Required information [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 34,000 9,500 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used. Other overhead costs 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. End of Period $ 44,000 19,900 34,100 $ 181,000 100,000 11,000 23,000 92,000 Prepare journal entries for the above transactions for the period.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
The following information is available for ADT Company, which produces special-order security products and uses a job
order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.
Inventories
Raw materials
Work in process
Finished goods
Beginning of
period
$ 34,000
9,500
54,000
Cost incurred for the period
Raw materials purchases
Factory payroll
Factory overhead (actual)
Indirect materials used
Indirect labor used
Other overhead costs
1. Raw materials purchases for cash.
2. Direct materials used.
3. Indirect materials used.
End of
Period
$ 44,000
19,900
34,100
$ 181,000
100,000
11,000
23,000
92,000
Prepare journal entries for the above transactions for the period.
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 34,000 9,500 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. End of Period $ 44,000 19,900 34,100 $ 181,000 100,000 11,000 23,000 92,000 Prepare journal entries for the above transactions for the period.
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