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need help plz with accounting for the following questions Entry for Issuing Materials Materials issued are as follows: Journalize the entry to record the issuance
need help plz with accounting for the following questions
Entry for Issuing Materials Materials issued are as follows: Journalize the entry to record the issuance of materials. If an amount box does not require an entry, leave it blank. Cost Flow Relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Using the above information, determine the following amounts: 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: a. Determine the factory overhead rate for Factory 1. \$ per machine hour b. Determine the factory overhead rate for Factory 2 . $ per direct labor hour Feedback roea wivina a-b. Factory 1 overhead is applied based on machine hours. Factory 2 overhead is applied based on direct labor hours. 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. Factary 1 Factory 2 Feedback rona wiven c. Increase the work in process and reduce the factory overhead. 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. ractary1ractory2 Entry for Factory Labor Costs A summary of the time tickets is as follows: Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: The average shop direct labor rate is $20.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. \$ per direct labor hour Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Jobs finished during January are summarized as follows: a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. Feedback rcheck My Work a. Move the cost of completed jobs out of work in process and into finished goods. b. Determine the cost of the unfinished jobs at January 31 . Kingsford Furnishings Company manufactures designer furniture, Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows: The materials purchased during April on account are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead) a. Journalize the entry to record the purchase of materiais in April. If an amount box does not require an entry, leave it blank. Feedback rolean won a. Increase materials inventory and a liability for the total of purchases. b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. Fendback b. Increase the work in process for direct materials for the Jobs and factory overhead for the indirect materials. c. Determine the April 30 balances that would be shown in the materials ledger accounts. Entries for Direct Labor and Factory Overhead Schumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tickets from June jobs are summarized as follows: Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $22 per direct labor hour. The direct labor rate is $15 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Feedback r Check My Work a. Increase the work in process for the direct labor and factory overhead for the indirect labor. b. Journalize the entry to apply factory overhead to production for June. If an amount box does not require an entry, leave it blank. Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: The direct labor rate earned per hour by the three employees is as follows: The process improvement category includes training, quality improvement, and other indirect tasks. a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank. 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: 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. per hour b. Bill Harris had a 8-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 194 hours. The actual overhead costs incurred for January were $47,400. Determine the overapplied operating overhead or underapplied operating overhead for the period Step by Step Solution
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