Predetermined Overhead Rate | $7.60 | per machine Hour | (4385200/577000) | ||||||
JOURNAL ENTRY | |||||||||
REF | ACCOUNT TITLE | DEBIT | CREDIT | ||||||
a | Raw Material Inventory | $325,000 | |||||||
Accounts Payable | $325,000 | ||||||||
b | Work in process inventory | $216,800 | (27100*80%) | ||||||
Manufacturing Overhead | $54,200 | (271000*20%) | |||||||
Raw materials Inventory | $271,000 | ||||||||
c | Work in process inventory | $54,000 | (1/3)*162000 | ||||||
Manufacturing Overhead | $108,000 | (2/3)*162000 | |||||||
Wages Payable | $162,000 | ||||||||
d | Manufacturing Overhead | $63,700 | |||||||
Accumulated Depreciation | $63,700 | ||||||||
e | Manufacturing Overhead | $85,300 | |||||||
Accounts Payable | $85,300 | ||||||||
f | Work in process inventory | $310,308 | (40830*7.6) | ||||||
Manufacturing Overhead | $310,308 | ||||||||
MANUFACTURING OVERHEAD | |||||||||
b | Indirect Materials | $54,200 | |||||||
c | Indirect Labor | $108,000 | |||||||
d | Accumulated Depreciation | $63,700 | |||||||
e | Accounts Payable | $85,300 | |||||||
f | Work in process inventory | $310,308 | |||||||
Closing Balance | $892 | ||||||||
WORK IN PROCESS INVENTORY | |||||||||
b | Direct Materials | $216,800 | |||||||
c | Direct Labor | $54,000 | |||||||
f | Applied Overhead | $310,308 | |||||||
Closing Balance | $581,108 | ||||||||
Cost of each part | $45.05 | (581108/12900) | |||||||
JOURNAL ENTRY | |||||||||
REF | ACCOUNT TITLE | DEBIT | CREDIT | ||||||
g | Finished Goods Inventory | $581,108 | |||||||
Work in Process Inventory | $581,108 | ||||||||
4 | Cost of goods sold | $468,490 | (10400*45.05) | ||||||
Finished goods inventory | $468,490 | ||||||||
4 | Cost of goods sold in February | $468,490 | |||||||
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,207,500 in manufacturing overhead cost at an activity level of 561,000 machine-hours. The company spent the entire month of January working on a large order for 12,100 custom-made machined parts. The company had no work...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,166,200 in manufacturing overhead cost at an activity level of 563,000 machine-hours. The company spent the entire month of January working on a large order for 12,000 custom-made machined parts. The company had no work...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,262,400 in manufacturing overhead cost at an activity level of 576,000 machine-hours. The company spent the entire month of January working on a large order for 12,100 custom-made machined parts. The company had no work...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,245,000 in manufacturing overhead cost at an activity level of 566,000 machine-hours. The company spent the entire month of January working on a large order for 12,600 custom-made machined parts. The company had no work...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,114,400 in manufacturing overhead cost at an activity level of 556,000 machine-hours. The company spent the entire month of January working on a large order for 12,200 custom-made machined parts. The company had no work...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,800,000 in manufacturing overhead cost at an activity level of 240,000 machine hours. The company spent the entire month of January working on a large order for 16,000 custom-made machined parts. The company had...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,252,500 in manufacturing overhead cost at an activity level of 567,000 machine-hours. The company spent the entire month of January working on a large order for 12,700 custom-made machined parts. The company had no work...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,181,000 in manufacturing overhead cost at an activity level of 565,000 machine. hours. The company spent the entire month of January working on a large order for 12,300 custom-made machined parts. The company had no...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,282,500 in manufacturing overhead cost at an activity level of 571,000 machine-hours. The company spent the entire month of January working on a large order for 12,900 custom-made machined parts. The company had no work...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,247,600 in manufacturing overhead cost at an activity level of 574,000 machine-hours. The company spent the entire month of January working on a large order for 12,000 custom-made machined parts. The company had no work...