Homework Answers
Correct answer:
The correct journal entry will be: Option B
|
date |
General journal |
Debit |
credit |
|
xx-xx-xx |
Fixed overhead Control |
$ 49,000 |
|
|
accounts payable |
$ 3,000 |
||
|
salaries payable |
$ 32,000 |
||
|
accumulated depreciation |
$ 14,000 |
||
|
(To Record Actual Fixed Overhead costs incurred) |
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Fixed overhead costs for March for a factory were Salaries of $32.000, depreciation of $14,000, and...
Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Insurance Prepaid Property Taxes Property Tax Payable Raw...
Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Insurance Prepaid Property Taxes Property Tax Payable Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Fort Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classiñed as indirect materials. 3....
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Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. Payroll for the month: direct labor, $75,000; indirect labor, $35,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,500. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to...
Factory Overhead Cost Budget Sweet Tooth Candy Company budgeted the following costs for anticipated production for...
Factory Overhead Cost Budget Sweet Tooth Candy Company budgeted the following costs for anticipated production for August: Advertising expenses $232,000 Manufacturing supplies 14,000 Power and light 48,000 Sales commissions 298,000 Factory insurance 30,000 Production supervisor wages $135,000 Production control wages 32,000 Executive officer salaries 310,000 Materials management wages 39,000 Factory depreciation 22,000 Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs. Sweet Tooth Candy Company Factory...
Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost budget for the Press...
Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost budget for the Press Department for October of the current year, during which it expected to require 14,000 hours of productive capacity in the department: Variable overhead cost: Indirect factory labor $109,200 Power and light 4,480 Indirect materials 44,800 Total variable overhead cost $158,480 Fixed overhead cost: Supervisory salaries $55,470 Depreciation of plant and equipment 34,870 Insurance and property taxes 22,190 Total fixed overhead cost 112,530 Total factory...
Variable Costs Fixed Costs Indirect materials Supervisory $11,600 salaries $35,700 Indirect 10,400 Depreciation 7,100 labor Property...
Variable Costs Fixed Costs Indirect materials Supervisory $11,600 salaries $35,700 Indirect 10,400 Depreciation 7,100 labor Property 7,500 taxes and insurance Utilities 7,300 Maintenance 5,600 Maintenance 5,700 Actual variable costs were indirect materials $14,900, indirect labor $9,500, utilities $9,000, and maintenance $5,200. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,300. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes...
Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost budget for the Press...
Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost budget for the Press Department for October of the current year, during which it expected to require 12,000 hours of productive capacity in the department: Variable overhead cost: Indirect factory labor $99,600 Power and light 5,640 Indirect materials 36,000 Total variable overhead cost $141,240 Fixed overhead cost: Supervisory salaries $49,430 Depreciation of plant and equipment 31,070 Insurance and property taxes 19,770 Total fixed overhead cost 100,270 Total factory...
Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost budget for the Press...
Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost budget for the Press Department for October of the current year, during which it expected to require 16,000 hours of productive capacity in the department: Variable overhead cost: Indirect factory labor $115,200 Power and light 6,880 Indirect materials 35,200 Total variable overhead cost $157,280 Fixed overhead cost: Supervisory salaries $55,050 Depreciation of plant and equipment 34,600 Insurance and property taxes 22,020 Total fixed overhead cost 111,670 Total factory...
Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost budget for the Press...
Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost budget for the Press Department for October of the current year, during which it expected to require 12,000 hours of productive capacity in the department: Variable overhead cost: Indirect factory labor $88,800 Power and light 5,040 Indirect materials 27,600 Total variable overhead cost $121,440 Fixed overhead cost: Supervisory salaries $42,500 Depreciation of plant and equipment 26,720 Insurance and property taxes 17,000 Total fixed overhead cost 86,220 Total factory...
During April, Almerinda Company incurred factory overhead costs as follows: indirect materials, $42,800; indirect labor, $99,200;...
During April, Almerinda Company incurred factory overhead costs as follows: indirect materials, $42,800; indirect labor, $99,200; utilities cost, $18,200; and factory depreciation, $49,000. Journalize the entry on Apr. 30 to record the factory overhead incurred during April. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSAlmerinda CompanyGeneral Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies...
Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Insurance Prepaid Property Taxes Property Tax Payable Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Fort Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classiñed as indirect materials. 3....
Variable Costs Fixed Costs Indirect materials Supervisory $11,600 salaries $35,700 Indirect 10,400 Depreciation 7,100 labor Property 7,500 taxes and insurance Utilities 7,300 Maintenance 5,600 Maintenance 5,700 Actual variable costs were indirect materials $14,900, indirect labor $9,500, utilities $9,000, and maintenance $5,200. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,300. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes...
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