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The Robinson Corporation manufactures automobile parts. During the year, the company sold $5,800,000 of parts that...
2) Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations...
2) Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 2018 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000. Ending balances in the following accounts are: Work-in-Process $ 100,000 Finished Goods 750,000 Cost of Goods Sold 4,150,000 Required: a. Prepare a journal entry to write off the difference between allocated and actual overhead directly to Cost of Goods Sold. Be sure your journal entry closes the related overhead accounts. b....
7 Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations...
7 Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 2018 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000. Ending balances in the following accounts are: Work-in-Process $ 100,000 i bloicas bloeod al mod to 750,000 ellomrollo Finished Goods Cost of Goods Sold ( 8 Required: (16 points) a. Prepare a journal entry that prorates the write-off of the difference between allocated and actual overhead using ending account balances. Be...
Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct...
Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct cost categories direct materials and direct manufacturing laborand one Indirect cost pool, manufacturing overhead costs. It provides the following information about manufacturing overhead costs for 2020 (Click the icon to view the manufacturing overhead cost information for 2020.) The following information is available as of December 31, 2020 (Click the icon to view the information.) Requirement Calculate the underallocated or overallocated manufacturing overhead at...
Bultz company manufactures an energy drink. The company uses a budgeted indirect-cost rate for it's manufacturing...
Bultz company manufactures an energy drink. The company uses a budgeted indirect-cost rate for it's manufacturing operations and during 2014 allocated 1,000,000$ to work in process inventory. Actual overhead incurred was 1,200,000$. Ending balances are: Work in process 100,000$ Finished Goods 750,000$ Cost of Goods sold 4,150,000 a. Prepare a journal entry to write off the difference between allocated and actual overhead directly to Cost of Goods Sold. Be sure your journal entry closes the related overhead accounts. b. Prepare...
Southwick Company uses normal costing in its job costring system. Partially completed T-accounts and additional information...
Southwick Company uses normal costing in its job costring system. Partially completed T-accounts and additional information for Southwick for 2017 are as follows (Click the icon to view the T-accounts) (Click the icon to view the additional information) Read the requirements Direct Materials Control 1-1-2017 40,000 233,000 139,000 Work-in-Process Control 1-1-2017 43,000 Dir Manuf. labor 354,000 Manufacturing Overhead Allocated Finished Goods Control 1-1-2017 11,000 923,920 667 800 Cost of Goods Sold Manufacturing Overhead Control 509,000 Print Done a. Direct manufacturing...
6. Moira Company has just finished its first year of operations and must decide which method...
6. Moira Company has just finished its first year of operations and must decide which method to use for adjusting cost of goods sold. Because the company used a budgeted indirect-cost rate for its manufacturing operations, the amount that was allocated (5135,000) to cost of goods sold was different from the actual amount incurred ($425,000). Ending balances in the relevant accounts were: Work-in-Process Finished Goods Cost of Goods Sold $ 40,000 80,000 680,000 Required: (8 points) a. Prepare a journal...
Wabash Products uses a job costing system and applies overhead based on direct labor cost. Last year, manufacturing ove...
Wabash Products uses a job costing system and applies overhead based on direct labor cost. Last year, manufacturing overhead was expected to be $2,400,000 and direct labor cost was estimated to be $1,000,000 (40,000 direct-labor hours). Actual manufacturing overhead amounted to $2,472,000 and direct labor cost was $1,100,000 (42,500 direct-labor hours). Wabash allocates an over- or underapplied overhead to the three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on those account balances. At the end of the...
Hawthorn Company uses nor.al costing in its job costing system. Partially completed T-accounts and additional information...
Hawthorn Company uses nor.al costing in its job
costing system. Partially completed T-accounts and additional
information for Hawthorn for 2017 are attached.
a. Direct manufacturing labor wage rate was $10 per
hour.
b. Manufacturing overhead was allocated at $13 per direct
manufacturing labor hour.
c. During the year, sales revenues were $1,070,000, and marketing
and distribution costs were $129,000.
1) What was the amount of direct materials issued to
production during 2017?
2) What was the amount of manufacturing overhead...
IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal job costing...
IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal job costing system. The system applies manufacturing overhead on the basis of direct labor cost. For managerial purposes, over- or underapplied overhead is written off to Cost of Goods Sold monthly. IYF hires interns to work in its Plant Accounting department and, as a part of its interview process, asks candidates to take a short quiz. You are given the following journal entries for June. (Assume...
IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal job costing...
IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal job costing system. The system applies manufacturing overhead on the basis of direct labor cost. For managerial purposes, over- or underapplied overhead is written off to Cost of Goods Sold monthly. IYF hires interns to work in its Plant Accounting department and, as a part of its interview process, asks candidates to take a short quiz. You are given the following journal entries for June. (Assume...
7 Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 2018 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000. Ending balances in the following accounts are: Work-in-Process $ 100,000 i bloicas bloeod al mod to 750,000 ellomrollo Finished Goods Cost of Goods Sold ( 8 Required: (16 points) a. Prepare a journal entry that prorates the write-off of the difference between allocated and actual overhead using ending account balances. Be...
Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct cost categories direct materials and direct manufacturing laborand one Indirect cost pool, manufacturing overhead costs. It provides the following information about manufacturing overhead costs for 2020 (Click the icon to view the manufacturing overhead cost information for 2020.) The following information is available as of December 31, 2020 (Click the icon to view the information.) Requirement Calculate the underallocated or overallocated manufacturing overhead at...
Southwick Company uses normal costing in its job costring system. Partially completed T-accounts and additional information for Southwick for 2017 are as follows (Click the icon to view the T-accounts) (Click the icon to view the additional information) Read the requirements Direct Materials Control 1-1-2017 40,000 233,000 139,000 Work-in-Process Control 1-1-2017 43,000 Dir Manuf. labor 354,000 Manufacturing Overhead Allocated Finished Goods Control 1-1-2017 11,000 923,920 667 800 Cost of Goods Sold Manufacturing Overhead Control 509,000 Print Done a. Direct manufacturing...
6. Moira Company has just finished its first year of operations and must decide which method to use for adjusting cost of goods sold. Because the company used a budgeted indirect-cost rate for its manufacturing operations, the amount that was allocated (5135,000) to cost of goods sold was different from the actual amount incurred ($425,000). Ending balances in the relevant accounts were: Work-in-Process Finished Goods Cost of Goods Sold $ 40,000 80,000 680,000 Required: (8 points) a. Prepare a journal...
Wabash Products uses a job costing system and applies overhead based on direct labor cost. Last year, manufacturing overhead was expected to be $2,400,000 and direct labor cost was estimated to be $1,000,000 (40,000 direct-labor hours). Actual manufacturing overhead amounted to $2,472,000 and direct labor cost was $1,100,000 (42,500 direct-labor hours). Wabash allocates an over- or underapplied overhead to the three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on those account balances. At the end of the...
Hawthorn Company uses nor.al costing in its job
costing system. Partially completed T-accounts and additional
information for Hawthorn for 2017 are attached.
a. Direct manufacturing labor wage rate was $10 per
hour.
b. Manufacturing overhead was allocated at $13 per direct
manufacturing labor hour.
c. During the year, sales revenues were $1,070,000, and marketing
and distribution costs were $129,000.
1) What was the amount of direct materials issued to
production during 2017?
2) What was the amount of manufacturing overhead...
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