Please avoid solutions in an image format thanks !Required informationUse the following information to answer questions. (Static)[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 joborder costing system. Overhead is applied using a predetermined overhead rate of 70% of direct labor cost420InventoriesRaw materialsWork in processFinished goodsCost incurred for the period<Beginning ofPeriodRaw materials purchasesFactory payrollFactory overhead (actual)Indirect materials usedIndirect labor usedOther overhead costsView transaction list$ 43,00010,20063,00036.000Exercise 19-13 (Static) Recording materials; direct and indirect LO P1. P3Exercise 19-13 (Static) Recording materials; direct and indirect LO P1, P31. Raw materials purchases for cash.2. Direct materials used.3. Indirect materials used.Prepare journal entries for the above transactions for the period.AJournal entry worksheetB CEnd ofPeriod$ 52,00021,30035,600$ 210,000345,000Note: Enter debits before credits.Transaction115,00080,000120,000Record the raw material purchases for cash.General Journal< PrevstvDebit3Credit4 5 of 8STallNext >A O

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Description: Please avoid solutions in an image format thanks !Required informationUse the following information to answer questions. (Static)[The following information applies to the questions displayed below.]The following information is available for ADT Compa

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Business

Accounting

Ⓡ Required information Use the following information to answer questions. (Static) [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 70% of direct labor cost. Inventories Raw materials Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used i Other overhead costs Beginning of Period $ 43,000 10,200 63,000 View transaction list < Exercise 19-13 (Static) Recording materials; direct and indirect LO P1. P3 Exercise 19-13 (Static) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. Prepare journal entries for the above transactions for the period. A End of Period $ 52,000 21,300 35,600 $ 210,000 345,000 Journal entry worksheet B C 15,000 80,000 120,000 Note: Enter debits before credits. Transaction Record the raw material purchases for cash.. General Journal Debit Credit

Ⓡ Required information Use the following information to answer questions. (Static) [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 70% of direct labor cost. Inventories Raw materials Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used i Other overhead costs Beginning of Period $ 43,000 10,200 63,000 View transaction list < Exercise 19-13 (Static) Recording materials; direct and indirect LO P1. P3 Exercise 19-13 (Static) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. Prepare journal entries for the above transactions for the period. A End of Period $ 52,000 21,300 35,600 $ 210,000 345,000 Journal entry worksheet B C 15,000 80,000 120,000 Note: Enter debits before credits. Transaction Record the raw material purchases for cash.. General Journal Debit Credit

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 9EA: A new company started production. Job 10 was completed, and Job 20 remains in production. Here is...

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A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from 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 the 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.
A companys individual job sheets show these costs: Overhead is applied at 1.75 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 material 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.
Overhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per product
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?
Job order cost sheets show the following costs assigned to each job: The company assigns overhead at twice the direct labor cost. What is the total cost for each job?
Journalizing the distribution of service department costs to production departments Required: Using your solution to P4-7, prepare journal entries for the following: The distribution of the total factory overhead of $79,400 to the individual production and service departments where it originated. The distribution of the Building Maintenance overhead to the appropriate other departments. The distribution of the Factory Office overhead to the appropriate other departments.
A company has the following information relating to its production costs: Compute the actual and applied overhead using the companys predetermined overhead rate of $23.92 per machine hour. Was the overhead over applied or under applied, and by how much?
Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: The average shop direct labor rate is 37.50 per hour. Determine the predetermined shop overhead rate per direct labor hour.
In a job order cost system, raw materials purchased are debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
Freeman Furnishings has summarized its data as shown: Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours
Assuming that all materials are added at the beginning of the process and that labor and factory overhead are applied evenly during the process, compute the figures to be inserted in the blank spaces of the following data, using the weighted average cost method. [Hint: for best success in solving each Case, solve them in numerical order starting with (1)]