system and has the folowing transactions in August Click...
Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's...
Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 per unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $17,000 Read the requirements. Requirement 1. Prepare the summary journal entries for January. (Record...
just requirements 2 & 3 please (: X Requirements 1. What are the major features of a JIT production system su...
just requirements 2 & 3 please (:
X Requirements 1. What are the major features of a JIT production system such as that of Freeze Point? 2. Prepare summary journal entries for March. Underallocated or overallocated conversion costs are adjusted to Cost of Goods Sold monthly. 3. Use a T-account to determine the March 31, 2018, balance of Raw and In-Process Inventory. Print Done © Data Table Number of jackets completed Number of jackets sold (on account, for $85 each)...
Journalize the following transactions for Lake's Seats. Explanations are not required. (Click the icon to view...
Journalize the following transactions for Lake's Seats. Explanations are not required. (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) e. Recorded manufacturing overhead: depreciation on plant, $12,000; plant insurance (previously paid), $1,300; plant property tax, $3,400 (credit Property Tax Payable). (Prepare a compound entry.) Date Accounts Debit Credit i More Info f. Allocated manufacturing overhead to jobs, 210% of direct labor costs. Date Accounts Debit Credit a. Incurred and paid...
Journalize the following transactions for Judy's Sofas. Explanations are not required (Click the icon to view...
Journalize the following transactions for Judy's Sofas. Explanations are not required (Click the icon to view the transactions.) Record debits first, then credits. Exclude explanations from any journal entries.) a. Incurred and paid Web site expenses, $2,300 Date Debit Credit iMore Info b. Incurred manufacturing wages of $10,000, 60% of which was direct labor and 40% of which was indirect labor a. Incurred and paid Web site expenses, $2.300 b. Incurred manufacturing wages of $10,000, 60% of which was direct...
Backflush Costing: Variation 2 Potter Company has installed a JIT purchasing and manufacturing system and is...
Backflush Costing: Variation 2 Potter Company has installed a JIT purchasing and manufacturing system and is using backflush accounting for its cost flows. It currently uses a two-trigger approach with the purchase of materials as the first trigger point and the completion of goods as the second trigger point. During the month of June, Potter had the following transactions: Raw materials purchased $243,000 Direct labor cost 40,500 Overhead cost 202,500 Conversion cost applied 263,250* *$40,500 labor plus $222,750 overhead. There...
Selected cost data for European Poster, Co. are as follows: : (Click the icon to view...
Selected cost data for European Poster, Co. are as follows: : (Click the icon to view the cost data.) Read the requirements. Requirement 1. Compute the predetermined overhead allocation rate per direct labor dollar. Predetermined overhead allocation rate Requirement 2. Prepare the journal entry to allocate overhead cost for the year. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Dec. 31 Requirement 3. Use a T-account to determine the amount of underallocated or overallocated...
PerfectoPerfecto Products uses a JIT management system to manufacture trading pins. The standard cost per pin...
PerfectoPerfecto Products uses a JIT management system to manufacture trading pins. The standard cost per pin is $ 1$1 for direct materials and $ 3$3 for conversion costs. Last month, PerfectoPerfecto recorded the following data: Number of pins completed 4,100 pins Number of pins sold (on account at $10 each) 3,400 pins Raw material purchases (on account) $7,500 Conversion costs $30,000 Use JIT costing to prepare journal entries for the month, including the entry to adjust the Conversion Costs account....
McDonough Construction, Inc., completed the following transactions during August 2018, its first month of operations: (Click...
McDonough Construction, Inc., completed the following transactions during August 2018, its first month of operations: (Click the icon to view the transactions.) Read the requirements, Requirement 1. Record transactions in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Aug 2: Sold $85,000 of common stock to D.J. McDonough to start the construction business. Journal Entry Date Accounts Debit Credit Aug 0 Requirements Aug 3: Paid monthly office rent, $1,000. Journal Entry...
Journalize the following transactions for Marge's SofasMarge's Sofas. SOLVE ONLY FOR i. Adjusted for overallocated or...
