SavedWhat journal entry would be made to record the application of $1.200 of manufacturing overhead to a job?Multiple Choice1,200Cost of Goods ManufacturedWork in Process1,200Manufacturing OverheadWork in Process1,2001,200Cost of Goods Manufactured1,200Manufacturing Overhead1,2001,200Cost of Goods ManufacturedWork in Process1,200Work in Process)1,200Manufacturing Overhead1,200

Manufacturing Overhead: Manufacturing overhead can be defined as all the costs incurred in…

Vhat Journal entry would be made to record the application of $1,200 of manufacturing overhead to a Multiple Choice Work in Process 1,200 Cost of Goods Manufactured 1,200 Manufacturing Overhead 1,200 Work in Process 1,200 Cost of Goods Manufactured Manufacturing Overhead 1,200 1,200 Cost of Goods Manufactured 1,200 Work in Process 1,200 Work in Process 1,200 Manufacturing Overhead 1.200

Vhat Journal entry would be made to record the application of $1,200 of manufacturing overhead to a Multiple Choice Work in Process 1,200 Cost of Goods Manufactured 1,200 Manufacturing Overhead 1,200 Work in Process 1,200 Cost of Goods Manufactured Manufacturing Overhead 1,200 1,200 Cost of Goods Manufactured 1,200 Work in Process 1,200 Work in Process 1,200 Manufacturing Overhead 1.200

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13PA: Selected information from Skylar Studios shows the following: Prepare journal entries to record the...

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A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Using the Information provided. A. What Is the balance in work in process? B. What Is the balance in finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
A companys Individual job sheets show these costs: Overhead is applied at 1.25 times the direct labor cost. Use the data on the cost sheets to perform these tasks: Apply overhead to each of the jobs. Prepare an entry to record the assignment of direct materials to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.
Selected information from Skylar Studios shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2
Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job P90 was started, completed, and sold to the customer for $3,200. The following information was available with respect to this job: $ 1,472 Direct materials Direct labor cost Machine-hours used $ 1,056 79 Compute the total manufacturing cost assigned to Job P90. Complete this question by entering your answers in the tabs below. Required 1 Required 2 200,000 $ 2,800,000 $ 2.00 Compute the plantwide predetermined overhead rate. Predetermined overhead rate per MH
The firm applies an overhead worth P100,000. The correct journal entry would be? P 100,000 Work-in-Process Accounts payable Manufacturing overhead Accounts payable Manufacturing overhead Work-in-process d. Work-in-process a. P100,000 b. P 100,000 P100,000 P 100,000 с. P 100,000 P 100,000 Manufacturing overhead P100,000
Exercise 3-9 Applying Overhead; T-accounts; Journal Entries (LO3-1, LO3-2, LO3-4] Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.80 per machine-hour was based on a cost formula that estimates $232,400 of total manufacturing overhead for an estimated activity level of 83,000 machine-hours. Required: 1. Assume that during the year the company works only 78,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. 2A. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. 2B. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold.
d. $70,000 What is the journal entry to assign indirect raw materials to a job a. Debit Work in Process account and credit Raw Materials account b. Debit Finished Goods account and credit Raw Materials account c. Debit Manufacturing Overhead account and credit Raw Materials account d. Debit Raw Materials account and credit Work in Process account Lontoy.
What is the journal entry for the application of Factory Overhead to Work in Process if the driver is imprints, the rate is $1.80 per imprint, and the imprint meter reads 1,780 at the start of the day and 2,890 at the end of the day? a. Work in Process1.80 Factory Overhead1.80 b. Work in Process1,998 Factory Overhead1,998 c. Work in Process1,998 Cash1,998 d. Work in Process1,998 Depreciation Expense1,998
Calculate the overhead cost assigned to the job if the company used the overhead rates developed in requirement 1 above. Then calculate the overhead cost assigned to the job if the company used the overhead rates developed in requirement 2. Note: Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. Step-down method Direct method Total Overhead Cost
In job costing, the journal entry to record $200 of depreciation expense on factory equipment for the current period involves which of the following? credit to manufacturing overhead for $200 debit to depreciation expense-factory equipment for $200 debit to manufacturing overhead for $200 debit to accumulated depreciation-factory equipment for $200
Built-Tite uses job order costing. The T-account below summarizes Factory overhead activity for the current year. Factory Overhead Debit Credit 17,500 111,800 26,500 61, 500 1. Compute total applied overhead cost. 2. Compute total actual overhead cost. 3. Compute the underapplied or overapplied overhead. 1. Total applied overhead cost 2. Total actual overhead cost 3.
The following accounts are from last year's books at Sharp Manufacturing: Balance Balance (g) Debit Debit Debit Raw Materials 0 (b) 170,500 13,900 Finished Goods 0 (g) 520,400 47,400 Cost of Goods Sold 473,000 Credit Credit Credit 156,600 Balance (b) (c) (c) 473,000 (b) (c) (d) Debit Debit Work In Process 0 (1) 133,300 170,600 216,500 0 Manufacturing Overhead 23,300 (e) 27,300 158,600 Credit Credit 520,400 216,500 7,300 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overhead overapplied or underapplied for the year?