Prepare the journal entry to record the factory wages of $31,000 incurred for a single production department assuming If an amount box does not require an entry, leave it blank.
Q: Eddie Corporation uses the allowance method for estimating uncollectible accounts. Required: Prepare...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Corinth Company has the following accounts included in its December 31 trial balance: FA@FVTPL P1,00...
A: Working: Calculation of non-current investment Particulars Amount Financial asset at fair value...
Q: Problem 1. The stockholders' equity section of Kookie Co. revealed the following information on Dece...
A: Legal capital = Preference stock, P50 Par = P2300,000 Ordinary Stock, P15 Par = P5250,000 Subscrib...
Q: Problem 2. The following transaction occurred during year 2022 for Z Corporation: Shares authorized ...
A: Let's understand basics A share is referred to as a unit of ownership which represents an equal prop...
Q: Pita purchased a small roadside inn in April with inheritance money he received from his wealthy aun...
A: In Accounting we follow double entry system in which each financial...
Q: A resident citizen has the following data on income and expenses in 2018: Gross compens...
A: Instead of tracking all of your expenses to determine your net expense, you can simply claim that 40...
Q: 5. Which costing system better accounts for a unique individual product, such as a custom pair job o...
A: In the domain of cost accounting there are essentially two main costing systems or approaches that...
Q: Question 10 of 10 <* View Policies Current Attempt in Progress Given the following information, dete...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: Patrick Company had the following information in 2021: (Click the icon to view the information.) If ...
A: >Bad Debt Expense is recorded using two methods: #1: Direct write off method: Expense is reco...
Q: dentify the term being referred to: A theory that states that shareholders will encourage the board...
A: Solution Concept Dividend irrelevance theory The term Dividend irrelevance theory pr...
Q: 0. Presented below is a list of items that may or may not be reported as inventory in a company’s De...
A: Solution Concept Goods on consignment is included in the inventory of the consignor Goods sold on in...
Q: Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contribu...
A: The amount of your capital investment in property for tax purposes. The basisis used to figure dep...
Q: Entity A, a trading entity, buys and sells Product Z. Movements in the inventory of Product Z during...
A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods: ...
Q: P company bought 60% of common stock of S company on January 1, 20x4. On January 1 20x5, there was a...
A: Calcualtion of NCI share in net income of S in year 20x6: Net income of S in year 20X6 ...
Q: Direction: Explain the relationship of CASH, CHECKS, BANK STATEMENT, AND BANK RECONCILIATION.
A: Answer: Cash is the asset that is being hold by the company. Checks are the document that are issue...
Q: Briefly explain any 2 similarities between job order and process costing
A: Solution:- job order costing:- It is one of the costing method, which is used when costs and product...
Q: Number Cost of Units per Unit Beginning inventory 130 $71 Purchased goods during the period 240 80 S...
A: Answer 1) Calculation of number of units available for Sale Number of units available for Sale = Num...
Q: Sheffield Corp. includes one coupon in each bag of dog food it sells. In return for eight coupons, c...
A: Given 2020 Bags of dog sold 520000 Leashes purchased 19000 Coupons redeemed ...
Q: On January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker's commis...
A: Working note: Computation of effective rate of interest:
Q: How many semi-annually payments will it take for $550.00 deposited at the end of each half year to- ...
A: Formula to solve manually n = ln [(FV n x i/PMT) + 1]/ln (1+i) Explanation: FV n = PMT x [(1+i) n -...
Q: Campbell Bicycle Manufacturing Company currently produces the handlebars used in manufacturing its b...
A: The relevant cost per unit has been made as follows: Relevant cost per unit=Material per unit+Labor ...
Q: Salvadores Manufacturing builds and sells snowboards, skis and poles. The sales price and variable c...
A: Contribution margin is the excess of revenue over the variable expenses. The overall contribution ma...
Q: 2. Applehead Technology is a company that purchases a device called the EyePod from a supplier and t...
A: Introduction:- A profit and loss statement (P&L), also known as a revenue statement, a statemen...
Q: If Hogwarts Corp.’s policy in financing its working capital is describe as moderate, what is the lev...
A: Long-term finance refers to any financial product with a duration of more than 12 months (for exampl...
Q: entries
A:
Q: Determine the total employee withholdings
A:
Q: The daily utility function in (in soles) gener- ated by the sale of which items is given by function...
A: The utility function is defined as one of the measures to measure the preferences of the customers a...
Q: MFCB Ltd uses an activity-based costing system for its overhead costs. The company has provided the ...
A: Pre-determined overhead rate = Total manufacturing overhead cost / Total units of the allocation bas...
Q: TRUE OR FALSE? 1. Cash set aside for bonds payable that will mature in five years is shown as curre...
A: Restricted cash is money maintained for a specified purpose and thus not available for immediate or ...
Q: Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. Th...
A: Sales = Selling price per unit * Number of units Total material cost = Direct material cost per unit...
