_{1 .Can you help me prepare journal entry to close out the manufacturing overhead account into cost of goods sold ?}

The following information pertains to Trenton Glass Works for the year just ended.

Budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hour

Actual direct-labor cost: 80,000 hours at $17.50 per hour

Budgeted manufacturing overhead: $997,500

Actual selling and administrative expenses: 434,000

Actual manufacturing overhead:

Depreciation$234,000

Property taxes21,000

Indirect labor82,000

Supervisory salaries200,000

Utilities58,000

Insurance32,000

Rental of space302,000

Indirect material (see data below)79,000

Indirect material:

Beginning inventory, January 148,000

Purchases during the year93,000

Ending inventory, December 3162,000

2.Can you help me calculate the firms predetermined overhead rate for the year and show me how you received that answer?

Burlington Clock Works manufactures fine, handcrafted clocks. The firm uses a job-order costing system, and manufacturing overhead is applied on the basis of direct-labor hours. Estimated manufacturing overhead for the year is $220,000. The firm employs 10 master clockmakers, who constitute the direct-labor force. Each of these employees is expected to work 2,000 hours during the year, which represents each employee's practical capacity. The following events occurred during October.

a.The firm purchased 3,000 board feet of mahogany veneer at $11 per board foot.

b.Twenty brass counterweights were requisitioned for production. Each weight cost $23.

c.Five gallons of glue were requisitioned for production. The glue cost $20 per gallon. Glue is treated as an indirect material.

d.Depreciation on the clockworks building for October was $8,000.

e.A $300 utility bill was paid in cash.

f.Time cards showed the following usage of labor:

Job number G60: 12 grandfather's clocks, 1,000 hours of direct labor

Job number C81: 20 cuckoo clocks, 700 hours of direct labor

The master clockmakers (direct-labor personnel) earn $18 per hour.

g.The October property tax bill for $910 was received but has not yet been paid in cash.

h.The firm employs laborers who perform various tasks such as material handling and shop cleanup. Their wages for October amounted to $2,600.

i.Job number G60, which was started in July, was finished in October. The total cost of the job was $14,400.

j.Nine of the grandfather's clocks from job number G60 were sold in October for $1,600 each.

3.Can you help me Prepare journal entries to record the events described above.?

Record purchase of 3,000 board feet of mahogany veneer @ $11 per board foot on account.

Record brass weights transferred to production.

Record glue transferred to production. (five gallons at $20 per gallon).

Record $8,000 depreciation on clockworks building.

Record utility bill paid in cash $300.

Record direct labor cost on account.

Record entry to apply manufacturing overhead to production.

Record property taxes on account.

Record indirect wages on account

Record transfer of job cost from work in progress to finished goods inventory.

Record sales on account.

Record cost of sales.