Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can somebody help with these problems? also can be possible add the formulas to get the results I need. thks I need help with at

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Can somebody help with these problems? also can be possible add the formulas to get the results I need. thks

I need help with at least 15-1A part 2 and 3!!

Use the following information to answer questions [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 3e May 31 Ft 1 of 3 $40,000 9,209 57,000 45,000 20,200 34,500 nits Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 178,000 200,000 3 00:48:19 16,000 46,000 107,000 1,500,000 55% eBook Exercise 15-8 Journal entries for materials LO P1 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. [The following information applies to the questions displayed below.) 2 The following information is available for Lock-Tite Company, which produces special order security products and uses a job order costing system. April 30 May 31 Part 2 of 3 $ $40,000 9,209 57,000 45,000 20,200 34,500 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 178,000 200,000 points 8 00:48.00 16,000 46,000 107,000 1,500,000 55% eBook Exercise 15-9 Journal entries for labor LO P2 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system April 30 May 31 3 of 3 $ $48, eee 9,200 57,000 45, eee 20,209 34,500 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 178,66 200,000 00:47:44 16,000 46,000 107,000 1,500,000 55% Book Exercise 15-10 Journal entries for overhead LO P3 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May. (The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000, factory rent, $36,000, factory utilities, $19,000, and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680.000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 388 $ 30,000 23,000 11,500 $ 44,098 16,000 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 137,000 102,000 215,000 152,000 $105,000 101,089 Finished (sold) Finished (unsold) In process Problem 15-1A Part 1 Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31). Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 The following information applies to the questions displayed below. Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384.000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000; factory rent, $36,000, factory utilities, $19,000, and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow Job 386 Job 387 Job 388 $ 30,000 23,888 11,500 $ 44,000 16,080 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 137,000 102,000 215,000 152,080 $105,000 1e1,800 Finished (sold Finished (unsold) In process Problem 15-1A Part 2 Problem 15-1A Part 2 a. Materials purchases (on credit) b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory. d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Cost of goods sold for Job 306. i. Revenue from the sale of Job 306. j. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions. search H Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384.000. Overhead costs incurred in April are: indirect materials, $58,000, indirect labor, $29,000, factory rent, $36,000; factory utilities, $19,000, and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow Job 386 Job 307 Job 308 $ 30,080 23,000 11,500 $ 44,000 16,080 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 137,000 102,099 215,000 152,000 $195,000 101,000 Status on April 30 Finished (sold) Finished (unsold) In process Problem 15-1A Part 3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Accounting & Financial InformationAnalyzing, Forecasting, And Decision Making

Authors: Mark S. Bettner

2nd Edition

1947098683, 9781947098688

More Books

Students also viewed these Accounting questions