Homework Answers
A) Debit Work In process inventory $22000, Credit Manufacturing overhead $22000
Reason: This is only transferring entry as ultimately Manufacturing overhead in the shall be transferred to WIP Account. At the Time when Actual Manufacturing expenses where incurred then follow entry will be passed:
Debit Manufacturing Overhead, Credit Cash/Bank
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Question 21 Which journal entry would a company record when estimating the amount of overhead based...
1. The journal entry to record applying overhead during the production process is: 2. Baka Corporation...
1. The journal entry to record applying overhead during the
production process is:
2. Baka Corporation applies
manufacturing overhead on the basis of direct labor-hours. At the
beginning of the most recent year, the company based its
predetermined overhead rate on total estimated overhead of $239,700
and 4,740 estimated direct labor-hours. Actual manufacturing
overhead for the year amounted to $242,000 and actual direct
labor-hours were 4,670.
The predetermined overhead rate for the year was closest to:
3. Baka Corporation 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...
Please answer all the question!! Thanks a lot！ At Allen Company, manufacturing overhead is applied based...
Please answer all the question!! Thanks a lot！
At Allen Company, manufacturing overhead is applied based on direct labor hours. Overhead was estimated to be $540,000 and direct labor hours were estimated to be 360,000. Actual direct labor hours and actual direct labor costs for the year amounted to 400,000 hours and $700,000. In addition, Allen Company incurred the following actual costs during the year: * Administrative expenses, $100,000 • Depreciation expense on fixed assets, $500,000 (80% of the depreciation...
Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would...
Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would incur $176,000 of manufacturing overhead cost during 2019, using 16,000 direct labor hours to produce the desired volume of goods. On January 1, 2019, beginning balances of Materials Inventory, Work in Process Inventory, and Finished Goods Inventory were $28,000, $-0-, and $43,000, respectively. Required Prepare general journal entries to record the following for 2019: a. Purchased materials on account, $39,000. Description Debit Credit Support...
5-b. Prepare the necessary journal entry to record its disposition. (If no entry is required for...
5-b. Prepare the necessary journal entry to record its disposition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record under- or over applied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs....
need hwlp with question 5 Compute Tasty's departmental overhead rate for the mixing department based on...
need hwlp with question 5
Compute Tasty's departmental overhead rate for the mixing department based on machine hours. A) $1.50 per MH. B) $3.33 per MH. C) $0.60 per MH. D) $0.50 per MH. E) $2.00 per MH. 5) Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is: Direct materials used $ 87,000 Direct labor used 160,000 155% Predetermined overhead rate...
enu Prior to the beginning of 2016, Stapleton Company estimated that it would incur overhead cost...
enu Prior to the beginning of 2016, Stapleton Company estimated that it would incur overhead cost during 2016, using 17,000 direct labor hours to produce the desired volume of january 1, 2016, beginning balances of Material Inventory were $48,000, $-0-, and $87,000, respectively. Required 153,000 of manufacturing goods. On s Inventory, Work in Process Inventory, and Finished Goods Prepare general journal entries to record the following for 2016 a. Purchased materials on account, $316,000. Description Debit Credit Materials inventory 16,000...
Journal entry one is given. Journal entry 2 record the raw materials used in production, 189,000...
Journal entry one is given.
Journal entry 2 record the raw materials used in production,
189,000 (151,200 direct materials and 37,800 indirect
materials).
Journal entry 3 record the entry for accrued direct Labor
costs incurred, 50,000; indirect Labor cost incurred, 22,000.
Journal entry 4 depreciation recorded on factory equipment,
105,000.
Journal entry 5 other manufacturing overhead costs accrued
during October, 130,000.
Journal entry 6 The company applies manufacturing overhead
cost to production on the basis of 6$ per machine hour....
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for...
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $110,500 and $124.000, respectively. During the year, actual overhead was $106,400 and actual direct labor cost was $120,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice O A credit to Finished Goods Inventory for $400. O A debit to Cost of Goods...
1. What is the journal entry to record raw materials used inproduction? (If no entry...
1. What is the journal entry to record raw materials used in
production? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)2. What is the ending balance in Raw Materials?3. What is the journal entry to record the labor costs incurred
during the year? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)4. What is the total amount of manufacturing overhead applied...
1. The journal entry to record applying overhead during the
production process is:
2. Baka Corporation applies
manufacturing overhead on the basis of direct labor-hours. At the
beginning of the most recent year, the company based its
predetermined overhead rate on total estimated overhead of $239,700
and 4,740 estimated direct labor-hours. Actual manufacturing
overhead for the year amounted to $242,000 and actual direct
labor-hours were 4,670.
The predetermined overhead rate for the year was closest to:
3. Baka Corporation 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...
Please answer all the question!! Thanks a lot！
At Allen Company, manufacturing overhead is applied based on direct labor hours. Overhead was estimated to be $540,000 and direct labor hours were estimated to be 360,000. Actual direct labor hours and actual direct labor costs for the year amounted to 400,000 hours and $700,000. In addition, Allen Company incurred the following actual costs during the year: * Administrative expenses, $100,000 • Depreciation expense on fixed assets, $500,000 (80% of the depreciation...
Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would incur $176,000 of manufacturing overhead cost during 2019, using 16,000 direct labor hours to produce the desired volume of goods. On January 1, 2019, beginning balances of Materials Inventory, Work in Process Inventory, and Finished Goods Inventory were $28,000, $-0-, and $43,000, respectively. Required Prepare general journal entries to record the following for 2019: a. Purchased materials on account, $39,000. Description Debit Credit Support...
5-b. Prepare the necessary journal entry to record its disposition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record under- or over applied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs....
need hwlp with question 5
Compute Tasty's departmental overhead rate for the mixing department based on machine hours. A) $1.50 per MH. B) $3.33 per MH. C) $0.60 per MH. D) $0.50 per MH. E) $2.00 per MH. 5) Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is: Direct materials used $ 87,000 Direct labor used 160,000 155% Predetermined overhead rate...
enu Prior to the beginning of 2016, Stapleton Company estimated that it would incur overhead cost during 2016, using 17,000 direct labor hours to produce the desired volume of january 1, 2016, beginning balances of Material Inventory were $48,000, $-0-, and $87,000, respectively. Required 153,000 of manufacturing goods. On s Inventory, Work in Process Inventory, and Finished Goods Prepare general journal entries to record the following for 2016 a. Purchased materials on account, $316,000. Description Debit Credit Materials inventory 16,000...
Journal entry one is given.
Journal entry 2 record the raw materials used in production,
189,000 (151,200 direct materials and 37,800 indirect
materials).
Journal entry 3 record the entry for accrued direct Labor
costs incurred, 50,000; indirect Labor cost incurred, 22,000.
Journal entry 4 depreciation recorded on factory equipment,
105,000.
Journal entry 5 other manufacturing overhead costs accrued
during October, 130,000.
Journal entry 6 The company applies manufacturing overhead
cost to production on the basis of 6$ per machine hour....
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $110,500 and $124.000, respectively. During the year, actual overhead was $106,400 and actual direct labor cost was $120,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice O A credit to Finished Goods Inventory for $400. O A debit to Cost of Goods...
1. What is the journal entry to record raw materials used in
production? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)2. What is the ending balance in Raw Materials?3. What is the journal entry to record the labor costs incurred
during the year? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)4. What is the total amount of manufacturing overhead applied...
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