Time tickets indicated 3,000 labor hours in the production of Job .115, out of which 2,800 were direct labor hours. The company pays $10 per each labor hour. The entry to record this transaction is: *
Q: Time tickets indicated 9,000 labor hours in the production of Job .115, out of which 6,000 were…
A: Overhead means the cost incurred indirectly in production of goods . For examples , supervisor…
Q: Madison Company completed 120,000 units at a cost of $360,000. They sold 15,000 units for $60,000 on…
A: As per the given details, Cost of 120,000 units = $360,000 Revenue from sale of 15,000 units =…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A:
Q: During May, the following transactions were completed and reported by Jerico Company: Materials…
A: SOLUTION-1 JOURNAL ENTRIES S.NO…
Q: Adams Company is a manufacturing company that has worked on several production jobs during the first…
A: Steps in the Job Order Costing Process: In job order costing systems, the following steps are…
Q: A company has the following transactions during the week. • Purchase of $1,788 raw materials…
A: Cost is the monetary value of expenditures for different goods.
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: Your Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing…
A: Applied overhead is the amount of overhead calculated by applying predetermined overhead rate on…
Q: At the beginning of the year, managers at King Industries estimated $420,000 in manufacturing…
A: Formula: Predetermined overhead rate = Estimated manufacturing overhead / Direct labor hours
Q: For the completion of job, 100 skilled workmen, 40 semi-skilled workmen and 60 unskilled workmen…
A: Labor Yield Variance:-It is the difference between the actual and standard output of production.…
Q: On January 1, PBDKCT113 Corp. estimated its total overhead for the upcoming year to be $300,000 and…
A: Predetermined overhead rate =Estimated total overhead / Estimated machine hours = $300000/15000…
Q: Lockmiller Company estimates that total factory overhead costs will be $867,000 for the year. Direct…
A: Predetermined overhead rate = Total estimated factory overhead costs / total estimated Direct labor…
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: At Carla Vista Manufacturing, the estimated gross payroll total for all employees this year is…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
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: Adams Company is a manufacturing company that has worked on several production jobs during the first…
A: Gross profit: Gross profit is a profit for a company arrived after deducting cost associated with…
Q: Your Corporation uses a predetermined overhead rate based on direct labor hours to apply…
A: Direct labour cost means wages of employees which are directly engaged in production and…
Q: Yarra Fabrication estimates that its manufacturing overhead will be $2,316,800 in year 1. It further…
A: Manufacturing overheads means indirect costs incurred in manufacturing or production of products in…
Q: Boone Manufacturing had worked on two jobs, Job 101 and Job 102 last year. The estimated…
A: The variance is the difference between the actual data and standard output of the production.
Q: Salinger Company estimates that total factory overhead costs will be $78,000 for the year. Direct…
A: a. Predetermined Factory Overhead Rate = Total Factory Overhead Costs/ Direct Labour Hours = $78,000…
Q: Reamer Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing…
A: Manufacturing overhead consists of indirect costs incurred in the production process such as factory…
Q: During the current month, a company that uses job order costing purchases $50,000 in raw materials…
A:
Q: Winston Company estimates that the factory overhead for the following year will be $1,134,000. The…
A: Budgeted overhead = $1,134,000 Budgeted Machine Hours = 37,800 Thus Rate at which overhead will be…
Q: Martin Manufacturing assigns overhead to jobs based on machine hours. At the beginning of the…
A: Overhead allocation is based on a predetermined overhead rate. The predetermined overhead rate can…
Q: Southern Rim Parts estimates its manufacturing overhead to be $374,500 and its direct labor costs to…
A:
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Predetermined Overhead Rate = Estimated factory overhead costs / Estimated direct labor hours =…
Q: Time tickets indicated 8,000 labor hours in the production of Job .115, out of which 1,000 were…
A: Direct Labor Hours = 7,000 Indirect Labor Hours = 1,000 Factory Wages = 7000 x $ 10 = $ 70,000…
Q: Mary Rose Company applies manufacturing overhead to jobs on the basis of machine hours used.…
A: >Manufacturing Overheads are the indirect manufacturing cost incurred during the production…
Q: Davis Corporation reported the following for the month of November: Total hourly wages of plant…
A: Manufacturing overhead cost : It is the indirect cost which is incurred during the manufacturing of…
Q: On January 1, VYLGHA946 Corp. estimated its total overhead for the upcoming year to be $300,000 and…
A: Overapplied or underapplied overhead is the difference between actual overhead and applied overhead.…
Q: lbuquerque Manufacturing Company uses a predetermined overhead rate based on direct labor hours to…
A: solution : Given : Estimated direct labor hours =55,000 Estimated manufacturing overhead cost…
Q: Freeman Company uses a predetermined overhead rate based on direct labor hours to apply…
A: Predetermined overhead rate is used to calculate the estimated overhead. It shows the rate at which…
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: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Predetermined overhead rate = Estimated factory overhead costs / Estimated direct labor hours =…
Q: The Boone Manufacturing had worked on two jobs, Job 101 and Job 102 last year. estimated…
A: Given that, Estimated fixed overhead = P30,000 Estimated variable overhead = P5 per direct labor…
Q: A company uses a predetermined overhead rate based on direc labor hours to apply manufacturing…
A: Predetermined overhead rate = estimated total manufacturing overhead cost / direct labor-hours =…
Q: Jones Company has the following balances for the current month: Direct materials used $24,000 Direct…
A: The question is based on the concept of Cost Accounting. Conversion costs are directly related to…
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: Southern Rim Parts estimates its manufacturing overhead to be $385,000 and its direct labor costs to…
A: Job costing: It is a method of costing where in all the costs like direct material, direct labor and…
Q: Albuquerque Manufacturing Company uses a predetermined overhead rate based on direct labor hours to…
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…
Q: Manufacturing overhead was estimated to be OMR 400,000 for the year along with estimated 20,000…
A: Above question deals with journal entries for flow of production costs. Manufacturing overhead…
Q: The Boone Manufacturing had worked on two jobs, Job 101 and Job 102 last year. estimated…
A: The variance is the difference between the actual data and standard output of the production.
