### Overview of Kim’s Asphalt OperationsKim’s Asphalt specializes in driveway and parking lot resurfacing for both large commercial clients and small residential customers. The business maintains an inventory of materials and equipment to ensure efficiency and prompt service delivery. Any specialized equipment required is ordered as needed.#### Inventory Details- **Materials and Equipment Inventory Account**: On May 1, the balance was $44,000.- **Work-in-Process Inventory Account**: Used to track costs for incomplete work.### Costs for Jobs in Progress (As of May 1)1. **Job 27 (Highlands Mall)** - Materials and Equipment: $16,575 - Direct Labor: $14,380 - Overhead (applied): $4,2902. **Job 33 (Pine Ridge Estates)** - Materials and Equipment: $5,350 - Direct Labor: $26,650 - Overhead (applied): $7,995*Note: Overhead is applied at 30% of direct labor costs.*### New Job Activities in MayDuring May, additional work was performed on Jobs 27 and 33. Two new jobs, 34 and 35, were initiated, with job 33 completed and billed to Pine Ridge Estates.#### Costs for May Jobs- **Job 27** - Materials and Equipment: $3,800 - Direct Labor (wages payable): $5,300- **Job 33** - Materials and Equipment: $5,680 - Direct Labor: $7,550- **Job 34** - Materials and Equipment: $5,400 - Direct Labor: $6,700- **Job 35** - Materials and Equipment: $3,700 - Direct Labor: $2,400### Other Business Events in May1. **Revenue from Previous Job**: Received a $13,300 payment for work completed on Job 24 delivered in April.2. **Acquisition of Materials**: Purchased materials and equipment on account for $10,200.3. **Invoice Payment**: Billed Pine Ridge Estates for $138,000 and received $115,000.4. **Indirect Labor Costs**: Payroll for indirect labor amounted to $730.5. **Incidental Materials**: Issued $235 of materials for current jobs. **Required:**a. Prepare journal entries to record the flow of costs for operations during May.b. Calculate the amount of over- or underapplied overhead for the month.c. Determine inventory balances for Materials and Equipment Inventory and Work-in-process inventory.**Instructions:**Complete this question by entering your answers in the tabs below.- Required A- Required B- Required C---**Prepare journal entries to record the flow of costs for operations during May.** (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)- [View transaction list]---**Journal entry worksheet:**- **A B C D E F G [H] I** Record charges to work in process. **Note:** Enter debits before credits.

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Description: ### Overview of Kim’s Asphalt OperationsKim’s Asphalt specializes in driveway and parking lot resurfacing for both large commercial clients and small residential customers. The business maintains an inventory of materials and equipment to ensure eff

Overheads are the indirect costs related to the production and manufacturing of goods. These costs…

Business

Accounting

Requlred: a. Prepare journal entries to record the flow of costs for operations during May. b. Calculate the amount of over- or underapplied overhead for the month. c. Determine inventory balances for Materials and Equipment Inventory and Work-in-process inventory. Complete this question by entering your answers in the tabs below. Required A Required 8 Required C Prepare journal entries to record the flow of costs for operations during May. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

Requlred: a. Prepare journal entries to record the flow of costs for operations during May. b. Calculate the amount of over- or underapplied overhead for the month. c. Determine inventory balances for Materials and Equipment Inventory and Work-in-process inventory. Complete this question by entering your answers in the tabs below. Required A Required 8 Required C Prepare journal entries to record the flow of costs for operations during May. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

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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Madelyn Company manufactures unique, custom-made furniture. The company uses a job order system and applies overhead to production on the basis of direct labor cost. In computing a predetermined overhead rate for the year 2019, the company estimated manufacturing overhead to be P26 million and direct labor costs to be P20 million. Actual costs incurred during 2019 Direct materinls used Direct labor cost incurred Insurance- factory equipment Indirect labor P 30,000.000 18,000,000 500,000 7,500,000 2,000,000 11,000,000 2,000,000 Factory maintenance Rent- factory building Depreciation- factory equipment
The predetermined manufacturing overhead rate is usually computed: Select one: A. During the financial year B. When overheads have been incurred C. At the beginning of the financial year D. At the end of the financial year
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2. Compute the July 31 balances of the inventory accounts. Materials Work in Process-Making Department Work in Process-Packing Department Finished Goods 3. Compute the July 31 balances of the factory overhead accounts. If required, use the minus sign to indicate a credit balance. Factory Overhead-Making Department Factory Overhead-Packing Department Feethack Credit Debit
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production $ 31,000 $ 4,570 Direct labor $ 59,000 Manufacturing overhead applied to work in process Underapplied overhead $ 88,200 $ 4,150 Inventories Beginning Raw materials $ 11,300 Ending $ 18,200 Work in process $ 54,200 $ 65,000 Finished goods $ 33,200 $ 42,900 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Direct materials used in production Total manufacturing costs added…
Marigold, Inc., manufactures clamps used in the overhead bin latches of several leading airplane models. George Robinson, president of Marigold, Inc., has gathered the following cost information from the company's accounting records for the latest month of operations. Advertising Fire insurance premium for the factory building Sales office utilities. Air filters for the buffing machines used to produce the clamps Aluminum used to produce the clamps Rent on the factory building Freight to ship the clamps to customers Sales department executiv alaries Production supervisors' salaries Assembly line workers' wages $21,000 $6,000 $2,000 $1,875 $38,500 $10,500 $3,125 $43,000 $20,000 $57,000
siness AccountingQ&A LibraryThe Harriott manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400 machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C November 1 Bal. b/f Direct Materials Used $51,250 256,400 Other transactions incurred: ▪ Indirect material issued to production was $40,360 ▪ Total manufacturing labour incurred in November was $368,000, 75% of this amount represented direct labour. ▪ Other manufacturing overhead costs incurred for November amounted to $340,490. ▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They were sold on account at a margin of 33⅓% on sales. Required: i) Compute Harriott’s predetermined manufacturing overhead rate for 2020. ii) State the journal entries…
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The Wonder Drug Company's total overhead costs at various levels of activity are presented below: Month September October November December Assume that the overhead costs above consist of indirect labor, scheduling salaries, and maintenance. The breakdown of these costs for the month of November is as follows: Indirect labor (V) Maintenance (M) Scheduling Salaries (F) a. Direct Labor Hours 15,000 12,000 18,000 21,000 Total Overhead Direct Labor Hours High Required: (a.) Using the high-low method, determine the cost formula for maintenance. (b.) Express the company's total overhead costs in linear equation form. $ 21,000 $ 219,600 197,400 125,000 542,000 Low 12,000 Total Overhead $ 472,000 409,400 542,000 604,700 Difference
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead (LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead 497,664 (b) 82,944| Work in Process 6,280 (c) 316,000 93,000 414,720 56,000 Finished Goods 34,000 | (d) 774,000 136,000 (а) 414,720 Bal. 774,000 672,000 Bal. (c) Bal. Bal. (b) Bal. Cost of Goods Sold (d) 672,000|| The overhead that had been applied to production during the year is distriputed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process, ending Finished Goods, ending Cost of Goods Sold $ 26,880 65,280 322,560 $ 414,720 Overhead applied
ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done 215 75 335 385 265 485 1,610 1,690 1,700 220 X ean thes ust.
Chapter 19, Part 3. Please fill out in same format as question