Factory labor used, $489,500 of which $34,200 was indirect . How do I find the journal entry ?
Q: Lakeview Manufacturing has the following factory labour costs: Factory-Gross wages $284,000…
A: Note: Sales salaries expenses are not related to the factor expenses. Sales salaries expense charged…
Q: Knight Company reports the following costs and expenses in May. Factory utilities $17,256…
A: Period cost refers to the cost other than product cost ie cost not related to production…
Q: The direct labor expense for Sippican is $351,000 Can you please help me derive how that answer was…
A: Calculation of Direct Labor hour = Production ( Unit ) * Direct Labor hour Valves= 7500* 0.38 =…
Q: The net earnings of factory workers for X Corp during the month of December totaled 100,000. The…
A: The calculation of amount of to be debited to Overhead Account is shown hereunder : Net earnings of…
Q: Materials used, P326,000. Total manufacturing costs charged to production during the year (including…
A: Hi student Since there are multiple questions, we will answer only first question. Cost accounting…
Q: If a company incurred $5,250 in actual overhead costs and allocated $5,575 to jobs, was the overhead…
A: Overallocated overheads occurrs when actual manufacturing overhead costs are less than allocated…
Q: o
A: A manufacturing overhead account keeps track of both actual and applied overhead charges (debits)…
Q: If beginning raw materials inventory was $16,198; raw materials purchases were $37,965; raw…
A: Raw material used = Beginning raw material inventory + Raw material purchases - Ending raw material…
Q: The following information were taken from the books of Mas Masayun Gud Eni Corporation during the…
A: Meaning of Overapplied or Underapplied overhead :- Overhead is said to be Overapplied if the Actual…
Q: The gross earnings of the factory workers for Waterway Company during the month of January are…
A: a).Factory labor A/c Dr.100800 To Factory wages payable A/c86000 To Employer fringe benefits…
Q: manufacturing company applies factory overhead based on direct labor hours. At the beginning of the…
A: Solution: Applied overhead is the overhead which is applied to production based on predetermined…
Q: [The following information applies to the questions displayed below.] Marcelino Co.'s March 31…
A: calculation of cost of goods manufactured are as follows
Q: During the period, labor costs incurred on account amounted to $275,000 including $200,000 for…
A: Note: When actual factory overhead costs are recorded then Factory overhead are debited and the the…
Q: The following information has been gathered for the Harrell Manufacturing Company for its fiscal…
A: The following calculations are done to compute the estimated overhead rate.
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: & Poneer Company reported total manufacturing costs of $528,000, manufacturing overhead totaling…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: During the month of January, Robinson & Green Inc. had total manufacturing costs of $121,000. It…
A: The correct answer is $47,300.
Q: The following information for the year ended December 31, 2020 is obtained from the books and…
A: Factory overhead includes all the costs which are incurred by the business during the production…
Q: The following transactions were taken from the books of Masayun La Eni Corporation during the month…
A: Journal: It is the first step of recording financial transactions. It is used to prepare the…
Q: The cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the…
A: We have the following information: Total Factory overhead cost for blending - $765,700 Total Direct…
Q: Selected data for the Young Company for 20X5 is presented below. Direct labor incurred Indirect…
A: Meaning of Manufacturing Overhead :- Manufacturing overhead is all indirect costs incurred during…
Q: The following information is obtained from the company’s records for 2014: Total manufacturing…
A: Direct labor cost is the amount of wages paid to the workers who are directly involved in the…
Q: The following transactions were taken from the books of Masayun La Eni Corporation during the month…
A: Hi, since you have posted a question with multiple sub parts, we will solve the 1st 3 subparts for…
Q: Langson is a manufacturing company. The following costs are found in its General Ledger Accounts for…
A: a) Total Cost of production includes all the costs that are related to the production of the goods.…
Q: XYZ Company had the following information available for the last year: manufacturing overhead for…
A: As the questions asked have more than 1 question, the first question is answered. If you want the…
Q: The following data is provided for Garcon Company and Pepper Company for the year ended December 31.…
A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…
Q: Kline Manufacturing has the following labor costs. Factory - Gross wages = $195,000 Factory…
A: Given the following information: Factory gross wages: $195,000 Factory net wages: $160,000 Employer…
Q: Selected data for Lemon Grass, Inc. for the year are provided below: Factory Utilities $2,100…
A: Manufacturing overhead includes the indirect costs incurred in the production process. It includes…
Q: The following data on materials purchased and issued during the month of June were shown: the cost…
A: 1) In case of FIFO, the issuance of material is considered from the material purchased earlier.…
Q: Your Corporation uses a predetermined overhead rate based on direct labor hours to apply…
A: 1) predetermined overhead rate assessed moh/assessed direct work cost 1,200,000/(50,000*12)…
Q: The following transactions were taken from the books of Masayun La Eni Corporation during the month…
A: Masayun La Eni Corporation during month of June 2020 : Raw material inventory (amount in P)…
Q: Spa Manufacturing incurred direct materials costs of $450,000 during the year. Manufacturing…
A: Solution: - Calculation of direct labor cost as follows under:-
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning…
A: Underapplied and Overapplied overhead: Underapplied overhead refers to a situation that arises when…
