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this is the question! I cant get anyclearer than this. so are you having trouble reading the problem or dont know how to do it?
this is the question! I cant get anyclearer than this.
so are you having trouble reading the problem or dont know how to do it? this is all the information i was provided.
Raw Materials Inventory= $15,460 Work-In-Process Inventory=$110,428.02 Finished Goods inventory=Unknown Bennett uses a Product Costing System. Bennet uses a Normal Costing system with a single plant wide rate to assign overhead. Bennett uses direct labor hours as the activity driver. Bennett utilizes linear regression analysis for budgeting and forecasting purposes, and any overhead variances are deemed immaterial. Bennett collected data from 1996-2019 and regressed annual manufacturing overhead (the dependent variable) on annual direct labor hours (the independent variable). The results are below: Summary Output: Regression Statistics: Multiple R R Square Adjusted R Square Standard Error Observations 0.929121657 0.863267054 0.85705192 1290.951496 24 ANOVA: ms Significane F 138.897579 Regression Residual Total 5.61698e-11 Df 1 22 23 f 231480561 1666555.765 SS 231480561 36664226.83 268144787.8 Intercept DL Hours Coefficients 1616.004533 5.68520717 Standard Error 1506.773989 0.482390734 t Stat p-Value 1.072492985 11.7854817 Lower 95% Upper 95% 0.295122909 -1508.853462 4740.862528 5.61698e-11 4.684790018 6.685624321 As of 1/1/20, Bennett expects to incur 2,500 direct labor hours in 2020. Bennett's production workers earn $15.00 per hour. On 11/02/20, Bennett incurred $15,000 of actual overhead ($7,00 of depreciation on production equipment, $4,500 paid in cash for insurance on production equipment, and $2,500 paid in cash for indirect materials) What journal Entries should Bennett record on 11/02/2020? Round all calculations and dollar values to four digits. He Chel X, Raw Materials inventory-$15.450 Work In Process inventory$110,428.02 Finished Goods inventory Unknown Bennett uses a Product Costing System. Bernet uses a Normal contingatem with a single plant wideo overhead Bernettes director hours as the activity driver Bennett utilizes linear regression analysis for budgeting and forecasting purposes, and any overhead variances are deemed immaterialBernett collected data from 1996-2019 and regressed annual manufacturing overhead the dependent variable on annual direct labor hours (the independent variable. The results are below Summary Output Regression Statistics: Multiple R R Square Adjusted R Square Standard Error Observations 0.929121657 0.863267054 0.85705192 1290.951496 24 ANOVA Regression Residual Total DI M ms f Swane 1 231480561 231480561 138.897579 5.61698-11 22 36664226.83 1666555.765 23 268144787.8 Coefficients Standard Error Stat p-Vue Lower 95 Upper 95 1616.004533 1506.773989 1.072492985 0.295122909 -1508.853462 4740862528 5.68520717 0.482390734 11.7854817 5.6169-11 4.684790018 6.685624321 Intercept DL Hours As of 1/1/20, Bennett expects to incur 2.500 direct labor hours in 2020. Bennett's production workers earn $15.00 per hour on 11/02/20, Bennett incurred $15.000 of clothed 57,00 of depreciation on production equipment, $4.500 paid hoinformuoton production equipment, and $2.500 paid in cash for indrect marw what journal des should Bennett record on 11/02/20207 Round al calculations and dolar values to four digits Raw Materials Inventory= $15,460 Work-In-Process Inventory=$110,428.02 Finished Goods inventory=Unknown Bennett uses a Product Costing System. Bennet uses a Normal Costing system with a single plant wide rate to assign overhead. Bennett uses direct labor hours as the activity driver. Bennett utilizes linear regression analysis for budgeting and forecasting purposes, and any overhead variances are deemed immaterial. Bennett collected data from 1996-2019 and regressed annual manufacturing overhead (the dependent variable) on annual direct labor hours (the independent variable). The results are below: Summary Output: Regression Statistics: Multiple R R Square Adjusted R Square Standard Error Observations 0.929121657 0.863267054 0.85705192 1290.951496 24 ANOVA: ms Significane F 138.897579 Regression Residual Total 5.61698e-11 Df 1 22 23 f 231480561 1666555.765 SS 231480561 36664226.83 268144787.8 Intercept DL Hours Coefficients 1616.004533 5.68520717 Standard Error 1506.773989 0.482390734 t Stat p-Value 1.072492985 11.7854817 Lower 95% Upper 95% 0.295122909 -1508.853462 4740.862528 5.61698e-11 4.684790018 6.685624321 As of 1/1/20, Bennett expects to incur 2,500 direct labor hours in 2020. Bennett's production workers earn $15.00 per hour. On 11/02/20, Bennett incurred $15,000 of actual overhead ($7,00 of depreciation on production equipment, $4,500 paid in cash for insurance on production equipment, and $2,500 paid in cash for indirect materials) What journal Entries should Bennett record on 11/02/2020? Round all calculations and dollar values to four digits. He Chel X, Raw Materials inventory-$15.450 Work In Process inventory$110,428.02 Finished Goods inventory Unknown Bennett uses a Product Costing System. Bernet uses a Normal contingatem with a single plant wideo overhead Bernettes director hours as the activity driver Bennett utilizes linear regression analysis for budgeting and forecasting purposes, and any overhead variances are deemed immaterialBernett collected data from 1996-2019 and regressed annual manufacturing overhead the dependent variable on annual direct labor hours (the independent variable. The results are below Summary Output Regression Statistics: Multiple R R Square Adjusted R Square Standard Error Observations 0.929121657 0.863267054 0.85705192 1290.951496 24 ANOVA Regression Residual Total DI M ms f Swane 1 231480561 231480561 138.897579 5.61698-11 22 36664226.83 1666555.765 23 268144787.8 Coefficients Standard Error Stat p-Vue Lower 95 Upper 95 1616.004533 1506.773989 1.072492985 0.295122909 -1508.853462 4740862528 5.68520717 0.482390734 11.7854817 5.6169-11 4.684790018 6.685624321 Intercept DL Hours As of 1/1/20, Bennett expects to incur 2.500 direct labor hours in 2020. Bennett's production workers earn $15.00 per hour on 11/02/20, Bennett incurred $15.000 of clothed 57,00 of depreciation on production equipment, $4.500 paid hoinformuoton production equipment, and $2.500 paid in cash for indrect marw what journal des should Bennett record on 11/02/20207 Round al calculations and dolar values to four digits Step by Step Solution
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