Homework Answers
| Journal entries | ||||||
| S.no. | Accounts title and explanations | Debit $ | Credit $ | |||
| a. | Work in Process inventory (83 DLH @ 52) | 4,316 | ||||
| Wages payable | 4,316 | |||||
| (for labour cost applied to job) | ||||||
| b. | Work in process inventory (83 DLH @ 42) | 3,486 | ||||
| Manufacturing overheads | 3,486 | |||||
| (for overheads applied to Job) | ||||||
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QS 15-14 Job order costing of services LO A1 Check my work An advertising agency used...
An advertising agency used 65 hours of direct labor in creating advertising for a music festival....
An advertising agency used 65 hours of direct labor in creating advertising for a music festival. Direct labor costs $50 per hour. The agency applies overhead at a rate of $40 per direct labor hour. Prepare journal entries to record the agency's direct labor and the applied overhead costs for this job.
Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs...
Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs in completing a tax return for a large company. Diaz applies overhead at 60% of direct labor cost. Labor Hours Used Hourly Rate Partner $ 470 Senior manager 160 Staff accountants 17 110 1. Prepare journal entries to record direct labor and the overhead applied. View transaction list Journal entry worksheet Record direct labor. Note: Enter debits before credits. Transaction General Journal Debit Credit...
Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs...
Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs in completing a tax return for a large company. Dlaz applies overhead at 50 % of direct labor cost. Labor Partner Senior nanager Staff accountants Hours Used Hourly Rate $550 210 14 90 70 1. Prepare journal entries to record direct labor and the overhead applied. View transaction list Journal entry worksheet A B > Record direct labor Note: Enter debits before credts Transaction...
? Ch 150 Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred...
?
Ch 150 Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs in completing a tax return for a large company. Dlaz apples overhead at 50% of direct labor cost tours Used H ourly rate 50 Suped Partner Senior sanager Stall accountants 1. Prepare joumal entries to record direct labor and the overhead applied Journal entry worksheet Record direct labot < Prev 10 45 5 Next > Type here to search Otec CIL101...
An advertising agency is estimating costs for advertising a music festival. The job will require 200...
An advertising agency is estimating costs for advertising a music festival. The job will require 200 direct labor hours at a cost of $50 per hour. Overhead costs are applied at a rate of $65 per direct labor hour. What is the total estimated cost for this job? JOB COST SHEET Hours Rate Estimated Cost Materials 0.00 Total estimated cost Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw...
Check my During the current month, a company that uses job order costing incurred a monthly...
Check my During the current month, a company that uses job order costing incurred a monthly factory payroll of $235,500. Of this amount, $59,000 is classified as in direct labor and the remainder as direct. Prepare journal entries to record these transactions View transaction list Journal entry worksheet Record the cost of direct labor used. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet Record the cost of indirect labor used. Note: Enter debits before credits...
Check my work The Polaris Company uses a job-order costing system. The following transactions occurred in...
Check my work The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). C. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate...
I need help with my assignment please Exercise 2-13 Recording events in job order costing LO...
I need help with my assignment please
Exercise 2-13 Recording events in job order costing LO P1, P2, P3, P4 Prepare summary journal entries to record the following transactions and events a through g for a company in its first month of operations a. Raw materials purchased on account, $94,000 b. Direct matenals used in production, $40,500. Indirect materials used in production, $25,000. a cash for factory payroll, $70,000. Of this total, $50,000 is for direct labor and $20,000 is...
1 Check my work Bunnell Corporation is a manufacturer that uses job-order costing. On January 1,...
1 Check my work Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Part 1 of 15 Raw materials Work in process Finished goods . $ 40,000 $ 18,000 $ 35,000 6.66 points 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 $650,000 of...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materialsS Work in process 25,000 Finished goods38,100 ş 50,500 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 overhead for an estimated activity level of 40,000 direct labor-hours. The following...
An advertising agency used 65 hours of direct labor in creating advertising for a music festival. Direct labor costs $50 per hour. The agency applies overhead at a rate of $40 per direct labor hour. Prepare journal entries to record the agency's direct labor and the applied overhead costs for this job.
Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs in completing a tax return for a large company. Diaz applies overhead at 60% of direct labor cost. Labor Hours Used Hourly Rate Partner $ 470 Senior manager 160 Staff accountants 17 110 1. Prepare journal entries to record direct labor and the overhead applied. View transaction list Journal entry worksheet Record direct labor. Note: Enter debits before credits. Transaction General Journal Debit Credit...
Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs in completing a tax return for a large company. Dlaz applies overhead at 50 % of direct labor cost. Labor Partner Senior nanager Staff accountants Hours Used Hourly Rate $550 210 14 90 70 1. Prepare journal entries to record direct labor and the overhead applied. View transaction list Journal entry worksheet A B > Record direct labor Note: Enter debits before credts Transaction...
?
Ch 150 Exercise 15-19 Job order costing of services LO A1 Diaz and Associates incurred the following costs in completing a tax return for a large company. Dlaz apples overhead at 50% of direct labor cost tours Used H ourly rate 50 Suped Partner Senior sanager Stall accountants 1. Prepare joumal entries to record direct labor and the overhead applied Journal entry worksheet Record direct labot < Prev 10 45 5 Next > Type here to search Otec CIL101...
An advertising agency is estimating costs for advertising a music festival. The job will require 200 direct labor hours at a cost of $50 per hour. Overhead costs are applied at a rate of $65 per direct labor hour. What is the total estimated cost for this job? JOB COST SHEET Hours Rate Estimated Cost Materials 0.00 Total estimated cost Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw...
Check my During the current month, a company that uses job order costing incurred a monthly factory payroll of $235,500. Of this amount, $59,000 is classified as in direct labor and the remainder as direct. Prepare journal entries to record these transactions View transaction list Journal entry worksheet Record the cost of direct labor used. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet Record the cost of indirect labor used. Note: Enter debits before credits...
Check my work The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). C. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate...
I need help with my assignment please
Exercise 2-13 Recording events in job order costing LO P1, P2, P3, P4 Prepare summary journal entries to record the following transactions and events a through g for a company in its first month of operations a. Raw materials purchased on account, $94,000 b. Direct matenals used in production, $40,500. Indirect materials used in production, $25,000. a cash for factory payroll, $70,000. Of this total, $50,000 is for direct labor and $20,000 is...
1 Check my work Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Part 1 of 15 Raw materials Work in process Finished goods . $ 40,000 $ 18,000 $ 35,000 6.66 points 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 $650,000 of...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materialsS Work in process 25,000 Finished goods38,100 ş 50,500 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 overhead for an estimated activity level of 40,000 direct labor-hours. The following...
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