Can someone please help with this problem?
Homework Answers
| Ans. 1 | Transaction | General Journal | Debit | Credit |
| a | Work in process inventory | $10,100 | ||
| Manufacturing overhead | $600 | |||
| Raw materials inventory | $10,700 | |||
| (To record the issuance of raw materials) | ||||
| *Manufacturing overhead = Indirect materials = $600 | ||||
| *Raw materials inventory = Total materials cost = $10,700 | ||||
| *Work in process = Direct materials ($10,700 - $600) = $10,100 | ||||
| Ans. 2 | Transaction | General Journal | Debit | Credit |
| b | Work in process inventory | $13,000 | ||
| Manufacturing overhead | $2,400 | |||
| Wages payable | $15,400 | |||
| (To record the factory payroll costs) | ||||
| *Manufacturing overhead = Indirect labor = $2,400 | ||||
| *Wages payable = Total labor cost = $15,400 | ||||
| *Work in process = Direct labor ($15,400 - $2,400) = $13,000 | ||||
| Ans. 3 | Transaction | General Journal | Debit | Credit |
| c | Work in process inventory | $9,100 | ||
| Manufacturing overhead | $9,100 | |||
| (To record the overhead applied) | ||||
| *Overhead applied = Direct labor * 70% | ||||
| $13,000 * 70% | ||||
| $9,100 | ||||
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Can someone please help with this problem?
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Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the...
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The company applies overhead to products at a rate of 60 percent of direct labor cost....
The company applies overhead to products at a rate of 60 percent
of direct labor cost.
Required:
1. Compute the cost of Jobs 33, 34, and 35 at
the end of the month.
2. Calculate the balance in the Work in Process
Inventory, Finished Goods Inventory, and Cost of Goods Sold
accounts at month-end.
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had...
i just need help with this question on my accounting homework ACC202 K Chapter 02 Oak...
i
just need help with this question on my accounting homework
ACC202 K Chapter 02 Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order On March 1, OCFF had two jobs in process with the following costs: points Work in Process Job 33 Job 34 $ on 3/1 4,900 4.400 9,300 $ Source documents revealed the following during March: Materials Requisitions Labor Time Forms Tickets Status of Job...
The following information applies to the questions displayed below. Sweeten Company had no jobs in progress...
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The company applies overhead to products at a rate of 60 percent
of direct labor cost.
Required:
1. Compute the cost of Jobs 33, 34, and 35 at
the end of the month.
2. Calculate the balance in the Work in Process
Inventory, Finished Goods Inventory, and Cost of Goods Sold
accounts at month-end.
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had...
i
just need help with this question on my accounting homework
ACC202 K Chapter 02 Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order On March 1, OCFF had two jobs in process with the following costs: points Work in Process Job 33 Job 34 $ on 3/1 4,900 4.400 9,300 $ Source documents revealed the following during March: Materials Requisitions Labor Time Forms Tickets Status of Job...
The following information applies to the questions displayed below. Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company...
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