Homework Answers
| 1 | Journal entries: | ||||||||
| Ref. | Account titles and explanation | Debit | Credit | ||||||
| a | Raw materials | 162000 | |||||||
| Accounts payable | 162000 | ||||||||
| (Materials purchased on account) | |||||||||
| b. | Work in process | 124000 | |||||||
| Manufacturing overhead | (Plug) | 20000 | |||||||
| Raw materials | 144000 | ||||||||
| (Materials used) | |||||||||
| c. | Work in process | 169000 | |||||||
| Manufacturing overhead | 242600 | ||||||||
| Sales commissions expense | 21000 | ||||||||
| Administrative salaries expense | 42000 | ||||||||
| Salaries and wages payable | 474600 | ||||||||
| (Employee service cost incurred) | |||||||||
| d. | Manufacturing overhead | 13800 | |||||||
| Rent expense | (Plug) | 4700 | |||||||
| Cash | 18500 | ||||||||
| (Rent paid) | |||||||||
| e. | Manufacturing overhead | 14000 | |||||||
| Utility payable | 14000 | ||||||||
| (Utility costs incurred) | |||||||||
| f. | Advertising expense | 12000 | |||||||
| Advertising payable | 12000 | ||||||||
| (Advertising cost incurred) | |||||||||
| g. | Manufacturing overhead | 16000 | |||||||
| Depreciation expense | 7000 | ||||||||
| Accumulated depreciation | 23000 | ||||||||
| (Depreciation recorded) | |||||||||
| h. | Work in process | (Note:1) | 321100 | ||||||
| Manufacturing overhead | 321100 | ||||||||
| (Manufacturing overhead applied) | |||||||||
| i. | Finished goods | 229000 | |||||||
| Work in process | 229000 | ||||||||
| (Goods completed) | |||||||||
| j. | Cash |
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Gold Nest Company of Guandong, China, is a family-owned
enterprise that makes birdcages for the South China market. The
company sells its birdcages through an extensive network of street
vendors who receive commissions on their sales.
The company uses a job-order costing system in which overhead is
applied to jobs on the basis of direct labor cost. Its
predetermined overhead rate is based on a cost formula that
estimated $85,500 of manufacturing overhead for an estimated
activity level of $45,000...
Gold Nest Company of Guandong, China, is a family-owned
enterprise that makes birdcages for the South China market. The
company sells its birdcages through an extensive network of street
vendors who receive commissions on their sales.
The company uses a job-order costing system in which overhead is
applied to jobs on the basis of direct labor cost. Its
predetermined overhead rate is based on a cost formula that
estimated $76,000 of manufacturing overhead for an estimated
activity level of $40,000...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $94,500 of manufacturing overhead for an estimated activity level of $45,000...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $85,500 of manufacturing overhead for an estimated activity level of $45,000...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $67,500 of manufacturing overhead for an estimated activity level of $45,000...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $67,500 of manufacturing overhead for an estimated activity level of $45,000...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $94,500 of manufacturing overhead for an estimated activity level of $45,000...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $85,500 of manufacturing overhead for an estimated activity level of $45,000...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $330,000 of manufacturing overhead for an estimated activity level of $200,000...