Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer question BE2-6 and BE2-9 In January, Knox Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1, 400, Job

image text in transcribed Please answer question BE2-6 and BE2-9
In January, Knox Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1, 400, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw materials used. Factory labor data for Knox Company is given in BE2-2. During January, time tickets show that the factory labor of $6,000 was used as follows: Job 1 $2, 200, Job 2 $1, 600. Job 3 $1, 400, and general factory use $800. Prepare a summary journal entry to record factory- labor used. Data pertaining to job cost sheets for Knox Company are given in BE2-3 and BE2-4. Prepare the job cost sheets for each of the three jobs. Marquis Company estimates that annual manufacturing overhead costs will be $900,000. Estimated annual operating activity bases are direct labor cost $500,000, direct labor hours 50,000, and machine hours 100,000. Compute the predetermined overhead rate for each activity base. During the first quarter, Roland Company incurs the following direct labor costs: January $40,000, February $30,000, and March $50,000. For each month, prepare the entry to assign overhead to production using a predetermined rate of 80% of direct labor cost. In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $20,000 and Job 11 530,000. On March 31, Job 10 is sold to the customer for $35,000 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10. Preprah Engineering Contractors incurred service salaries and wages of $32,000 (524,000 direct and $8,000 indirect) on an engineering project. The company applies over-head at a rate of 25% of direct labor. Record the entries to assign service salaries and wages and to apply overhead

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_2

Step: 3

blur-text-image_3

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

Safety Auditing A Management Tool

Authors: Donald W. Kase

1st Edition

0471289035, 978-0471289036

More Books

Students also viewed these Accounting questions

Question

Explain the forces that influence how people handle conflict

Answered: 1 week ago