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Auckland Co. had a credit balance in their factory overhead account at the end of 2013...
Rock It Out had the following account balances on January 1: Cash: $836,000 Raw Materials: $18,500...
Rock It Out had the following account balances on January 1: Cash: $836,000 Raw Materials: $18,500 WIP: $115,400 Finished Goods Inventory $45,600 The following took place during the year: 1. Purchased raw material with cash $173,600. 2. Put material into production: $129,000 of direct material $12,000 of indirect material. 3. Paid payroll: $158,000 in wages to direct labor $93,000 salary for supervisors 4. Applied OH based on a pre-determined rate of $13 per machine hour. Actual machine hours were 9,950....
Caplin Incorporated had the following selected account balances at the end of 2018: Work in Process...
Caplin Incorporated had the following selected account balances at the end of 2018: Work in Process $400,000 Finished Goods 300,000 Cost of Goods Sold 500,000 Factory Overhead (over-applied) 36,000 Amount of Factory Overhead Applied in 2018 600,000 Required: Give the journal entry to record the factory overhead applied. What was the actual overhead for the year? Give the journal entry to dispose of the Factory Overhead balance assuming it is written off to Cost of Goods Sold. What would be...
Question number 1: Davy Company had a beginning work in process inventory balance of $32,000. During...
Question number 1: Davy Company had a beginning work in process inventory balance of $32,000. During the year, $54,500 of direct materials was placed into production. Direct labor was $63,400, and indirect labor was $19,500. Manufacturing overhead is applied at 125% of direct labor costs. Actual manufacturing overhead was $86,500, and jobs costing $225,000 were completed during the year. What is the ending work in process inventory balance? a. $172,000 b. $ 11,400 c. $ 4,150 d. $ 79,250 Question...
12. Caspar Co. had the following balances in 2017: Account Balance Beginning Raw Materials Inventory $5,000...
12. Caspar Co. had the following balances in 2017: Account Balance Beginning Raw Materials Inventory $5,000 Ending Raw Materials Inventory $7,000 Purchases of Raw Materials $60,000 Beginning WIP Inventory $15,000 Ending WIP Inventory $18,000 Beginning FG Inventory $3,000 Ending FG Inventory $8,000 Direct Labor $45,000 Overhead (including $2,000 of Indirect Materials) $35,000 Calculate the following: a. Raw Materials Available for Use: b. Direct Materials Used: c. Total Manufacturing Costs: d. Cost of Goods Manufactured: e. Cost of Goods Sold:
Ivey Incorporated had the following selected account balances at the end of 2019: Work in Process...
Ivey Incorporated had the following selected account balances at the end of 2019: Work in Process Finished Goods Cost of Goods Sold Factory Overhead (over-applied) Amount of Factory Overhead Applied in 2018 $400,000 300,000 500,000 36,000 600,000 Required: a. Give the journal entry to record the factory overhead applied. b. What was the actual overhead for the year? c. Give the journal entry to dispose of the Factory Overhead balance assuming it is written off to Cost of Goods Sold....
QUESTION 4 Before disposing of is year-end manufacturing overhead balance, Delphi Corporation had the following amounts...
QUESTION 4 Before disposing of is year-end manufacturing overhead balance, Delphi Corporation had the following amounts in Manufacturing Overhead and Cost of Goods Sold: Applied manufacturing overhead $100.000 Actual manufacturing overhead 90,000 Unadjusted cost of goods sold 800,000 If Delphi closes the balance of its Manufacturing Overhead account directly to Cost of Goods Sold, how much is adjusted cost of goods sold? 8. $790,000 5 $810,000 5890 000 0 3900.000 . None of the above. QUESTIONS The Manufacturing Overhead account...
At the end of the year, Script Company had the following account balances: Balance Underapplied overhead...
At the end of the year, Script Company had the following account balances: Balance Underapplied overhead $ 7,200,000 Cost of goods sold 67,200,000 Work-in-process inventory 9,600,000 Finished goods inventory 19,200,000 Show the Underapplied Overhead effect on the account balances in the following table.
Check my work Assume that Simple Co. had credit sales of $250,000 and cost of goods...
