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adjust the manufacturing overhead account
prepare the journal entry and post thr transactions to
T-account
Cedar...
Compute the predertermined overhead allocation rate for 2018. Cedar River Trikes manufactures threewheeled bikes for adults....
Compute the predertermined overhead allocation rate for
2018.
Cedar River Trikes manufactures threewheeled bikes for adults. The company locates manufacturing overhead based on machine hours. Cedar River expects to incur $250.000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported the following inventory balances at May 31, 2018 Raw Materials inventory $25,000 Work in Process inventory $18,000 Finished Goods inventory $41.000 During June, 2018, Cedar River actually used 1.100 machine hours Predetermined overhead allocation...
Date Account/Explanation Debit Credit Purchased materials on account, $140,000 10 ) 12 Used direct materials, $110,000...
Date Account/Explanation Debit Credit Purchased materials on account, $140,000 10 ) 12 Used direct materials, $110,000 16 Manufacturing wages incurred totaled $80,000 94% was direct labor and 6% was indirect labor 21 Used indirect materials. $5.500 25 incurred other manufacturing overhead on account, 522,000 Allocated manufacturing overhead for June 2018 Machine hours: 1.100 during June. OH Rote: $25/hour. $220.000 t s were completed during une Sold $450.000 ft 450.000 otron count. The cost of the tries 245.000 ENTERANSWERS ENTERANSWERS ENTERANSWERS...
Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entry to properly dispose...
Is Manufacturing Overhead underapplied or overapplied for the
year? Prepare a journal entry to properly dispose of any balance in
the Manufacturing Overhead account.
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw Materials .... ....... Work in Process ..................... Finished Goods ........................ $16,000 $10,000 $30,000 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated...
2. Prepare T-Accounts for inventories, Manufacturing overhead, and Cost of Goods Sold. Post Relevant data from...
2. Prepare T-Accounts for inventories, Manufacturing overhead,
and Cost of Goods Sold. Post Relevant data from your journal
entries to these T-Accounts (don't forget to enter the opening
balances in your inventory accounts). Compute and ending balance in
each account.
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw Materials .... ....... Work in Process ..................... Finished Goods ........................ $16,000 $10,000 $30,000 The company applies...
The journal entry to close manufacturing overhead would include a Here is selected data for Lori...
The journal entry to close manufacturing overhead would
include a
Here is selected data for Lori Corporation: Cost of raw material purchased Cost of requisitioned direct materials Cost of requisitioned indirect materials Direct labor Manufacturing overhead incurred Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Manufacturing overhead allocation rate (based on direct $77,000 43,200 3,400 80,300 90,000 233,500 142,600 17,200 32,400 35,700 120% O A. credit to...
Comprehensive Cases 43. Journal Entries, Closing Manufacturing Overhead, and Preparing an Income Statement Jansen, Inc., is...
Comprehensive Cases 43. Journal Entries, Closing Manufacturing Overhead, and Preparing an Income Statement Jansen, Inc., is a defense contractor that uses job costing. Because the firm uses a perpetual inventory system, the three supporting schedules to the income statement (the schedule of raw materials placed in production, the schedule of cost of goods manufactured, and the schedule of cost of goods sold) are not necessary. Inventory account beginning balances at January 1, 2016, are listed as follows. Raw materials inventory...
2) Record the following events as Journal Entries. Also, prepare a t-account for Manufacturing Overhead. a)...
2) Record the following events as Journal Entries. Also, prepare a t-account for Manufacturing Overhead. a) Purchased $10,000 of raw materials on account b) There was $7,000 of materials used, $6,000 of which were direct. c) There was $11,000 of wages, $9,000 of which were direct. d) The company paid a $500 utility bill for electricity to run its factory. e) The budgeted manufacturing overhead for the year was $4,000 and was to be applied based on estimated machine hours...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37,000. Indirect materials used in production, $12,000. c. Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,000. e. Applied overhead at the rate of 120% of direct labor cost....
Selected accounts of Kosar Manufacturing Company at year end appear below: RAW MATERIALS INVENTORY (a) 40,000...
