25th Edition

ISBN: 9781260247985

Author: Wild

Publisher: RENT MCG

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Chapter 19, Problem 14E

Exercise 19-14 Adjusting factory overhead P4
Record the journal entry to close over- or underapplied factory overhead to Cost of Goods Sold for each of the two companies below.

Chapter 19, Problem 14E, Exercise 19-14 Adjusting factory overhead P4 Record the journal entry to close over- or underapplied

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Chapter 19, Problem 13E

Chapter 19, Problem 15E

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Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Fanning Company and Finch Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Required Fanning Company $ 170,900 26,000 $ 21,500 Finch Company $ 238,400 24,000 14,000 a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Required A Required B Complete this question by entering your answers in the tabs below. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Adjusting Entry for Fanning Company: < Prev 2…

Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Rundle Company and Rooney Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Rundle Actual manufacturing overhead Aatual direet labor hours Underapplied overhead Overapplied overhead Сoпpany $119,150 21,000 Rooney Company $262,250 25,000 11,000 $ 21,500 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Required A Required B Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Rundle Compamy Rooney Company Predetermined overhead rate Required A Required B>

Question 13All costs related to the manufacturing function in a company are:A. Prime costB. Conversion costC. Direct costD. Product cost Question 14In job-order cost system, the use of direct materials previously purchased usually is recorded as an increase in:A. Material accountB. Factor overhead appliedC. Factor overhead accountD. Work-in-process account Question 15The wages of factory janitorial staff should be classified as: A. Period costB. Factory overhead costC. Prime costD. Direct labor cost

Chapter 19 Solutions

FUND.ACCT.PRIN.

Ch. 19 - Jobs and job lots C1 Determine which of the...Ch. 19 - Job cost sheets C2 Clemens Cars's job cost sheet...Ch. 19 - Documents in job order costing P1 P2 P3 The left...Ch. 19 - Raw materials journal entries P1 During the...Ch. 19 - Prob. 5QS Ch. 19 - Prob. 6QS Ch. 19 - Prob. 7QS Ch. 19 - Prob. 8QS Ch. 19 - Prob. 9QS Ch. 19 - Prob. 10QS

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Exercise 19-14 Adjusting factory overhead P4 Record the journal entry to close over- or underapplied factory overhead to Cost of Goods Sold for each of the two companies below.

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