Question

emaining Times thout 2.857 points Question Completion Status QUESTIONS Durin October Hybrid Corporation incurred $70,000 of direct labor costs and $2.000 of indirect labor costs. The journal entry to record the accus of these wages would include a credit to Work in Process of $70.000 credit to Work in Process of 5 73.000 debit to Work in Process of $73,000 debit to Work in Process of $70,000 2.857 points QUESTION 9 Reynolds Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year Data for the most recently completed year appear below: Estimates made at the beginning of the year Estimated machine-hours 62.000 Estimated variable manufacturing overhead $7.03 per machine-hour Estimated total fixed manufacturing overhead $1,486,140 Actual machine-hours for the year 61,100 The predetermined overhead rate for the recently completed year was closest to Save All Answers Save and Sub Stop sharing Hide Click Save and submit to saill autoproctoru.com is sharing your screen. c] ENG O BI h

Answer 1

Q-8 : Option ( D) Debit to work in process of $70,000

Explanation:

1) Journal Entry would be as follows:

Date	Account Name	Debit	Credit
1.	Work In Process	$70,000
	Manufacturing Overhead	$3000
	To Salaries and wages payable		$73,000

2) So, option (d) is the correct choice.

Q- 9 Answer:

Explanation:

1) Predetermined Overhead:

= Total Manufacturing Overhead ÷ Total Estimated Machine Hour

= [ (62,000×$7.03) + $ 1,486,140] ÷ 62,000

= $ 1,922,000 ÷ 62,000 MH

= $ 31 Per MH