Q: Wedge Company paid $8,000 for materials (all of which was used in production during the year),…
A: Cost of Goods Sold or COGS is the direct cost which is incurred for producing…
Q: Time tickets indicated 3,000 labor hours in the production of Job .115, out of which 2,800 were…
A: Direct Labor Cost = 2,800 x $10 = $ 28,000 Indirect costs doesn’t come under Work in Progress…
Q: The net earnings of factory workers for A Corp during the month of December totaled 100,000. The…
A: Total labor costs = net earnings of factory workers + employees w/taxes + SSS + Pagibig + Employer’s…
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: Solution.... Estimated manufacturing overhead costs = $328,000. Estimated direct labor hours =…
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: X Company, a manufacturer, incurred the following costs in 2021: Selling costs $5,802 Factory…
A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…
Q: he following information is obtained from the company’s records for 2014: a. Total manufacturing…
A: Work in process inventory on December 31, 2014 = work in process inventory on January 1, 2014 +…
Q: A company's Work in Process Inventory had a balance of $20,000 at the beginning of the year and…
A: >Cost of Goods manufactured in calculated by the companies that are engaged in the production of…
Q: During the current month, Wacholz Company incurs the following manufacturing costs. (a)…
A: A journal entry is a means of recording all of a company's individual financial transactions in its…
Q: Knight Company reports the following costs and expenses in May. Factory utilities $17,256…
A: Product costs are those costs which are incurred for manufacturing of product and can be allocated…
Q: During the year, a manufacturing company had the following operating results: Beginning…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: A company estimates the following manufacturing costs for the next period: direct labor, $540,000;…
A: Predetermined overhead rate: Predetermined overhead rate is calculated befor the period begins. This…
Q: The following is a list of manufacturing costs incurred by Eros Manufacturing Co. during April:…
A: All amounts are in (P).
Q: Lakeside, Inc. estimated manufacturing overhead costs for the year at $374,000, based on 182,000…
A: Overheads are considered as fixed and common expenses that should be allocated to the products on…
Q: The following information is obtained from the company’s records for 2014: Total manufacturing…
A: The total manufacturing cost refers to the amount incurred in the particular period for…
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Factory labor used, $489,500 of which $34,200 was indirect . How do I find the journal entry ?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
- A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $351,232 and direct labor hours would be 43,904. Actual factory overhead costs incurred were $391,711, and actual direct labor hours were 51,004. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? If the contribution margin ratio for France Company is 46%, sales were $452,000, and fixed costs were $100,000, what was the income from operations? Department M had 2,100 units 57% completed in process at the beginning of June, 11,600 units completed during June, and 1,700 units 25% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories?During the period, labor costs incurred on account amounted to $275,000 including $200,000 for production orders and $75,000 for general factory use. In addition, factory overhead applied to production was $32,000. From the following, select the entry to record the actual factory overhead costs incurred.A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $364,725 and direct labor hours would be 40,525. Actual factory overhead costs incurred were $474,517, and actual direct labor hours were 54,921. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year?
- The accounting records of Dixon Company revealed the following costs: direct materials used, $290,000; direct labor, $475,000; manufacturing overhead, $381,000; and selling and administrative expenses, $210,000. What is Dixon's product costs total?A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $328,000 and direct labor hours would be 45,900. Actual manufacturing overhead costs incurred were $322,000, and actual direct labor hours were 51,200. What is the predetermined overhead rate per direct labor hour?A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that total factory overhead costs would be $325,700 and direct labor hours would be 41,000. Actual manufacturing overhead costs incurred were $301,600, and actual direct labor hours were 53,700. What is the predetermined factory overhead rate per direct labor hour?
- A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $348,700 and direct labor hours would be 41,800. Actual manufacturing overhead costs incurred were $317,200, and actual direct labor hours were 50,100. The journal entry to apply the factory overhead costs for the year would include a a.debit to Factory Overhead for $317,200 b.credit to Factory Overhead for $417,834 c.debit to Factory Overhead for $417,834 d.credit to Factory Overhead for $348,700A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that total factory overhead costs would be $412,794 and direct labor hours would be 45,866. Actual factory overhead costs incurred were $472,219, and actual direct labor hours were 54,655. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? a.$19,676 underapplied b.$19,676 overapplied c.$79,101 underapplied d.$491,895 overappliedA manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $351,232 and direct labor hours would be 43,904. Actual factory overhead costs incurred were $391,711, and actual direct labor hours were 51,004. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? a.$16,321 overapplied b.$408,032 overapplied c.$16,321 underapplied d.$56,800 underapplied Aspen Technologies has the following budget data: Estimated direct labor hours 9,200 Estimated direct labor dollars $65,200 Estimated factory overhead costs $178,500 If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is a.$19.40 b.$29.10 c.$15.52 d.$23.28