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1.What is the journal entry to record raw material used in production?ending balance in Raw Material? 2.The journal entry to record labor costs 3.total amount
1.What is the journal entry to record raw material used in production?ending balance in Raw Material?
Bunnell Corporation is a manufacturer that uses job-order costing On January 1, the company's inventory balances were as follows: The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600,000, indirect labor, $150,000, sefling and administrative salaries, $240.000. d. Incurred various selling and administrative expenses (e g, advertising. sales travel costs, and finished goods warehousing), $367,000 e. Incurred various manufacturing overhead costs (eg., depreciation, insurance, and utilities), $500.000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all Jobs during the year. 9. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year: h. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets 2.The journal entry to record labor costs
3.total amount of manufacturing overhead applied
4.what is the total manufacturing costs added to work in progress
5.journal entry for the transfer of completed jobs that is refered in g.
6.the ending balance in Work in Progress
7.total amount of actual manufacturing overhead cost incurred during the year. underapplied or over? how much?
8.The cost of good available for sale? the journal entry to record the cost of goods sold refering h. 9.Ending balance in finished goods.Gross margin for the year and the net operating income.
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