Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Please answer the questions, thank you! Some have multiple parts, but the pictures are in order and I tried adding as many pictures of each

image text in transcribed

Please answer the questions, thank you! Some have multiple parts, but the pictures are in order and I tried adding as many pictures of each question. Thanks again and I will tip for whoever solves these.image text in transcribed

1 vaiue: 10.00 points A company assigns overhead cost to completed jobs on the basis'of 118% of direct labor cost.The job cost sheet for Job 313 shows $29,038 in direct materials has been used/On the job and that $10,900 in direct labor cost has been incurred. Atotal of 1,650 units were produced in Job 313. Required: ' ' . a. What is the total manufacturing cost assigned to Job 313?2. Assume that during the year the company works only 78,000 machine-hours and incUrs the follovVing costs in the manufacturing overhead and work in process accounts. Compute the amount of overhead cost that would be applied to work in process for the year, and make the entry in your t-accounts given below: (Round your intermediate calculations to 2 decimal places.) am}:{Gauthier Ul . 24,000 4 8,300 82,065 36,000 ' 7,300 65,000 L. , (Maintenance) (Indirect materials) {indirect labor) {(Utilities) ; (Insurance) " (Depreciation) { Balance WwWW-hwfi Law-um "- . (Direct materials) 740,000 (Direct labor 93,000 i V----'.---.4. --ar- V.-m -. - ---.-, --.-.. 1 I l 7 .-..- -..-.--.-.s mM-J (Overhead) b*-'------ 3-a. Compute the amount of underapplied or overapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.) 3-b. Prepare a journal entry to close out the balance in the manufacturing overhead account to cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations to 2 decimal places.) view transaction list view general journal / Journal Entry Worksheeta. Raw materials purchased on account, $322,000. b. Raw materials requisitioned for production, $260,000 (80% direct and 20% ' ' c. Labor cost incurred in the factory, $165,000, of which $55,000 was direct la (9) for the moment] (If no I entryrequired" in the first account field. Do not round intermediate calculations.) . 'view transaction list view general journal Journal Entry Worksheet ' Raw materials purchased on account, $322,0pO ' , , .m:nMW-7.u"pu"nm-n-gq-g-g-gwn-g' "mw-"emu, "gnu-om, [m0131mmli'vyvpou'v1 "" '- .... -A , 'v ' r . I i : fi .. ..!. . MM ' ' mura. ' ' ' ,. --. u.....---.-.- . ... - -.-.---.-.-- "nm .,.-.4Nv.-m m . u C = . ' : rM----.--.,-.-.-- - .-..--w....-.....--......- .......... sw. .. -. ........... - ...,...., .' ............ .. ..... l :' ; l . ; . M-.........-....-.......--W mw .....-...--.----.-.--.. - -.-... - fi..." fi..." wc-.. - -..m, cu. -.m. l . l k . z 2 l " l H--------- ----------- --------.-d-. um ' ------- "fi-w' ---- ----- ------.-.- ju- w- ma..- r-c.....-.. "fm..." .. -..... i ' l I 1 l fl...- c..- ...-...--..-.. ..-.....-... --.-..,., ..-, ,.-.-....... ..... m ....i =.. ..........., ....- .:- ..-......... am ) . l ' g i . l i z ...-...-.....-... -..-.-.-.--.-.... -......-........-.....;-........ ........... "Arm.- ................ l , l i 2 l : gm---,-.'--; -- 1 me; de-bits before crdits "done; i L it clear entry record entryview transaction list view general journal Journal Entry Worksheet Raw materials requisitioned for production, $260,000 (80% direct and 20% indirect). - w -- mu- "* *Enter debits before credits 'view transaction list view general journal Journal Entry Worksheet Depreciation recorded on factory equipment'$62,100. V-..'.-..-....c..- w ---.,.......----$..--.-.-- ...---- .. """"""'w"," " ' *Enter debies"5gr5?agerms s U it clear entry record entryview transaction list view general journal Journal Entry Worksheet . fi. - -...;- - . fl -- M- -- ----- --- ----- "fl""'""""""""'""'"""""..m ......-....,.--. .. - - u. . fl...- ..... .. m- 4 ..--.c ' * nt'r azba'ts'bg br" credits . m I ' , 1 clear entry ' . WIL-lAIAAJeusrt- --Av14.oN-Aquwb3. Prepare a journal entry for item (9) above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) view transaction list ' view general journal I " v ' ' ' V 'V i h, u ' I i Journal Entry Worksheet fi . TI'C'CUH IPICLCWJUU'VVGD'I'I'iUvU'IiTLU'TJiC'Tii'ITDTIW'gU'UCI'3"iIv'Ci['C'i'l'U'UD''Ui:I """"" ' ' j January 31 to await delivery to the customer. (In computing the dollar 4 amount for this entry, remember that the cost of a completed job consists - of direct materials, direct labor, and applied overheafldL) H Mg: , - , c , "*Enter debits before credits di"; "rr ' "amateur? "1 l ' 1' M- L. *Enter debits before credits '"idre' 1' ' ' 'iF'hiky'": I 4. Compute the unit product cost that will appear on the job Cost sheet, (Do not r'ound intermediate calculations. unnd your.anSwer to 2 decimal places.) > ' ' K ' eruhit 3 p "gm"..J MAWvalue: 10.00 points Luthan Company uses a predetermined overhead rate of $23.20 per direct labor-hour. This predetermined rate was based on a cost formula that estimated $278,400 of total manufacturing overhead for an estimated activity level of 12,000 direct labor-hours. . ' ' - ' The company incurred actual total manufacturing overhead costs/cf $265,000 and 12,400 total direct labor-hours during the period. ' ' ' ' - . - ' Required: . . w '. Determine the amount of manufacturing overhead that would have been applied to all jobs during the period. ' ' N *' N 'value: 10.00 points Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 38,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $526,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $300 per direct labor-hour. Harris's actual manufacturing overhead for the year was $708,096 and its actual total direct labor was 38,500 hours. ' Required: Compute the company's predetermined overhead rate for the year. (Round your answer to 2 decimal places.) ' ' F

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

College Mathematics For Business Economics, Life Sciences, And Social Sciences

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

14th Edition

0134674146, 978-0134674148

Students also viewed these Accounting questions