i) Compute Fielder's predetermined manufacturing overhead rate for 2020. ii) State the journal entries necessary to record the above transactions in the general journal: a) For direct materials used in February b) For indirect material issued to production in February c) For total manufacturing labour incurred in February d) To assign manufacturing labour to the appropriate accounts e) For other manufacturing overhead incurred f) For manufacturing overhead applied to production for February, given that Fielder manufacturing company worked 2,750 machine hours. g) To move the completed jobs into finished goods inventory h) To sell the two completed jobs on account Calculate the manufacturing overhead variance for Fielder and state the journal entries necessary to dispose of the variance. iii) iv) What is balance on the Cost of Goods Sold account after the adjustment v) Calculate the gross profit earned by Fielder. vi) Determine the balance in work in process inventory on February 29.
i) Compute Fielder's predetermined manufacturing overhead rate for 2020. ii) State the journal entries necessary to record the above transactions in the general journal: a) For direct materials used in February b) For indirect material issued to production in February c) For total manufacturing labour incurred in February d) To assign manufacturing labour to the appropriate accounts e) For other manufacturing overhead incurred f) For manufacturing overhead applied to production for February, given that Fielder manufacturing company worked 2,750 machine hours. g) To move the completed jobs into finished goods inventory h) To sell the two completed jobs on account Calculate the manufacturing overhead variance for Fielder and state the journal entries necessary to dispose of the variance. iii) iv) What is balance on the Cost of Goods Sold account after the adjustment v) Calculate the gross profit earned by Fielder. vi) Determine the balance in work in process inventory on February 29.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 10SPB
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