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: Yarra Fabrication estimates that its manufacturing overhead will be $2,316,800 in year 1. It further…
A: Solution:-a Calculation of the overhead was applied to each of the four jobs, 0701, 0702, 0703, and…
Q: Wert Corporation uses a predetermined overhead rate based on direct labor cost to apply…
A: Formula: Estimated direct labor cost = Total direct labor hours x wage rate per hour. Predetermined…
Q: Prepare an entry to prorate the under- or overapplied overhead. (If no entry is required for a…
A: Introduction: Applied overhead: A fixed rate of expenses that is charged to specific job or…
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: At the beginning of the year, Learer Company’s manager estimated total direct labor cost assuming 50…
A: Overhead relates to continuing company costs that are not specifically related to the manufacture of…
Q: Adams Company is a manufacturing company that has worked on several production jobs during the first…
A: Work in Process: It is a term that describes the partially completed goods.
Step by step
Solved in 2 steps
- A company has the following transactions during the week. Purchase of $1,000 raw materials inventory Assignment of $500 of raw materials inventory to Job 5 Payroll for 20 hours with $1,000 assigned to Job 5 Factory utility bills of $750 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week?Prepare the journal entry to record the factory wages of $28,000 incurred for a single production department assuming payment will be made in the next pay period.Bruce Eaton is paid 10 cents per unit under the piece-rate system. During one week, Eaton worked 46 hours and produced 5,520 units. Compute the following: 1. The piecework earnings ________ 2. The regular hourly rate ________ 3. The overtime hourly rate ________ 4. The overtime earnings ________ 5. The total earnings ________
- Prepare the journal entry to record the factory wages of $25,000 incurred in the processing department and $15,000 incurred in the production department assuming payment will be made in the next pay period.A company estimated 50,000 direct labor hours and $450,000 in overhead. The actual overhead was $445,000, and there were 50,500 direct labor hours. What is the predetermined overhead rate, and how much was applied during the year?During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.
- A company estimated 100,000 direct labor hours and $800,000 in overhead. The actual overhead was $805,100, and there were 99,900 direct labor hours. What is the predetermined overhead rate, and how much was applied during the year?R. Herbert of Crestview Manufacturing Co. is paid at the rate of 20 an hour for an eight-hour day, with time-and-a-half for overtime and double-time for Sundays and holidays. Regular employment is on the basis of 40 hours a week, five days a week. At the end of a week, the labor time record shows the following: Because jobs are randomly scheduled for the overtime period, any overtime premium is charged to Factory Overhead. a. Compute Herberts total earnings for the week. b. Present the journal entry to distribute Herberts total earnings. (Note: These single journal entries here and in E3-2, E3-3, E3-4, E3-8 and E3-9 are for the purpose of illustrating the principle involved. Normally, the entries would be made for the total factory payroll plus the administrative and sales payroll.)During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account. $400 in factory depreciation expense, and $200 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.
- The post-closing trial balance of Custer Products, Inc. on April 30 is reproduced as follows: During May, the following transactions took place: a. Purchased raw materials at a cost of 45,000 and general factory supplies at a cost of 13,000 on account (recorded materials and supplies in the materials account). b. Issued raw materials to be used in production, costing 47,000, and miscellaneous factory supplies costing 15,000. c. Recorded the payroll and the payments to employees as follows: factory wages (including 12,000 indirect labor), 41,000; and selling and administrative salaries, 7,000. Additional account titles include Wages Payable and Payroll. (Ignore payroll withholdings and deductions.) d. Distributed the payroll in (c). e. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-fifth of the building for its offices. f. Incurred other expenses totaling 11,000. One-fourth of this amount is allocable to the office function. g. Transferred total factory overhead costs to Work in Process. h. Completed and transferred goods with a total cost of 91,000 to the finished goods storeroom. i. Sold goods costing 188,000 for 362,000. (Assume that all sales were made on account.) j. Collected accounts receivable in the amount of 345,000. k. Paid accounts payable totaling 158,000. Required: 1. Prepare journal entries to record the transactions. 2. Set up T-accounts. Post the beginning trial balance and the journal entries prepared in (1) to the accounts and determine the balances in the accounts on May 31. 3. Prepare a statement of cost of goods manufactured, an income statement, and a balance sheet. (Round amounts to the nearest whole dollar.)Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.The books of Petry Products Co. revealed that the following general journal entry had been made at the end of the current accounting period: The total direct materials cost for the period was $40,000. The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)
