Sheridan Manufacturing incurs $81,500 of direct labour costs. Supporting records show that the assembly department used $44,100 of the direct labour and the finishing department used the remainder. Manufacturing overhead is assigned to departments on the basis of 186% of direct labour costs. Journalize the assignment of overhead to the assembly and finishing departments. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Work in Process Inventory-Assembly Department Work in Process Inventory-Finishing Department Manufacturing Overhead: Textbook and Media Debit 82026 69,564 Credit

Sheridan Manufacturing incurs $81,500 of direct labour costs. Supporting records show that the assembly department used $44,100 of the direct labour and the finishing department used the remainder. Manufacturing overhead is assigned to departments on the basis of 186% of direct labour costs. Journalize the assignment of overhead to the assembly and finishing departments. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Work in Process Inventory-Assembly Department Work in Process Inventory-Finishing Department Manufacturing Overhead: Textbook and Media Debit 82026 69,564 Credit

Name: Sheridan Manufacturing incurs $81,500 of direct labour costs. Support
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Sheridan Manufacturing incurs $81,500 of direct labour costs. Supporting records show that the assembly department used $44,100of the direct labour and the finishing department used the remainder. Manufacturing overhead is assigned to departments on

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

During December, Moulding Corporation incurred 26,000 of actual Manufacturing Overhead Cost. During the same period, the Manufacturing Overhead applied to work in process was $24,000. # Prepare Fournal entries to record the incurrence of manufacturing Overhead and the application of Manufacturing Overhead to work in process.
Factory Overhead Costs During May, Salinger Company incurred factory overhead costs as follows: indirect materials, $2,810; indirect labor, $5,530; utilities cost, $1,360; and factory depreciation, $4,030. Journalize the entry to record the factory overhead incurred during May. If an amount box does not require an entry, leave it blank.
During January, its first month of operations, Sheridan Company accumulated the following manufacturing costs: raw materials purchased $5,200 on account, factory labor incurred $6,600, and factory utilities payable $2,400. Prepare separate journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 31 I (To record purchase of raw materials on account) (To record factory labor costs) (To record entry for utilities payable) eTextbook and Media Debit Credit
During the month, Barrera Manufacturing incurred (not paid) $49,000 in direct labor costs in Department 1, $24,000 in direct labor costs in Department 2, and $3,500 of indirect laber costs. Which of the following is NOT part of the summary journal entry to record these transactions? Process costing is used. OA. debit to Work-in-Process Inventory Department 1 for $40,000 OB. credit to Wages Payable for $76,500 OC. debit to Work-in-Process Inventory for $76,500 OD. debit to Manufacturing Overhead for $3,500 CHIC
Polar Corp during March 2019, recorded P42,400 of costs related to factory overhead. overhead application rate is based on direct labor hours. The present formula for overhead application estimated that P42,700 would be incurred, and 4,500 direct labor hours would be worked. During March, 6,250 hours were actually worked. Use this information to determine the amount of factory overhead that was (over) or under applied.
Wildhorse Company purchases $61,000 of raw materials on account, and it incurs $73,200 of factory labor costs. Supporting records show that (a) the Assembly Department used $29,280 of direct materials and $42,700 of direct labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Mar. 31 Work in Process - Assembly Work in Process - Finishing Raw Materials Inventory Debit 29280 31720 6100 Credit 61000
Huda Corporation’s accounting information system showed the following balances at the end of this period: Work in process $40,000 Finished goods 60,000 Cost of goods sold 100,000 Miss-applied overhead this period totaled $60,000; Huda maintains a single overhead account in its general ledger. If the miss-applied overhead is considered material, prepare the journal entry to record its disposition.
2
During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $39,000; indirect labor, $89,200; utilities cost, $18,400; and factory depreciation, $50,800. Journalize the entry on May 30 to record the factory overhead incurred during May. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Bergan Company General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary…
Warner Company purchases $52,500 of raw materials on account, and it incurs $62,200 of the factory labor costs. Supporting records show that (a) the Assembly Department used $32,700 of raw materials and $42,200 of the factory labor, and (b) the Finishing Department used the remainder.Journalize the assignment of the costs to the processing departments on March 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 (To record materials used) 31 (To assign factory labor to production)
X Company manufactures cakes in two departments: Mixing and Packaging. The company uses a process cost accounting system. All materials are entered at the beginning of each process. During April 2020, the following transactions were completed: Assigned raw materials of $60,000 and $50,000 to Work in Process Mixing and Packaging respectively. Factory labor costs of $20,000 and $40,000 were assigned to Work in Process Mixing and Packaging respectively. The company applied manufacturing overhead on the basis of $15 per machine hour. Machine hours used were 1,000 in Mixing and 2,000 in Packaging. During April, the company transferred units costing S80,000 from Mixing to Packaging. In addition, it trans ferred units costing $160,000 from Packaging to Finished Goods.
During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,400 on account, factory labor incurred $7,300, and factory utilities payable $2,600.Prepare separate journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)