Selected accounts of Kosar Manufacturing Company at year end appear below: RAW MATERIALS INVENTORY (a) 40,000 (d) 25,000 FINISHED GOODS INVENTORY (g) 140,000 (h) 120,000 FACTORY LABOR (b) 110,000 (e) 110,000 WORK IN PROCESS INVENTORY (d) 25,000 (g) 140,000 (e) 80,000 (f) 100,000 COST OF GOODS SOLD (h) 120,000 MANUFACTURING OVERHEAD (c) 75,000 (f) 100,000 (e) 30,000 Explain the probable transaction that took place for each of the items identified by letters in the accounts. For example: (a) Raw materials...
2. Prepare journal entries for the month of April to record the above transactions Need helf...
2.
Prepare journal entries for the month of April to record the above
transactions
Need helf with f2,f3,f4
(The following information applies to the questions displayed below.) Marcelino Co's March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is...
Compute the predertermined overhead allocation rate for
2018.
Cedar River Trikes manufactures threewheeled bikes for adults. The company locates manufacturing overhead based on machine hours. Cedar River expects to incur $250.000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported the following inventory balances at May 31, 2018 Raw Materials inventory $25,000 Work in Process inventory $18,000 Finished Goods inventory $41.000 During June, 2018, Cedar River actually used 1.100 machine hours Predetermined overhead allocation...
Date Account/Explanation Debit Credit Purchased materials on account, $140,000 10 ) 12 Used direct materials, $110,000 16 Manufacturing wages incurred totaled $80,000 94% was direct labor and 6% was indirect labor 21 Used indirect materials. $5.500 25 incurred other manufacturing overhead on account, 522,000 Allocated manufacturing overhead for June 2018 Machine hours: 1.100 during June. OH Rote: $25/hour. $220.000 t s were completed during une Sold $450.000 ft 450.000 otron count. The cost of the tries 245.000 ENTERANSWERS ENTERANSWERS ENTERANSWERS...
Is Manufacturing Overhead underapplied or overapplied for the
year? Prepare a journal entry to properly dispose of any balance in
the Manufacturing Overhead account.
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw Materials .... ....... Work in Process ..................... Finished Goods ........................ $16,000 $10,000 $30,000 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated...
2. Prepare T-Accounts for inventories, Manufacturing overhead,
and Cost of Goods Sold. Post Relevant data from your journal
entries to these T-Accounts (don't forget to enter the opening
balances in your inventory accounts). Compute and ending balance in
each account.
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw Materials .... ....... Work in Process ..................... Finished Goods ........................ $16,000 $10,000 $30,000 The company applies...
The journal entry to close manufacturing overhead would
include a
Here is selected data for Lori Corporation: Cost of raw material purchased Cost of requisitioned direct materials Cost of requisitioned indirect materials Direct labor Manufacturing overhead incurred Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Manufacturing overhead allocation rate (based on direct $77,000 43,200 3,400 80,300 90,000 233,500 142,600 17,200 32,400 35,700 120% O A. credit to...
Comprehensive Cases 43. Journal Entries, Closing Manufacturing Overhead, and Preparing an Income Statement Jansen, Inc., is a defense contractor that uses job costing. Because the firm uses a perpetual inventory system, the three supporting schedules to the income statement (the schedule of raw materials placed in production, the schedule of cost of goods manufactured, and the schedule of cost of goods sold) are not necessary. Inventory account beginning balances at January 1, 2016, are listed as follows. Raw materials inventory...
2) Record the following events as Journal Entries. Also, prepare a t-account for Manufacturing Overhead. a) Purchased $10,000 of raw materials on account b) There was $7,000 of materials used, $6,000 of which were direct. c) There was $11,000 of wages, $9,000 of which were direct. d) The company paid a $500 utility bill for electricity to run its factory. e) The budgeted manufacturing overhead for the year was $4,000 and was to be applied based on estimated machine hours...
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37,000. Indirect materials used in production, $12,000. c. Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,000. e. Applied overhead at the rate of 120% of direct labor cost....
2.
Prepare journal entries for the month of April to record the above
transactions
Need helf with f2,f3,f4
(The following information applies to the questions displayed below.) Marcelino Co's March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is...
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