Homework Answers
| Journal Entries | |||
| Date | General Journal | DEBIT ($) | CREDIT ($) |
| Jan-31 | Work in Process Inventory [($20,000 / $100,000) x $2,700] | 540.00 | |
| Factory Overhead | 540.00 | ||
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Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of...
View transaction list Journal entry worksheet During January, Dream House Builders, Inc. incurred $550 of actual...
View transaction list Journal entry worksheet During January, Dream House Builders, Inc. incurred $550 of actual indirect materials costs, as supported by materials requisitions. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31 Record entry Clear entry View general journal %24 < Prev 13
A company applies overhead at a rate of 155% of direct labor cost. Actual overhead cost...
A company applies overhead at a rate of 155% of direct labor cost. Actual overhead cost for the current period is $1,030,000, and direct labor cost is $515,000. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet < A Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. Transaction...
A company applies overhead at a rate of 150% of direct labor cost. Actual overhead cost...
A company applies overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $1,000,000, and direct labor cost is $525,000. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet < A...
Mayco applies overhead on the basis of $10 of direct labor hours. Job No. 501 is...
Mayco applies overhead on the basis of $10 of direct labor hours. Job No. 501 is charged with $240,000 of direct materials costs and $320,000 of direct labor costs.. The labor took 10,000 hours. The total manufacturing costs for Job No. 501 is $660,000 O $695,000 $570,000 O $560,000 Question 15 5 pts Mayco applies overhead on the basis of $20 per machine hour. Job No. 501 is charged with $240,000 of direct materials costs and $120,000 of direct labor...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $244.500 and 9,500 estimated direct labor hours. Actual manufacturing overhead for the year amounted to $245,200 and actual direct labor-hours were 6,200. The overhead for the year was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 0 $84.912 underapplied O o $85,612 underapplied O o $84,912 overapplied...
Southern Rim Parts estimates its manufacturing overhead to be $436,000 and its direct labor costs to...
Southern Rim Parts estimates its manufacturing overhead to be
$436,000 and its direct labor costs to be $1,090,000 for year 1.
The first three jobs that Southern Rim worked on had actual direct
labor costs of $68,000 for Job 301, $93,000 for Job 302, and
$190,000 for Job 303. For the year, actual manufacturing overhead
was $384,000 and total direct labor cost was $831,000.
Manufacturing overhead is applied to jobs on the basis of direct
labor costs using predetermined rates....
Department A $700.000 Direct materials Direct manufacturing labor Manufacturing overhead Department B $100,000 $800,000 $400,000 $200.000...
Department A $700.000 Direct materials Direct manufacturing labor Manufacturing overhead Department B $100,000 $800,000 $400,000 $200.000 $600,000 Answer the following questions using the information below: Apple Valley Corporation uses a job cost system and has two production departments, A and B. Budgeted manufacturing costs for the year are: The actual material and labor costs charged to Job #432 were as follows: Total Direct materials: $25,000 Direct labor: Department A $ 8,000 Department B $12.000 $20,000 Apple Valley applies manufacturing overhead...
Winston Company applies overhead cost to jobs on the basis of direct labor cost. Job X,...
Winston Company applies overhead cost to jobs on the basis of direct labor cost. Job X, which was started and completed during the current period, shows charges of $6,600 for direct materials, $8,400 for direct labor, and $6,048 for overhead on its job cost sheet. Job Q, which is still in process at year-end, shows charges of $2,700 for direct materials, and $5,000 for direct labor. Required: Calculate the overhead cost to be added to Job Q at year-end. Overhead...
Required information [The following information applies to the questions displayed below.) Finlon Upholstery, Inc. uses a...
Required information [The following information applies to the questions displayed below.) Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in- process on December 31, 20x1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company's practical capacity, in terms of direct-labor...
Sheridan Company applies overhead on the basis of 200% of direct labor cost. Job No. 305...
Sheridan Company applies overhead on the basis of 200% of direct labor cost. Job No. 305 is charged with $90000 of direct materials costs and $500000 of manufacturing overhead. The total manufacturing costs for Job No. 305 is: $590000 $840000 $1090000 $680000
View transaction list Journal entry worksheet During January, Dream House Builders, Inc. incurred $550 of actual indirect materials costs, as supported by materials requisitions. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31 Record entry Clear entry View general journal %24 < Prev 13
A company applies overhead at a rate of 155% of direct labor cost. Actual overhead cost for the current period is $1,030,000, and direct labor cost is $515,000. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet < A Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. Transaction...
A company applies overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $1,000,000, and direct labor cost is $525,000. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet < A...
Mayco applies overhead on the basis of $10 of direct labor hours. Job No. 501 is charged with $240,000 of direct materials costs and $320,000 of direct labor costs.. The labor took 10,000 hours. The total manufacturing costs for Job No. 501 is $660,000 O $695,000 $570,000 O $560,000 Question 15 5 pts Mayco applies overhead on the basis of $20 per machine hour. Job No. 501 is charged with $240,000 of direct materials costs and $120,000 of direct labor...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $244.500 and 9,500 estimated direct labor hours. Actual manufacturing overhead for the year amounted to $245,200 and actual direct labor-hours were 6,200. The overhead for the year was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 0 $84.912 underapplied O o $85,612 underapplied O o $84,912 overapplied...
Southern Rim Parts estimates its manufacturing overhead to be
$436,000 and its direct labor costs to be $1,090,000 for year 1.
The first three jobs that Southern Rim worked on had actual direct
labor costs of $68,000 for Job 301, $93,000 for Job 302, and
$190,000 for Job 303. For the year, actual manufacturing overhead
was $384,000 and total direct labor cost was $831,000.
Manufacturing overhead is applied to jobs on the basis of direct
labor costs using predetermined rates....
Department A $700.000 Direct materials Direct manufacturing labor Manufacturing overhead Department B $100,000 $800,000 $400,000 $200.000 $600,000 Answer the following questions using the information below: Apple Valley Corporation uses a job cost system and has two production departments, A and B. Budgeted manufacturing costs for the year are: The actual material and labor costs charged to Job #432 were as follows: Total Direct materials: $25,000 Direct labor: Department A $ 8,000 Department B $12.000 $20,000 Apple Valley applies manufacturing overhead...
Winston Company applies overhead cost to jobs on the basis of direct labor cost. Job X, which was started and completed during the current period, shows charges of $6,600 for direct materials, $8,400 for direct labor, and $6,048 for overhead on its job cost sheet. Job Q, which is still in process at year-end, shows charges of $2,700 for direct materials, and $5,000 for direct labor. Required: Calculate the overhead cost to be added to Job Q at year-end. Overhead...
Required information [The following information applies to the questions displayed below.) Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in- process on December 31, 20x1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company's practical capacity, in terms of direct-labor...
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