A company’s Factory Overhead account shows total debits of $624,000 and total credits of $646,000 at the end of the year. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold.

Q: During June, Buttrey Corporation incurred $73,000 of direct labor costs and $13,000 of indirect…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process…

A: Cost of goods manufactured = Beginning WIP + Manufacturing costs - Ending WIP Cost of goods…

Q: Factory Overhead account shows total debits of $684,000 and total credits of $708,000 at the enc e…

A: Factory overhead, also known as manufacturing overhead, work overhead, or factory burden in American…

Q: A review of the accounting records of Campbell Manufacturing indicated that the company incurred the…

A: Selling expenses   Salary of vice president of marketing                    15,700 Commission…

Q: The actual overhead for a company is $57,548. Overhead was based on 5,000 direct labor hours and was…

A: 1. Actual Overhead = Applied Overhead + Under applied Overhead  2. Overhead Application Rate per…

Q: A company that uses job order costing incurred a monthly factory payroll of $200,000. Of this…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: During April, Cavy Company incurred factory overhead as follows: Indirect materials $11,000 Factory…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Prepare journal entries to record the production activities. Paid factory payroll of $95,000.

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Time tickets indicated 3,000 labor hours in the production of Job .115, out of which 2,800 were…

A: Overhead means the cost incurred indirectly in production of goods . For examples , supervisor…

Q: Before disposing of its year-end manufacturing overhead balance, Puppovich Enterprises had the…

A: Manufacturing overhead: Manufacturing overhead is commonly referred to as factory overhead or work…

Q: Prepare the journal entry to record the factory wages of $31,000 incurred for a single production…

A: Wages and other perks provided to factory workers or personnel involved in the production of goods…

Q: Kalamazoo corporation has provided data concerning the company's manufacturing overhead account for…

A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products.…

Q: Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for…

A: Actual manufacturing incurred is debited to manufacturing overhead account and overhead applied is…

Q: Time tickets indicated 900 labor hours in the production of Job .115, out of which 600 were direct…

A: Journal entries are passed following the golden rules of accounting Debit all assets and expenses…

Q: Needles Manufacturing pays its direct labor employees $20 per hour. During the current period, 500…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: Comvita management have provided you with the following data for the year ended in 31st December…

A: Cost of Goods manufactured is total cost of goods which are manufactured in the factory. Prime cost…

Q: The following selected account balances for the year ended December 31 are provided for Valenko…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: During April, Cavy Company incurred factory overhead as follows: Indirect materials $11,800 Factory…

A: The factory overhead expenses are the indirect expenses and include expenses like indirect material,…

Q: Pharmally Biologic Inc has provided data concerning the company's Manufacturing Overhead account for…

A: Raw materials are the components which are used for the production of finished goods. Manufacturing…

Q: The Work-in-Process inventory account shows a balance of P2,400 at the end of the accounting period.…

A: Total overhead = Work-in-Process inventory account balance - (Direct material + direct labor) = 2400…

Q: The accounts of Melissa Manufacturing showed the following balances at the beginning of December:…

A: Work in process is the inventory which is in the progress. In other words, the inventory which is…

Q: Matthias Corporation has provided data concerning the Corporation's Manufacturing Overhead account…

A: 1st Option is correct Manufacturing overhead applied to Work in Process for the month was $97,000.

Q: Davidson Company's manufacturing overhead account showed a $6,200 under-allocated balance on…

A: Balance in COGS after adjustment = COGS before adjustment + Under allocated manufacturing overhead

Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…

A: Direct labor is the labor used for direct production.  Factory…

Q: A company provided the following data for its first year of operations ended on June 30. Figures are…

A: 1. Sales Revenue - Sales Revenue is the income earned by the organization during the accounting…

Q: Saved latthias Corporation has provided data concerning the Corporation's Manufacturing Overhead…

A: Manufacturing overhead account is debited with indirect costs of production such as indirect…

Q: The following data is provided for Garcon Company and Pepper Company for the year ended December 31.…

A: Prime cost is the total direct cost involved in the process of production. It includes the direct…

Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…

A: Variance is the result of the amount of expected value and actual results. It can be calculated by…

Q: Journalize the entry on May 30 to record the factory overhead incurred during May. Refer to the…

A: ..

Q: Matthias Corporation has provided data concerning the Corporation's Manufacturing Overhead account…

A: Raw material means the material purchased and still not enter in to the production lines. Work in…

Q: Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of the…

A: Journal entry: It is prepared to record the financial and non-financial transaction of the business…

Q: The following account balances were taken from the general ledger accounts of the Ellery…

A: Direct labor cost = Applied factory overhead  / 80% = P320,000/80% = P400,000 Raw material purchased…

Q: Faucette Corporation has provided the following data concerning manufacturing overhead for January:…

A: Actual manufacturing overhead incurred  $52,000 Manufacturing overhead applied to work in process…

Q: Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual…

A: Over-applied overhead = Overhead applied - Actual overhead or, Actual Overhead = Overhead applied -…

Q: Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual…

A: Manufacturing Overhead Control T-account is debited fro Actual Overheads incurred and Credited for…

Q: A company incurred $200,000 of manufacturing cost during the month, with a beginning finished goods…

A: Formula: Cost of goods sold = Beginning finished goods + Manufacturing costs during the month -…

Q: Anwer Manufacturing had the following information in its records at the end of the year:…

A: Manufacturing Overheads:- Manufacturing overheads includes all the indirect cost which are occurred…

Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…

A: Applied overhead = Actual hours x overhead rate Where,  Overhead rate = estimated factory overhead…

Q: Present entries to record the following summarized operations related to production for a company…

A: SOLUTION- A journal entry records a business transaction in the accounting system for an…

Q: During March, the following transactions/events were reported by Jerico Company that uses job- order…

A: Job Order Costing: Job Order Costing is best suited where the goods and services are produced on a…

Q: During January, its first month of operations, Dieker Company accumulated the following…

A: Prepare the journal entries:

Q: Comfort Shoes Manufacturing Company began business on January 1, 2016.  During its first year of…

A: Step 1 Cost of goods sold (COGS) is the carrying value of goods sold during a particular period.

Q: Cerrone Inc. has provided the following data for the month of July. The balance in the Finished…

A: Cost of goods sold means the cost incurred on the goods which has been sold out. Cost of goods sold…

Q: The Work in Process inventory account of a manufacturing Corporation shows a balance of Rs.30,000 at…

A: Predetermined Overhead Rate: Predetermined overhead rate is a measure used to allocate the estimated…

Q: During the current month, a company that uses job order costing incurred a monthly factory payroll…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: Cavy Company estimates that the factory overhead for the following year will be $1,824,500. The…

A: Solution: Overhead application rate =  factory overhead / machine hours  = 1824500 / 44500 = $41 per…

Q: A review of the accounting records of Munoz Manufacturing indicated that the company incurred the…

A: Payroll costs include all expenses incurred by an employer in order to reward its personnel.…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.