Q: Hig-Tech Co is a successful company in developing the video games. Due to its popularity, the compan...
A: The question is related to Intangible of Assets. As per MFRS there are two phase in case of internal...
Q: hen an investor uses the cost method to account for investments in subsidiary, cash dividends receiv...
A: Solution Concept Cost method to account for investments in subsidiary This method is used ...
Q: Following are the financial statements of AB Ltd. for 2019. Balance sheet (S in millions) Income sta...
A: As per our guidelines, we are allowed to answer first 3 sub-parts, Kindly ask the remaining parts as...
Q: The following table reports (in millions) earnings, dividends, capital expenditures, and R&D for...
A: The dividend payout proportion seems to be the ratio of the overall amount of dividends given up to ...
Q: QUESTION 4 Cantik Bhd manufactures a product that goes through two departments prior to completion- ...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: (b) The Pahang State Government is plan to provide a project to establish a large flood drainage cul...
A: (i) PW of cost = Initial Cost + Annual Cost x (P/A, 6%, 30) + Upkeep at year 0 + upkeep cost at year...
Q: True or False? Substituted filing applies only to single or head of the family.
A: Substituted filing means that the individual does not have to file the return personally or separate...
Q: Assuming the bonds are classified as Trading investment, prepare the journal entries on aforemention...
A: Journal entries refers to the official book of a company which is used to record the day to day tran...
Q: On April 1, Tamarisk, Inc. was established. These transacti 1 Stockholders Invested $28,900 cash in ...
A: An Accounting Equation is a mathematical equation that expresses that the assets of an entity are al...
Q: On January 3, 2019, P Company acquired 70% interest in S Company for P4,200,000 cash. On this date, ...
A: The consolidated equity represents the amount that is attributable to the shareholders of the group ...
Q: Number Cost of Units per Unit Beginning inventory Purchased goods during the period 240 Sold goods d...
A: Formula: Goods available for sale in Dollars = Goods available for sale in units x cost price.
Q: B&B Mining has a DSO of 40 days, and its annual sales are 7,300, 000. What is its accounts receivabl...
A: Daily sales outstanding (DSO) = 40 Days Annual sales = 7,300,000 Number of days in a year = 365 Days
Q: Answers: 1. Purchases, 2. Beginning inventory, Ending inventory, ; Cost of goods sold,
A: Solution Formula used Goods available for sale =beginning inventory + purchases Cost ...
Q: Question 8 of 10 < View Policies Current Attempt in Progress Harnish Company needs to make adjusting...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: The following is the balance sheet and income statement for Metro Eagle Outfitters, in condensed for...
A: Solution Formulas Inventory turnover ratio = cost of sales / Average inventory. Current ratio = curr...
Q: Data Back-Up Systems has obtained a $10,000, 90-day bank loan at an annual interest rate of 15%, pay...
A: Solution Given Loan amount 10000 Interest rate 15% Maturity period 90 day Numb...
Q: 6. The local non profit youth symphony is planning a concert fundraiser. The organization estimates ...
A: Lets understand the basics. Break even point is a point at which there is no profit no loss conditio...
Q: At the end of October 2018, there were 9,000 units of a product manufactured by Renault Trucks. The ...
A: The two main techniques in costing to ascertain the cost and determination of income are marginal (v...
Q: TRUE OR FALSE? Dividends declared is an addition to retained earnings beginning to compute for the r...
A: Retained earnings ending balance is computed using , Retained earnings beginning balance Net Income...
Q: On February 15, 2022, CHAS received notice that a client may sue company for $10 million. The lawsui...
A: A contingent liability seems to be a possible responsibility that might or might not materialize bas...
