Req 1. | ||||||
Journal entries | ||||||
S.no. | Accounts title and explanations | Debit $ | Credit $ | |||
b. | Work in process Inventory | 5,57,000 | ||||
Raw material Inventory | 5,57,000 | |||||
(for material used) | ||||||
Req 2. | ||||||
RAW MATERIAL INVENTORY | ||||||
Beginning balance | 50,500 | 5,57,000 | Work in process inventory | |||
Accounts payable | 5,92,000 | |||||
Ending balance | 85,500 | |||||
Req 3. | ||||||
Journal entries | ||||||
S.no. | Accounts title and explanations | Debit $ | Credit $ | |||
c. | Work in process inventory | 4,20,000 | ||||
Manufacturing Overheads | 1,50,000 | |||||
Selling administrative expenses | 2,95,000 | |||||
Wages Payable | 8,65,000 | |||||
(for wages accrued) | ||||||
Req 4 | ||||||
Actual DLH used in production | 41,000 | |||||
Multiply: Overheads rate per DLH | 11.75 | |||||
Manufacturing Overheads applied | 4,81,750 | |||||
Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer...
Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 74,000 $ 31,800 $ 52,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 of...
Required information (The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 63,500 $ 32,000 $ 36,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $13.00 per direct labor-hour was based on a cost formula that estimated $520,000 of...
Required information The following information applies to the questions displayed below) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 59,500 $ 37,600 $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.25 per direct labor hour was based on a cost formula that estimated $570,000...
Required information (The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 75,500 $ 19,600 $ 59,400 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.00 per direct labor-hour was based on a cost formula that estimated $560,000 of...
Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 59,500 $ 37,600 $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 of...
Required information [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 60,500 Work in process $ 20,800 Finished goods $ 57,600 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $11.25 per direct labor-hour was based on a cost formula that estimated $450,000 of...
Required information The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 40,000 $ 18,000 $ 35,000 ces The company applies overhead cost to jobs on the basis of direct labor hours. For the current year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated...
Required information (The following information applies to the questions displayed below. Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 75,500 $ 19,600 $ 59,400 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.00 per direct labor-hour was based on a cost formula that estimated $560,000 of...
[The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 of total manufacturing...
REQUIREMENT Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: $50,500 Raw materials Work in process Finished goods $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.75 per direct labor-hour was based on a cost formula that estimated $470,000 of total manufacturing...