Homework Answers
| 1 | ||
| Debit Finished goods inventory $852,000; credit work in Process inventory $852,000 | ||
| Option C is correct | ||
| 2 | ||
| Estimated overhead costs | 4970000 | =4000000+970000 |
| Divide by Estimated Direct labor hours | 140000 | |
| Plantwide Overhead rate | 35.50 | per direct labor hour |
| Option B is correct | ||
| 3 | ||
| Estimated overhead costs | 4880000 | =3900000+980000 |
| Divide by Estimated Direct labor hours | 100000 | |
| Plantwide Overhead rate | 48.80 | per machine hour |
| Option B is correct | ||
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Luker Corporation uses a process costing system. The company had $175,500 of beginning Finished Goods Inventory...
Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory...
Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $839,000. The ending Finished Goods Inventory balance on October 31 was $160,200. The entry to account for the cost of goods manufactured during October is: Multiple Choice Debit Finished Goods Inventory $839,000; credit Work in Process Inventory $839,000. Debit Finished Goods Inventory $160,200; credit Cost of Goods Sold $160,200. Debit Cost...
11. Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods...
11. Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $854,000. The ending Finished Goods Inventory balance on October 31 was $175,200. The entry to account for the cost of goods sold in October is: Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished...
Exam 2 Help Save & Exit Submit Luker Corporation uses a process costing system. The company...
Exam 2 Help Save & Exit Submit Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1lt transferred in 5839,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $150.200. The entry to account for the cost of goods sold in October is (8 02:05 Multiple Choice o Debit Cost of Goods Sold $39.000, cred Fished Goods Invemory $339,000 o Debit Cost of Goods...
#7 Luker Corporation uses a process costing system. The company had $161,500 of beginning Finished Goods...
#7
Luker Corporation uses a process costing system. The company had $161,500 of beginning Finished Goods Inventory on October 1. It transferred in $838,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $159,200. The entry to account for the cost of goods manufactured during October is:
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made...
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per direct labor-hour Variable manufacturing overhead cost per machine-hour 115,000 57,500 $322,000 $ 3.40 $ 6.80 During the year, Job 550 was started and completed. The following information is available with respect to this job: $ 252 $ 370 Direct...
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made...
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per direct labor-hour Variable manufacturing overhead cost per machine-hour 155,000 77,500 $465,000 $ 4.80 $ 9.60 During the year, Job 550 was started and completed. The following information is available with respect to this job: $ 210 $ 349 Direct...
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made...
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production 145,000 Machine-hours required to support estimated production 72,500 Fixed manufacturing overhead cost $ 406,000 Variable manufacturing overhead cost per direct labor-hour $ 4.40 Variable manufacturing overhead cost per machine-hour $ 8.80 During the year, Job 550 was started and completed. The following information is available with respect to this job: Direct materials $ 183...
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made...
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per direct labor-hour Variable manufacturing overhead cost per machine-hour 80,000 40,000 $240,000 $1.80 $3.60 During the year, Job 550 was started and completed. The following information is available with respect to this job Direct materials Direct labor cost Direct labor-hours...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $800 and sold them on credit to Percy Corporation for $1,075. The complete journal entry to be made by Wyman at the time of this sale is: Debit Accounts Receivable $1,075; credit Sales $1,075; debit Cost of Goods Sold $800; credit Finished Goods Inventory $800. Debit Accounts Receivable $1,075; credit Sales $275; credit Finished Goods Inventory $800. Debit Cost of Goods Sold $1,075; credit...
Landen Corporation uses a job order costing system. At the beginning of the year, the company...
Landen Corporation uses a job order costing system. At the beginning of the year, the company made the following estimates Direct labor-hours required to support estimated production 140,000 Machine-hours required to support estimated 70,000 production Fixed manufacturing overhead cost $784,000 Variable manufacturing overhead cost per direct $ 2.00 labor-hour Variable manufacturing overhead cost per machine-hour $ 4.00 During the year, Job 550 was started and completed. The following information is available with respect to this job. $ 175 $225 Direct...
11. Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $854,000. The ending Finished Goods Inventory balance on October 31 was $175,200. The entry to account for the cost of goods sold in October is: Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished...
Exam 2 Help Save & Exit Submit Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1lt transferred in 5839,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $150.200. The entry to account for the cost of goods sold in October is (8 02:05 Multiple Choice o Debit Cost of Goods Sold $39.000, cred Fished Goods Invemory $339,000 o Debit Cost of Goods...
#7
Luker Corporation uses a process costing system. The company had $161,500 of beginning Finished Goods Inventory on October 1. It transferred in $838,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $159,200. The entry to account for the cost of goods manufactured during October is:
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per direct labor-hour Variable manufacturing overhead cost per machine-hour 115,000 57,500 $322,000 $ 3.40 $ 6.80 During the year, Job 550 was started and completed. The following information is available with respect to this job: $ 252 $ 370 Direct...
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per direct labor-hour Variable manufacturing overhead cost per machine-hour 155,000 77,500 $465,000 $ 4.80 $ 9.60 During the year, Job 550 was started and completed. The following information is available with respect to this job: $ 210 $ 349 Direct...
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per direct labor-hour Variable manufacturing overhead cost per machine-hour 80,000 40,000 $240,000 $1.80 $3.60 During the year, Job 550 was started and completed. The following information is available with respect to this job Direct materials Direct labor cost Direct labor-hours...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $800 and sold them on credit to Percy Corporation for $1,075. The complete journal entry to be made by Wyman at the time of this sale is: Debit Accounts Receivable $1,075; credit Sales $1,075; debit Cost of Goods Sold $800; credit Finished Goods Inventory $800. Debit Accounts Receivable $1,075; credit Sales $275; credit Finished Goods Inventory $800. Debit Cost of Goods Sold $1,075; credit...
Landen Corporation uses a job order costing system. At the beginning of the year, the company made the following estimates Direct labor-hours required to support estimated production 140,000 Machine-hours required to support estimated 70,000 production Fixed manufacturing overhead cost $784,000 Variable manufacturing overhead cost per direct $ 2.00 labor-hour Variable manufacturing overhead cost per machine-hour $ 4.00 During the year, Job 550 was started and completed. The following information is available with respect to this job. $ 175 $225 Direct...
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