Journailze the following: Fort Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. 3. Factory labor costs incurred were $150,000 of which $120,000 pertained to factory wages payable and $30,000 pertained to employer payroll taxes payable. 4. Time tickets indicated that $126,000 was direct labor and $24,000 was indirect labor. 5. Overhead costs incurred on account were $168,000. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.

Describe the differences between Job Order Costing and Process Costing. Be sure to include examples of businesses that would use each system.

Calculate total manufacturing cost for a table: Wood $11,921 Office Rent $5,256 Plant Manger Salary $4,064

ANSWER IN WHOLE DOLLARS USING A COMMA IF NEEDED, BUT NO DOLLAR SIGN! Factory Utilities $1,286 Advertising Expense $526 Wages of Assembly Line Workers $8,121 Factory Repairs $655

Your Answer:

uestion 11 (4 points)

Overhead incurred was $578. Overhead is allocated based on Direct Labor Dollars. Estimated Overhead for the year is $40,202 and estimated Direct Labor cost is $20,828. If Direct Labor cost is $3,055, what is the amount of over or under applied Overhead ANSWER IN WHOLE DOLLARS USING A COMMA IF NEEDED, BUT NO DOLLAR SIGN!

Your Answer:

lassify each as product or period. Direct Material is

. Income Tax is

. Overhead is

. Indirect Material is

. Office Rent is

. Office Equipment Depreciation is