a. Materials purchased on account, $147,000.b. Materials requisitioned and factory labor used:Job No.101102$19,32023,10013,44038,20010518,05010618,000For general factory use9,000c. Factory overhead costs incurred on account, $6,000.d. Depreciation of machinery and equipment, $4,100.e. The factory overhead rate is $40 per machine hour. Machine hours used:103104Job No.101102103104105106EntriesMachine Hours154160126238Materials160174Factory Labor$19,50028,14014,00036,50015,54018,70020,160Total1,012& Jobs completed: 101, 102, 103, and 105.g. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 105, $45,500.Required:1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.DescriptionDebit000 00Credit

Journal -A journal is a repository for documents where business dealings are documented in the…

101 102 103 104 38,200 105 18,050 106 18,000 For general factory use 9,000 c. Factory overhead costs incurred on account, $6,0 d. Depreciation of machinery and equipment, $4,10 e. The factory overhead rate is $40 per machine ho Job No. 101 102 103 104 105 106 154 160 Entries Machine Hours 126 238 Matera IS 160 174 $19,320 23,100 13,440 Total 1,012 & Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as Required: 1. Journalize the entries to record the summarized Description

101 102 103 104 38,200 105 18,050 106 18,000 For general factory use 9,000 c. Factory overhead costs incurred on account, $6,0 d. Depreciation of machinery and equipment, $4,10 e. The factory overhead rate is $40 per machine ho Job No. 101 102 103 104 105 106 154 160 Entries Machine Hours 126 238 Matera IS 160 174 $19,320 23,100 13,440 Total 1,012 & Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as Required: 1. Journalize the entries to record the summarized Description

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ak ces Acme Incorporated incurs the following costs during July: $ 12,600 27,100 3,600 3,900 Raw material used 19,100 *80% of this amount relates to the factory. Sales expense Direct labor Factory supplies. Advertising Total manufacturing cost Administrative expense Required: Calculate Acme's total manufacturing costs for July, $ 67,780 Plant depreciation Indirect labor Utilities $ 22,600 7,300 9,100 11,100
b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Entry Description Debit Credit b. Work in Process fill in the blank 6 fill in the blank 7 Factory Overhead fill in the blank 9 fill in the blank 10 Materials fill in the blank 12 fill in the blank 13 c. Factory labor used, $756,000, of which $182,000 was indirect. Entry Description Debit Credit c. Work in Process fill in the blank 15 fill in the blank 16 Factory Overhead fill in the blank 18 fill in the blank 19 Wages Payable fill in the blank 21 fill in the blank 22
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direct material in units 97,000 direct labor hourse 30,000 machine hours 26,000 number of set ups 300 number of devices produced 16,000 The 210,000 units of material had a total cost of 1,365,000. Direct labor is 17 per hour. The company has total overhead production cost of 1,850,000 Cost Pool 1. Equipment Maintenance 2. Production Set up 3. Material Handling 4. Transportation Cost Cost driver 1. # of machine hours 2. # of set ups 3. units of materials 4. # of devices produced Cost 1. 585,000 2. 125,000 3. 540,000 4. 600,000 Volume 1. 39,000 2. 900 3. 210,000 4. 24,000 Compute the unit cost.
Subject: accounting
24. The following fixed overhead data relates to a company that uses machine hours to allocate fixed manufacturing overhead: Production Machine-hours Fixed overhead costs Actual 41,000 units 6,020 hours $125,500 What is the amount of fixed overhead allocated to production? A) $117,000.00 B) $123,000.00 C) $125,500.00 D) $128,210.13 Production Machine-hours Fixed overhead costs 25. The following fixed overhead data relates to a company that uses machine hours to allocate fixed manufacturing overhead: B) $400 unfavorable C) $1,056 favorable D) $1,056 unfavorable Static Budget 39,000 units 5,850 hours $117,000 Actual 53,400 units 1,960 hours $86,520 What is the fixed overhead spending variance? A) $400 favorable Static Budget 53,000 units 2,120 hours $86,920
H6
Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Job P $ 22,360 $36,120 Manufacturing overhead applied 2,970 1,030 4,000 Job P Job Q $ 13,760 $ 12,900 1,380 1,500 2,880 Job Q Molding 4,300 $ 17,200 $ 1.40 Fabrication 2,580 $25,800 $ 43,000 6,880 $ 2.20 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1 to 9, assume that Sweeten Company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions 10 to 15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. Total 11. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not…
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2. The company incurred factory overhead cost as follows: Indirect materials $ 28,300Indirect labor 52,300Factory Utilities cost 6,000Factory Depreciation 10,200Journalize the entry to record the actual factory overhead incurred during February.
N4 Ragtime Company had the following information for the year: Direct materials used $ 112,000 Direct labor incurred (5,200 hours) $ 152,000 Actual manufacturing overhead incurred $ 168,000 Ragtime Company used a predetermined overhead rate of $34 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,500. What was cost of goods manufactured? Multiple Choice $437,000 $423,300 $428,000 $262,000
Compute Manufacturinh Overhead costs: Electricity for Factory- 15,800 Labor- 31,000 Rent for factory- 23,000 Insurance on factory- 1,400 glass for bulbs- 55,200 cardboard for packaging- 7,000 Is my cost driver Labor 31,000? Wha tare my units? Estimated total Manufacturing overhead?Estimated total hours?