Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I Need help with these they are a bit hard Preparing job cost sheet for computing costs of jobs and providing related journal entries. Oak

I Need help with these they are a bit hard

image text in transcribedimage text in transcribedimage text in transcribed Preparing job cost sheet for computing costs of jobs and providing related journal entries. Oak Tree LLC manufactures custom furniture and use job order costing. During the month of March, the company started working on Job 303 , which involves making 1,000 chairs for Prestige LLC at an agreed price of $110 per chair. The following job order costs were incurred on job 303 : Oak Tree use direct labor hours (DLH) as their allocation base for alocating MOH. Estimated MOH for the year $350,000 Estimated DLH for the year 7,000 hours a) Calculate the company's predetermined overhead allocation rate. b) complete the job order cost sheet for Job 303 c) Prepare journal entries that record each of the following transactions: i) The transfer of direct materials from the warehouse for use on job 303 ii) The direct labor costs used on job 303 iii) Allocating manufacturing overhead to job 303 using the predetermined overhead rate. iv) The completion of the job and the storage of the chairs as finished goods inventory. v) Recognizing the sale of the job to the customer for $110 per chair. Assume the customer pays in cash. vi) Recognizing the cost of goods sold for the job after the finished chairs are delivered to the customer. P4 Recording actual and applied manufacturing overhead. Cardillo Inc. allocates manufacturing overhead costs based on the direct labor hour (DLH). The estin ) are as follows: A Required: a) Compute the predetermined overhead rate (POHR) for Cardillo. b) Provide the journal entries to record the actual manufacturing overhead incurred during the current month. c) Provide the journal entries to record the applied manufacturing overhead during the current month. d) Prepare the T-account for Manufacturing overhead to determine over or underapplied overhead, if any. e) Provide the journal entries to adjust over or underapplied overhead, if any. Solutior a) b) c) Applied MOH: POHR X Actual DLH d]

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

International Financial Accounting And Reporting

Authors: Ciaran Connolly

2nd Edition

0903854724, 978-0903854726

More Books

Students also viewed these Accounting questions

Question

Explain the causes of indiscipline.

Answered: 1 week ago

Question

=+Construct a data- and research-driven SWOT analysis

Answered: 1 week ago

Question

=+Who are our customers?

Answered: 1 week ago

Question

=+What are our goals presently?

Answered: 1 week ago