costs for June 2020. Item Wood Nails, glue, stain Indirect manufacturing labor Depreciation on skill saws Depreciation on delivery truck $2,220 Assembly-line workers wages $53,700 Date Prepare the journal entries for the overhead costs incurred. Assume labor has been incurred by not yet paid. Record the entries in the order they appear in the chart above. June 30 Cost $187,140 $18,640 June 30 June 30 $39,730 $4,530 Description Debit Credit

costs for June 2020. Item Wood Nails, glue, stain Indirect manufacturing labor Depreciation on skill saws Depreciation on delivery truck $2,220 Assembly-line workers wages $53,700 Date Prepare the journal entries for the overhead costs incurred. Assume labor has been incurred by not yet paid. Record the entries in the order they appear in the chart above. June 30 Cost $187,140 $18,640 June 30 June 30 $39,730 $4,530 Description Debit Credit

Name: DO NOT GIVE SOLUTION IN IMAGE North Country Industries manufactures Ad
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: DO NOT GIVE SOLUTION IN IMAGE North Country Industries manufactures Adirondack chairs. The company reported the followingcosts for June 2020.ItemCostWood$187,140Nails, glue, stain$18,640Indirect manufacturing labor$39,730Depreciation on skill saws $4

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 53P: Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures...

See similar textbooks

Similar questions

Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?
Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant: During July, the direct labor cost was 43,500, raw materials purchases were 64,000, and the total overhead cost was 108,750. The inventories at the end of July were: Required: 1. What is the cost of the direct materials used in production during July? 2. What is the cost of goods manufactured for July? 3. What is the cost of goods sold for July?
North Country Industries manufactures Adirondack chairs. The company reported the following costs for June 2020. Item Cost Wood $164,630 Nails, glue, stain $14,290 Indirect manufacturing labor $40,640 Depreciation on skill saws $4,720 Depreciation on delivery truck $2,010 Assembly-line workers wages $49,960 Prepare the journal entries for the overhead costs incurred. Assume labor has been incurred by not yet paid. Record the entries in the order they appear in the chart above.Journal Date Description Debit Credit June 30 June 30 June 30 June 30 June 30 June 30
Midwest Corporation has provided the following data concerning manufacturing overhead for 2020: Estimated manufacturing overhead for the year $ 30,000 Estimated direct labor hours for the year 2,000 Two jobs were worked on during the year: Job A-101 and Job A-102. The number of direct labor-hours spent on Job A-101 and Job A-102 were 1,200 and 1,000, respectively. The actual manufacturing overhead was $37,000.What was the amount of manufacturing overhead applied to Job A-101? $24,000. $44,000. $18,000. $16,000.
Midwest Corporation has provided the following data concerning manufacturing overhead for 2020: Estimated manufacturing overhead for the year $ 30,000 Estimated direct labor hours for the year 2,000 Two jobs were worked on during the year: Job A-101 and Job A-102. The number of direct labor-hours spent on Job A-101 and Job A-102 were 1,200 and 1,000, respectively. The actual manufacturing overhead was $37,000.What is the amount of the under- or overapplied manufacturing overhead?
Woodpecker Furniture manufactures wood patio furniture. If the company reports the following costs for June 2024, what is the balance in the Manufacturing Overhead account before overhead is allocated to jobs? Assume that the labor has been incurred, but not yet paid. Prepare journal entries for overhead costs incurred in June. Wood $220,000 Nails, glue, stain 20,000 Depreciation on saws 5,100 Indirect manufacturing labor 36,000 Depreciation on delivery truck 2,700 Assembly-line workers' wages 59,000 What is the balance in the Manufacturing Overhead account before overhead is allocated to jobs? Enter the costs and calculate the balance ("Bal.") of the Manufacturing Overhead T-account.
Midwest Corporation has provided the following data concerning manufacturing overhead for 2020: Estimated manufacturing overhead for the year $ 30,000 Estimated direct labor hours for the year 2,000 Two jobs were worked on during the year: Job A-101 and Job A-102. The number of direct labor-hours spent on Job A-101 and Job A-102 were 1,200 and 1,000, respectively. The actual manufacturing overhead was $37,000.What is the amount of the under- or overapplied manufacturing overhead? A $3,000 overapplied. B $4,000 underapplied. C $7,000 overapplied. D $1,000 underapplied.
The Fielder manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850 machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C February 1 Bal. Direct Materials Used b/f 256,400 51,250 Other transactions incurred: • Indirect material issued to production was $38,000 • Total manufacturing labour incurred in February was $345,000, 80% of this amount represented direct labour. • Other manufacturing overhead costs incurred for February amounted to $340,750. • Two jobs were completed with total costs of $324,000 & $240,000 respectively. They were sold on account at a margin of 40% on sales.
The Fielder manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850 machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/CFebruary 1 Bal. b/f 51,250Direct Materials Used 256,400 Other transactions incurred:▪ Indirect material issued to production was $38,000 ▪ Total manufacturing labour incurred in February was $345,000, 80% of this amount represented direct labour. ▪ Other manufacturing overhead costs incurred for February amounted to $340,750. ▪ Two jobs were completed with total costs of $324,000 & $240,000 respectively. They were sold on account at a margin of 40% on sales. Required: i) Compute Fielder’s predetermined manufacturing overhead rate for 2020. ii) State the journal entries necessary to…
The Fielder manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850 machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C February 1 Bal. b/f 51,250 Direct Materials Used 256,400 Other transactions incurred: ▪ Indirect material issued to production was $38,000. ▪ Total manufacturing labor incurred in February was $345,000, 80% of this amount represented direct labor. ▪ Other manufacturing overhead costs incurred for February amounted to $340,750. ▪ Two jobs were completed with total costs of $324,000 & $240,000 respectively. They were sold on account at a margin of 40% on sales. Required: 1. State the journal entries necessary to record the above transactions in the…
The Fielder manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850 machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C February 1 bal. b/f 51,250 Direct Material Used 256,400 Other transactions incurred: ▪ Indirect material issued to production was $38,000 ▪ Total manufacturing labour incurred in February was $345,000, 80% of this amount represented direct labour. ▪ Other manufacturing overhead costs incurred for February amounted to $340,750. ▪ Two jobs were completed with total costs of $324,000 & $240,000 respectively. They were sold on account at a margin of 40% on sales. Required: I)Compute Fielder’s predetermined…
The Fielder manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850 machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C February 1 bal. b/f 51,250 Direct Material Used 256,400 Other transactions incurred: ▪ Indirect material issued to production was $38,000 ▪ Total manufacturing labour incurred in February was $345,000, 80% of this amount represented direct labour. ▪ Other manufacturing overhead costs incurred for February amounted to $340,750. ▪ Two jobs were completed with total costs of $324,000 & $240,000 respectively. They were sold on account at a margin of 40% on sales. Required: 1Calculate the manufacturing…