Accounts Receivable | Sales | |||||||
Beg. bal. | $0 | Beg. bal. | ||||||
k. | 1200000 | 1200000 | k | |||||
End. bal. | 1200000 | End. bal. | 1200000 | |||||
Raw Materials | Cost of Goods Sold | |||||||
Beg. bal. | $30000 | Beg. bal. | ||||||
a. | 200000 | 185000. | b | k | 800000 | |||
End. bal. | 45000 | End. bal. | 800000 | |||||
Work in Process | Manufacturing Overhead | |||||||
Beg. bal. | $21000 | Beg. bal. | ||||||
b | 185000 | 770000 | j | c | 63000 (70000*90%) | 390000 | i | |
d | 230000 | d | 90000 | |||||
i | 390000 | e | 54000 | |||||
g | 76000 (95000*80%) | |||||||
End. bal. | 56000 | h | 102000 (120000*85%) | |||||
End. bal. | 5000 | |||||||
Finished Goods | Advertising Expense | |||||||
Beg. bal. | $60000 | Beg. bal. | ||||||
j | 770000 | 800000 | k | f | 136000 | |||
End. bal. | 136000 | |||||||
End. bal. | 30000 | |||||||
Accumulated Depreciation | Utilities Expense | |||||||
Beg. bal. | Beg. bal. | |||||||
95000 | g | c | 7000 (70000*10%) | |||||
End. bal. | 95000 | End. bal. | 7000 | |||||
Accounts Payable | Salaries Expense | |||||||
Beg. bal. | Beg. bal. | |||||||
200000 | a | d | 110000 | |||||
70000 | c | |||||||
54000 | e | End. bal. | 110000 | |||||
136000 | f | |||||||
120000 | h | |||||||
End. bal. | 580000 | |||||||
Depreciation Expense | Salaries & Wages Expense | |||||||
Beg. bal. | Beg. bal. | |||||||
g | 19000 | 430000 | d | |||||
End. bal. | 19000 | End. bal. | 430000 | |||||
Rent Expense | ||||||||
Beg. bal. | ||||||||
h. | 18000 | |||||||
End. bal. | 18000 | |||||||
Predetermined overhead rate= Estimated manufacturing overhead/Estimated direct labor hours
= $360000/900= $400 per DLH
Manufacturing overhead applied= $400*975= $390000
Depreciation expense= $95000*20%= $19000
Rent expense= $120000*15%= $18000
Eroya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor- hours. Its predetermined overhead rate was based on a cost formula that estimated $360,000 of manufacturing overhead for an estimated allocation base of 900 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $349,800 of manufacturing overhead for an estimated allocation base of 1,060 direct labor-hours. The following transactions took place during the year: Raw materials purchased on account,...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $395,600 of manufacturing overhead for an estimated allocation base of 920 direct labor-hours. The following transactions took place during the year: Raw materials purchased on account,...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor hours. Its predetermined overhead rate was based on a cost formula that estimated $380,000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labo hoursIts predetermined overhead rate was based on a cost formula that estimated $372,000 of manufacturing overhead for an estimated allocation base of 1.200 direct laborhours. The following transactions took place during the year Froya Fabrikker A/S of Bergen, Norway,...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor- hours. Its predetermined overhead rate was based on a cost formula that estimated $374,000 of manufacturing overhead for an estimated allocation base of 1,100 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor- hours. Its predetermined overhead rate was based on a cost formula that estimated $336,000 of manufacturing overhead for an estimated allocation base of 1,050 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor- hours. Its predetermined overhead rate was based on a cost formula that estimated $374,000 of manufacturing overhead for an estimated allocation base of 1,100 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor- hours. Its predetermined overhead rate was based on a cost formula that estimated $380,000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased...
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor- hours. Its predetermined overhead rate was based on a cost formula that estimated $350,000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased...