Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Marblex manufactures marble statues. In March, the production department had budgeted allocation bases of 70,000 machine-hours in Department Y. The budgeted manufacturing overhead for the
Marblex manufactures marble statues. In March, the production department had budgeted allocation bases of 70,000 machine-hours in Department Y. The budgeted manufacturing overhead for the YEAR was $1,400,000. 20 In June 2020, Customer placed an order for Job A at a price of $50,000. Company then started the job A on June 10 and completed the job on June 30. The actual costs incurred for Job A in Department Y was $ 8,000 for direct materials and $ 9,000 for direct labor. The overall costs incurred and machine hours used for Department Y in the year 2020 were listed as follows: Materials purchased on account Direct materials used for all the jobs Direct manufacturing labor incurred Indirect manufacturing labor incurred Indirect materials used Lease on factory Utilities Depreciation on machinery Miscellaneous MOH items Machine-hours used for Job A Machine-hours used for all the jobs in the year 2020 Department Y $500,000 400,000 550,000 660,000 15,000 480,000 110,000 175,000 18,000 900 hours 75,000 hours b) Prepare the entry to record the usage of materials for job A on June 10, 2020. WIP 8 800 June 10 WIP Invertory 400,000 8000 Material Invertory 40,000 c) Prepare the entry to record the labor cost incurred for Job A on June 30, 2020. WIP 9000 June 2o WIP Invertory MOH 1210POD 1550, ooo 660,000 wage payable d) Prepare entry to record the allocation of manufacturing overhead allocated to Job A on June 30, 2020. June 30 W I P Invertory MOH Allocated (20 x 900 1 180w 18000 =) Prepare the entry to record for job A when the job A is completed on June 30, 2020 35000 June 30 Fh Invertory WIP Inversary 25.000 25.m 50000 2500 f) Prepare entry to record the sales for Job A on July 1 and record the Cost of Goods Sold for Job A on July 1. July I lose of good gold L8Ogre Sales HEDAVD & g) Prepare the entry to record the manufacturing overhead cost incurred for Department Y in 2020. 1.458000 WIP Invertory 18000 9000) MOHL Invertory 17.000 17.000 h) Prepare the adjusting entry to record the over-allocated MOH or under-allocated MOH for the year 2020. over-allocated $42.000 (15000,000 MOH Allocated-1458000) MOH Invertory 303000 utilities 110.000 1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started