Step by step
Solved in 2 steps
- The Information bellow has taken from Al Wafa company wages paid to labour: OMR85,000, Purchases raw material OMR 230000, purchases return: OMR5,000, factory on cost 10% of prime cost.Opening stock work in progress OMR54000, closing stock work in progress OMR 45000, opening stock raw material OMR50000 and closing stock raw material OMR32000.The cost of good manufactured is: a. OMR364200 b. None of the options c. OMR369800 d. OMR332200Show the solution in good accounting form. Thank you! MLB Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to MLB Inc. for the year ended December 31, 2020: Job No. 101 Job No. 102 Job No. 103 Job in Process, January 1, 2020 Direct Materials 40 000 30 000 0 Labor 60 000 40 000 0 Factory Overhead 30 000 20 000 0 Cost added during 2020 Materials 20 000 10 000 100 000 Labor 100 000 200 000 400 000 Factory Overhead ? ? ? Additional information: 1) Actual overhead for the year 2020 amounted to P350,000. 2) Jobs No. 101 and 102 were completed and transferred to finished goods during the year 2020. 3) Job No. 101 was sold during the year 2020. 4) The gross profit rate is 20% based on cost. 1. What is the total manufacturing cost for 2020? a. 1,400,000 b. 1,180,000 c. 480,000 d. 1,200,000 2. What is the cost of goods manufactured for 2020? a.…1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
- E3-3 Modified wage plan. Randy Wetzel earns $30 per hour for up to 500 units of production per day. If he produces more than 400 units per day, he will receive an additional piece rate of $0.55per unit. Assume that his hours worked, and pieces finished for the week just ended were as follows: Day Hours Worked Pieces Finished Monday 8 415 Tuesday 8 400 Wednesday 8 525 Thursday 8 300 Friday 8 440 a.Determine Wetzel’s earnings for each day and for the week. b.Prepare the journal entry to distribute the payroll, assuming that any make-up guarantees are charged to Factory Overhead. E3-6 Journal entries for payroll A partial summary of the payroll data for Long Inds. for each week of Juneis as follows: 7-Jun 14-Jun 21-Jun 28-Jun Gross earnings $35,550…Company XYZ uses machine hours to allocate its manufacturing overhead. The company estimates that total machine hours to be operated next year are 190,000 hours. The estimated variable overhead is $10 per hour and the estimated fixed overhead costs are $152,000. Calculate the predetermined overhead rate. Select one O a. $10.80 b. None of the answers given c S0.00 O d. $11.80 e s0.0932 S1: When raw materials are requisitioned and placed into production, the Raw Materials Inventory account is debited.S2: Over-applied overhead that is material in amount is closed to the Cost of Sales account at year-end. Group of answer choices False; False True; True True; False False; True
- Ethel Corp. Has the following data for the year 2021: Estimated FOH P40,000 + (P 2X Mhr) Estimated machine hours 5,000 Assume that Ethel Corp. Has work on three jobs: 01; 02; and 03 last year. 1,500 machine hours were spent for job 01; 2,000 machine hours for job 02; and 1,700 machine hours for job 03. The actual factory overhead is P56,000 using 5,200 machine hours. What is the predetermined FOH? What is the expected FOH for an actual level of activity of 5,200 machine hours? What is the Factory Overhead applied to Job 03? What is the total under or over applied Factory Overhead?Event Forms expects $120,000 in overhead during the next year. It doesn't know whether it should apply overhead on the basis of its anticipated direct labor hours of 6,000 or its expected machine hours of 5,000. What would be the product cost under each predetermined allocation rate if the last job incurred $3,500 in direct material cost, 55 direct labor hours, and 55 machine hours? Wages are paid at $17 per hour.*PLEASE CORRECT ANY INCORRECT INPUTS AS WELL* Requirement 3 Draper has decided to manufacture billing software to sell to its clients. During the first month of manufacturing, Draper incurred the following costs: Inventories: Beginning Ending Materials 10,800 10,300 Work in Process 0 21,000 Finished Goods 0 31,500 Other Information: Direct Materials Purchased 19,000 Plant Utilities 10,000 Plant Janitorial Services 700 Plant Rent 13,000 Sales Salaries Expense 5,000 Customer Hotline Expense 18,000 Delivery Expense 1,700 Direct Labor 190,000 Sales Revenue 750,000 Prepare a Schedule of Cost of Goods Manufactured and an Income Statement for the month ended January 31, 2020. If Draper sells 19,750 software products for the month, how much does it cost to manufacture one unit?
- A summary of the time tickets for the current month follows: Job No. Amount 100 $7,800 101 11,900 104 27,100 108 18,600 Indirect 8,500 111 4,400 115 3,200 117 15,800 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -All applicable Mini-Exercises are available with McGraw-Hill’s Connect™Accounting. Total manufacturing costs Acme, Inc., incurs the following costs during May: accounting Mini-Exercise 13.1LO 3, 4 Sales expense. . . . . . . . . . . . . . . . $11,500Direct labor . . . . . . . . . . . . . . . . . . 26,000Factory supplies . . . . . . . . . . . . . . 2,500Advertising . . . . . . . . . . . . . . . . . . 2,800Raw material used . . . . . . . . . . . . 18,000Administrative expense . . . . . . . $ 21,500Plant depreciation . . . . . . . . . . . 6,200Indirect labor. . . . . . . . . . . . . . . 8,000Utilities . . . . . . . . . . . . . . . . . . . . 10,000 **75% of this amount relates to the factory.Required:Calculate Acme’s total manufacturing costs for May.9. Handy Crafts manufactures to customers’ specifications. The company uses a job order cost system and, for the month of May 2020, summarized the following information: Beginning WIP (5 partially completed jobs) ₱0,300,000 Orders completed (18) 2,400,000 Orders shipped out (14) 2,000,000 Materials requisitioned 1,700,000 Direct Labor Cost 0,800,000 Overhead 150% of direct labor cost What is the total manufacturing cost and cost of goods manufactured? Group of answer choices ₱ 3,700,000; ₱ 2,400,000 ₱ 4,100,000; ₱ 2,000,000 ₱ 4,100,000; ₱ 2,400,000 ₱ 3,700,000; ₱ 2,000,000