Check my work Assume that Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. It estimates that 1 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,000 when it uses the aging method. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of...
to w 30) Payment of the factory rent would required A) Debit Manufacturing Overhead Control account...
to w 30) Payment of the factory rent would required A) Debit Manufacturing Overhead Control account Credit Cash 3) Debit Work-in-Process Control account Credit Cash C) Debit: Factory Depreciation account Credit Accumulated Depreciation Control D) Debit: Cost of Goods Sold account Credit: Prepaid Rent Explanation: A) 3) The ending balance in the Work-in-Pro Control account represents the cost of all jobs that A) have been completed and sold to customers 1) are reported on the income statement C) have been...
Portland Outfitters, a manufacturer of fly fishing flies, uses a normal-costing system with a single overhead...
Portland Outfitters, a manufacturer of fly fishing flies, uses a normal-costing system with a single overhead cast pool and direct labor as the cost-allocation base. The following data are for 2020: (Click the icon to view the following data.) Read the requirements i Data Table Requirement 1. Compute the budgeted manufacturing overhead rate for 2020 Begin by selecting the formula you will use. In the next step enter the amounts and calculate the rate. (Enter the rate as a whole...
Question number 1: Davy Company had a beginning work in process inventory balance of $32,000. During the year, $54,500 of direct materials was placed into production. Direct labor was $63,400, and indirect labor was $19,500. Manufacturing overhead is applied at 125% of direct labor costs. Actual manufacturing overhead was $86,500, and jobs costing $225,000 were completed during the year. What is the ending work in process inventory balance? a. $172,000 b. $ 11,400 c. $ 4,150 d. $ 79,250 Question...
12. Caspar Co. had the following balances in 2017: Account Balance Beginning Raw Materials Inventory $5,000 Ending Raw Materials Inventory $7,000 Purchases of Raw Materials $60,000 Beginning WIP Inventory $15,000 Ending WIP Inventory $18,000 Beginning FG Inventory $3,000 Ending FG Inventory $8,000 Direct Labor $45,000 Overhead (including $2,000 of Indirect Materials) $35,000 Calculate the following: a. Raw Materials Available for Use: b. Direct Materials Used: c. Total Manufacturing Costs: d. Cost of Goods Manufactured: e. Cost of Goods Sold:
Ivey Incorporated had the following selected account balances at the end of 2019: Work in Process Finished Goods Cost of Goods Sold Factory Overhead (over-applied) Amount of Factory Overhead Applied in 2018 $400,000 300,000 500,000 36,000 600,000 Required: a. Give the journal entry to record the factory overhead applied. b. What was the actual overhead for the year? c. Give the journal entry to dispose of the Factory Overhead balance assuming it is written off to Cost of Goods Sold....
QUESTION 4 Before disposing of is year-end manufacturing overhead balance, Delphi Corporation had the following amounts in Manufacturing Overhead and Cost of Goods Sold: Applied manufacturing overhead $100.000 Actual manufacturing overhead 90,000 Unadjusted cost of goods sold 800,000 If Delphi closes the balance of its Manufacturing Overhead account directly to Cost of Goods Sold, how much is adjusted cost of goods sold? 8. $790,000 5 $810,000 5890 000 0 3900.000 . None of the above. QUESTIONS The Manufacturing Overhead account...
Check my work Assume that Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. It estimates that 1 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,000 when it uses the aging method. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of...
to w 30) Payment of the factory rent would required A) Debit Manufacturing Overhead Control account Credit Cash 3) Debit Work-in-Process Control account Credit Cash C) Debit: Factory Depreciation account Credit Accumulated Depreciation Control D) Debit: Cost of Goods Sold account Credit: Prepaid Rent Explanation: A) 3) The ending balance in the Work-in-Pro Control account represents the cost of all jobs that A) have been completed and sold to customers 1) are reported on the income statement C) have been...
Portland Outfitters, a manufacturer of fly fishing flies, uses a normal-costing system with a single overhead cast pool and direct labor as the cost-allocation base. The following data are for 2020: (Click the icon to view the following data.) Read the requirements i Data Table Requirement 1. Compute the budgeted manufacturing overhead rate for 2020 Begin by selecting the formula you will use. In the next step enter the amounts and calculate the rate. (Enter the rate as a whole...
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