Required: 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 ) 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 iii) Calculate the manufacturing overhead variance for Fielder and state the journal entries necessary to dispose of the variance. iv) What is balance on the Cost of Goods Sold account after the adjustment v) Calculate the gross profit earned by Fielder.
Required: 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 ) 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 iii) Calculate the manufacturing overhead variance for Fielder and state the journal entries necessary to dispose of the variance. iv) What is balance on the Cost of Goods Sold account after the adjustment v) Calculate the gross profit earned by Fielder.
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
Section: Chapter Questions
Problem 9P: Channel Products Inc. uses the job order cost system of accounting. The following is a list of the...
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