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please help me out and correct any wrong aswers, thanks please correct if any of my answers are inncorect, thanks! Creative Web Design uses a
please help me out and correct any wrong aswers, thanks
please correct if any of my answers are inncorect, thanks!
Creative Web Design uses a job-order costing system to track the costs of its web design projects. The company provides complete websine design and hosting services. The following table provides data concerning the three design projects that were in process during May. There was no work in process at the beginning of May. Woject Designer hours Direct labour cost Car Jan's Mapy city Flowers Daycare GO se $1,500 $2,400 $1,500 Actual overhead costs were $2,500 for Moy. Overhead costs are applied to projects on the basis of designer hours. The predetermined overhead rates $15 per designer hour The Car City and Jan's Flowers projects were completed in May, the Happy Daycare project was not completed by the end of the month. No other jobs were in process during Moy. Required: 1. Compute the amount of overhead cost that would have been charged to each project during May. Car City Jan's Flowers Happy Daycare Overhead applied $ 900 $ 400 $ 600 2. Prepare a journal entry showing the completion of the Car City and Jan's Flowers projects and the transfer of costs to the Completed Projects (le Finished Goods) account (if no entry is required for a transaction/event, select "No Journal entry required" In the first account feld) View transaction is Journal entry worksheet Record the entry to transfer of costs to the Completed Projects Note Entert before create General Journal Transaction 01 Credit Record entry Clear entry View general journal 3. What is the balance in the Work in Process account at the end of the month? new process Debit Credit Transaction 01 General Journal Direct labour cost Overhead applied Completed projects Work in process 4-a. What is the balance in the Overhead account at the end of the month? Balance in overhead account debit credit 4-b. What is this balance called? Underapplied overhead O Overapplied overhead Creative Web Design uses a job-order costing system to track the costs of its web design projects. The company provides complete website design and hosting services. The following table provides data concerning the three design projects that were in process during May. There was no work in process at the beginning of May. Project Designer-hour's Direct Labour cost Car Jan's City Flowers 60 Be $ 1,560 $2,400 Happy Daycare 40 $1,360 Actual overhead costs were $2,500 for May. Overhead costs are applied to projects on the basis of designer-hours. The predetermined overhead rate is $15 per designer hour. The Car City and Jan's Flowers projects were completed in May, the Happy Daycare project was not completed by the end of the month. No other jobs were in process during May. Required: 1. Compute the amount of overhead cost that would have been charged to each project during May Car City Jan's Flowers Happy Daycare 9005 400 3 600 Overhead applied 2. Prepare a journal entry showing the completion of the Car City and Jan's Flowers projects and the transfer of costs to the Completed Projects (ie. Finished Goods) account. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction View jouma entry worksheet No General Journal Transaction 01 Debit Credit Direct labour cost Overhead applied Completed projects Work in process 3. What is the balance in the Work in Process account at the end of the month? $ 1,980 4-a. What is the balance in the Overhead account at the end of the month? Balance in overhead account debit credit 4-b. What is this balance called? o Underapplied overhead O Overapplied overhead Step by Step Solution
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