Journalize the following transactions for Marge's SofasMarge's Sofas. SOLVE ONLY FOR i. Adjusted for overallocated or underallocated overhead. Given information a.Incurred and paid Web site expenses $2,000. b.Incurred manufacturing wages of $15,000, 75% of which was direct labor and 25% of which was indirect labor. c.Purchased raw materials on account $24,000. d.Used in production: direct materials,$7,500 ;indirect materials,$5,000. e.Recorded manufacturing overhead: depreciation on plant,$18,000;plant insurance (previously paid),$1,500;plant property tax, $3,900(credit Property Tax Payable). f.Allocated manufacturing overhead to jobs, 200% of...
Selected cost data for Classic Poster, Co. are as follows: EEB Click the icon to view...
Selected cost data for Classic Poster, Co. are as follows: EEB Click the icon to view the cost data.) Read the requirements Requirement 1. Compute the predetermined overhead allocation rate per direct labor dollar. Predetermined overhead allocation rate Requirement 2. Prepare the journal entry to allocate overhead cost for the year. (Record debits first, then credits. Exclude explan from journal entries.) Date Accounts Debit Credit Dec. 31 Requirement 3. Use a T-account to determine the amount of underallocated or overallocated...
Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 per unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $17,000 Read the requirements. Requirement 1. Prepare the summary journal entries for January. (Record...
just requirements 2 & 3 please (:
X Requirements 1. What are the major features of a JIT production system such as that of Freeze Point? 2. Prepare summary journal entries for March. Underallocated or overallocated conversion costs are adjusted to Cost of Goods Sold monthly. 3. Use a T-account to determine the March 31, 2018, balance of Raw and In-Process Inventory. Print Done © Data Table Number of jackets completed Number of jackets sold (on account, for $85 each)...
Journalize the following transactions for Lake's Seats. Explanations are not required. (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) e. Recorded manufacturing overhead: depreciation on plant, $12,000; plant insurance (previously paid), $1,300; plant property tax, $3,400 (credit Property Tax Payable). (Prepare a compound entry.) Date Accounts Debit Credit i More Info f. Allocated manufacturing overhead to jobs, 210% of direct labor costs. Date Accounts Debit Credit a. Incurred and paid...
Journalize the following transactions for Judy's Sofas. Explanations are not required (Click the icon to view the transactions.) Record debits first, then credits. Exclude explanations from any journal entries.) a. Incurred and paid Web site expenses, $2,300 Date Debit Credit iMore Info b. Incurred manufacturing wages of $10,000, 60% of which was direct labor and 40% of which was indirect labor a. Incurred and paid Web site expenses, $2.300 b. Incurred manufacturing wages of $10,000, 60% of which was direct...
Selected cost data for European Poster, Co. are as follows: : (Click the icon to view the cost data.) Read the requirements. Requirement 1. Compute the predetermined overhead allocation rate per direct labor dollar. Predetermined overhead allocation rate Requirement 2. Prepare the journal entry to allocate overhead cost for the year. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Dec. 31 Requirement 3. Use a T-account to determine the amount of underallocated or overallocated...
McDonough Construction, Inc., completed the following transactions during August 2018, its first month of operations: (Click the icon to view the transactions.) Read the requirements, Requirement 1. Record transactions in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Aug 2: Sold $85,000 of common stock to D.J. McDonough to start the construction business. Journal Entry Date Accounts Debit Credit Aug 0 Requirements Aug 3: Paid monthly office rent, $1,000. Journal Entry...
Selected cost data for Classic Poster, Co. are as follows: EEB Click the icon to view the cost data.) Read the requirements Requirement 1. Compute the predetermined overhead allocation rate per direct labor dollar. Predetermined overhead allocation rate Requirement 2. Prepare the journal entry to allocate overhead cost for the year. (Record debits first, then credits. Exclude explan from journal entries.) Date Accounts Debit Credit Dec. 31 Requirement 3. Use a T-account to determine the amount of underallocated or overallocated...
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