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Entry for Issuing Materials Materials issued are as follows: Requisition No. Material Job No. Amount 203 201 Aluminum 500 $976,000 202 Plastic 503 412,300 Rubber
Entry for Issuing Materials Materials issued are as follows: Requisition No. Material Job No. Amount 203 201 Aluminum 500 $976,000 202 Plastic 503 412,300 Rubber 504 187,700 Glue Indirect 150,000 205 Steel 619,000 Journalize the entry to record the issuance of materials. 204 510 If an amount box does not require an entry, leave it blank. Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $4,800 5,875 101 104 108 Indirect 18,250 15,500 8,220 9,430 12,675 19,225 111 115 117 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 $18,500,000 $44,000,000 800,000 Estimated factory overhead cost for fiscal year beginning August 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for August Actual direct labor hours for August 1,250,000 $1,515,800 $3,606,300 64,500 Actual machine hours for August 105,000 a. Determine the factory overhead rate for Factory 1. Round your answer to two decimal places. per machine hour b. Determine the factory overhead rate for Factory 2. per direct labor hour C. Journalize the entries to apply factory overhead to production in each factory for August. If an amount box does not require an entry, leave it blank. Factory 1 Factory 2 d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead. Factory 1 Factory 2 $ $ Predetermined Factory Overhead Rate Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, the annual operating room overhead is estimated to be: Disposable supplies Depreciation expense $299,600 75,000 32,000 278,500 Utilities Nurse salaries Technician wages 126,900 Total operating room overhead $812,000 The overhead costs will be assigned to procedures, based on the number of surgical room hours. Poehling Medical Center expects to use the operating room an average of eight hours per day, seven days per week. In addition, the operating room will be shut down two weeks per year for general repairs. a. Determine the predetermined operating room overhead rate for the year. X per hour b. Bill Harris had a five-hour procedure on January 22. How much operating room overhead would be charged to his procedure, using the rate determined in part (a)? c. During January, the operating room was used 240 hours. The actual overhead costs incurred for January were $67,250. Determine the overapplied operating overhead or underapplied operating overhead for the period. X overapplied Feedback Check My Work a. Use estimated annual operating room hours and estimated annual operating room overhead to find the predetermined overhead rate. b. Apply the predetermined rate to the hours of actual surgery. C. Apply the predetermined rate to the actual hours. Compare the actual cost and the applied cost. Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process $85,800 Balance, January 1 Direct materials Direct labor 115,000 140,000 296,200 Factory overhead Jobs finished during January are summarized as follows: Job 210 $182,500 Job 216 78,300 Job 224 Job 230 $232,190 67,250 ) a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. b. Determine the cost of the unfinished jobs at January 31. Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $4,500 of indirect materials and $8,200 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $12,500 Direct materials $18,750 Direct labor 31,000 Direct labor 42,200 Factory overhead 7,750 Factory overhead 10,550 Total $51,250 Total $71,500 Job 303 Job 304 Direct materials $9,940 Direct materials $14,310 Direct labor 16,500 Direct labor 17,100 Factory overhead Factory overhead Journalize the summary entry to record each of the following operations for March (one entry for each operation): a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank. b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank, c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an amount box does not require an entry, leave it blank. - B3 d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank. Entry for Issuing Materials Materials issued are as follows: Requisition No. Material Job No. Amount 203 201 Aluminum 500 $976,000 202 Plastic 503 412,300 Rubber 504 187,700 Glue Indirect 150,000 205 Steel 619,000 Journalize the entry to record the issuance of materials. 204 510 If an amount box does not require an entry, leave it blank. Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $4,800 5,875 101 104 108 Indirect 18,250 15,500 8,220 9,430 12,675 19,225 111 115 117 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 $18,500,000 $44,000,000 800,000 Estimated factory overhead cost for fiscal year beginning August 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for August Actual direct labor hours for August 1,250,000 $1,515,800 $3,606,300 64,500 Actual machine hours for August 105,000 a. Determine the factory overhead rate for Factory 1. Round your answer to two decimal places. per machine hour b. Determine the factory overhead rate for Factory 2. per direct labor hour C. Journalize the entries to apply factory overhead to production in each factory for August. If an amount box does not require an entry, leave it blank. Factory 1 Factory 2 d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead. Factory 1 Factory 2 $ $ Predetermined Factory Overhead Rate Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, the annual operating room overhead is estimated to be: Disposable supplies Depreciation expense $299,600 75,000 32,000 278,500 Utilities Nurse salaries Technician wages 126,900 Total operating room overhead $812,000 The overhead costs will be assigned to procedures, based on the number of surgical room hours. Poehling Medical Center expects to use the operating room an average of eight hours per day, seven days per week. In addition, the operating room will be shut down two weeks per year for general repairs. a. Determine the predetermined operating room overhead rate for the year. X per hour b. Bill Harris had a five-hour procedure on January 22. How much operating room overhead would be charged to his procedure, using the rate determined in part (a)? c. During January, the operating room was used 240 hours. The actual overhead costs incurred for January were $67,250. Determine the overapplied operating overhead or underapplied operating overhead for the period. X overapplied Feedback Check My Work a. Use estimated annual operating room hours and estimated annual operating room overhead to find the predetermined overhead rate. b. Apply the predetermined rate to the hours of actual surgery. C. Apply the predetermined rate to the actual hours. Compare the actual cost and the applied cost. Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process $85,800 Balance, January 1 Direct materials Direct labor 115,000 140,000 296,200 Factory overhead Jobs finished during January are summarized as follows: Job 210 $182,500 Job 216 78,300 Job 224 Job 230 $232,190 67,250 ) a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. b. Determine the cost of the unfinished jobs at January 31. Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $4,500 of indirect materials and $8,200 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $12,500 Direct materials $18,750 Direct labor 31,000 Direct labor 42,200 Factory overhead 7,750 Factory overhead 10,550 Total $51,250 Total $71,500 Job 303 Job 304 Direct materials $9,940 Direct materials $14,310 Direct labor 16,500 Direct labor 17,100 Factory overhead Factory overhead Journalize the summary entry to record each of the following operations for March (one entry for each operation): a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank. b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank, c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an amount box does not require an entry, leave it blank. - B3 d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank
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