Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following to answer questions 20-25: GREEN CORPORATION GREEN CORPORATION produces a single product. Each job is unique. The company uses normal costing to

image text in transcribed
Use the following to answer questions 20-25: GREEN CORPORATION GREEN CORPORATION produces a single product. Each job is unique. The company uses normal costing to account for overhead in their operations. In September of 2019, it completed all outstanding orders, and then, in October of 2019, it worked on only two jobs, Alpha and Beta. Information regarding prime costs for these jobs is as follows: Job Alpha Job Beta Direct materials $ 78,000 $ 51,000 Direct labor 300,000 200,000 Direct labor costs average $25 per hour. The master budget at the start of the year reflected budgeted overhead of $4,200,000 and 210,000 direct labor production hours. Overhead is applied on the basis of direct labor hours. Actual overhead costs for the month of October totaled $430,000. Only Job Alpha was completed in October and was in finished goods inventory at month end. 20. The overhead application rate being used is: 21. Overhead applied to work in process for the month of October was: 22. If Job Alpha consisted of 1,000 units, what was the unit cost of Job Alpha? 23. The journal entry, if any, to dispose of misapplied overhead for the period would be: (assume that any misapplied overhead is material in nature, and that the company wishes to make this adjustment in the most theoretically correct manner). 24. The journal entry to reflect the cost of Goods Manufactured would be: Debi Credit 25. Work in process at the end of October, as shown on the Balance Sheet, in accordance with GAAP would be

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

Cost And Management Accounting Volume II

Authors: Gautam Kumar Jana

1st Edition

1642875562, 9781642875560

More Books

Students also viewed these Accounting questions

Question

differentiate the function ( x + 1 ) / ( x ^ 3 + x - 6 )

Answered: 1 week ago