During April, Cavy Company incurred factory overhead as follows: Indirect materials $11,800 Factory supervision labor 4,600 Utilities 500 Depreciation (factory) 660 Equipment rental 770 Journalize the factory overhead incurred during April. If an amount box does not require an entry, leave it blank.

During April, Cavy Company incurred factory overhead as follows: Indirect materials $11,800 Factory supervision labor 4,600 Utilities 500 Depreciation (factory) 660 Equipment rental 770 Journalize the factory overhead incurred during April. If an amount box does not require an entry, leave it blank.

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Description: During April, Cavy Company incurred factory overhead as follows:Indirect materials$11,800Factory supervision labor4,600Utilities500Depreciation (factory)660Equipment rental770Journalize the factory overhead incurred during April. If an amount box do

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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Lamonda Corporation uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: a. Purchased materials on account at a cost of $232,170. b. Requisitioned materials at a cost of $112,200, of which $15,400 was for general factory use. c. Recorded unpaid factory labor of $225,200, of which $43,375 was indirect. d. Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation e. Applied overhead at a rate equal to 137 percent of direct labor cost f. Completed jobs costing $263,150. g. Sold jobs costing $323,570. h. Recorded sales revenue (on account) of $501,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. 3-a. Compute over- or underapplied manufacturing overhead. 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will…
appears on the company's records. Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: $ 42,900 ? 40,400 ● Manufacturing overhead incurred through July was $225,900. • Cost of goods sold through July 31 was $408,200. • Indirect materials cost during July was $3,300. • Overhead during July was underapplied by $2,500. Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $53,000. • The company paid suppliers $39,200 cash during July. ● Plant payroll during July totaled $82,900, of which…
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12.
Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Req 5A Job 306 $ 30,600 21,600 11,600 Additional Information a. Raw Materials Inventory has a March 31 balance of $81,600. b. Raw materials purchases in April are $504,000, and total factory payroll cost in April is Req 5B Raw materials Work in process Finished goods Total inventories 139,000 86,600 ? Finished (sold) $367,000. c. Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $639,000 cash in April. Job 307 $36,600 19,600 10,600 5-a. Compute gross profit for April. 5-b. Show how the…
A summary of the time tickets for August follows: Description Job 321 Job 329 Job 336 Job 342 Job 346 Indirect labor a. Amount Journalize the entries for (a) the labor cost incurred and (b) the application of factory overhead to production for August. The predetermined factory overhead rate is 70% of direct labor cost. If an amount box does not require an entry, leave it blank. b. $11,000 9,200 5,000 8,300 5,700 8,000
Journalize the entry to record the factory labor costs Journalize the entry to apply factory overhead to production for November.
During June, XYZ Company incurred OMR 90,000 of actual Manufacturing Overhead and actual labor hours were 15,000. During the same period, the Manufacturing Overhead was estimated to be OMR 95,000 for the period along with 20,000 direct labor hours. The journal entry to record the application of Manufacturing Overhead to Work in Process would include credit to Manufacturing Overhead of OMR 71,250 debit to Work in Process of OMR 67,500 b O None of the given answer is correct cO credit to Work in Process of OMR 71,250 d O debit to Manufacturing Overhead of OMR 95,000 .e O I.自一电生 - -會生

Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,780 and two jobs in process: Job No. 429 $2,160, and Job No. 430 $1,620. During May, a summary of source documents reveals the following. Job Number MaterialsRequisition Slips Labor TimeTickets 429 $2,700 $2,080 430 3,780 3,240 431 4,780 $11,260 8,200 $13,520 General use 920 1,240 $12,180 $14,760 Ivanhoe Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post entries in the order of journal entries presented in the previous part.) Work in Process Inventory enter a debit amount enter a debit…
Crane Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,700 and Work in Process Inventory of $3,770 and two jobs in process: Job No. 429 $2,430, and Job No. 430 $1,340. During May, the company incurred factory labor of $15,440. A summary of source documents reveals the following. Job Number MaterialsRequisition Slips Labor TimeTickets 429 $2,940 $2,300 430 3,850 3,400 431 4,680 $11,470 8,170 $13,870 General use 940 1,570 $12,410 $15,440 Crane Company applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month. (a) Record the May 1 inventory balances and the factory labor incurred.(b) Record (1) material usage from requisition slips, (2) factory labor usage from time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429.…
4.
The journal entry to record the Labor Time Tickets includes a debit to the Manufacturing Overhead account of what dollar amount? Materials Labor Requisition Time For Slips Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000 Sub-Total 12,500 16,000 General Use 1,000 1,500 Total Cost $ 13,500 17,500 $17,500 $1,500 $16,000 $13,500