A company incurred $10,000 in DL costs and $8,000 in indirect labor costs. The journal entry to record this transaction debits _______ Show
a. work in process $10,000 and MO $8,000 and credit salaries and wages payable $18,000 Company: Based on this info the POHR per DL dollar for Dept B is $ _______ The following info is available for the current year ending in Dec 31: MO applied= $150,000 if the MO account is closed proportionally to work in process, finished goods, and COGS, the related entry will include a _______ a. debit to COGS for $12,000 b The Manufacturing Overhead account has a credit balance of $30,000 before the adjustment to close the balance of this clearing account because the credits to the account for the amount applied of $150,000 exceed the debits to the account for the actual overhead costs of $120,000 by $30,000. The closing entry will include a debit to Manufacturing Overhead for $30,000 (to offset the existing credit balance), a credit to Work in Process for $7,500 (or $30,000 × 25%), a credit to Finished Goods for $10,500 (or $30,000 × 35%), and a credit to Cost of Goods Sold for $12,000 (or $30,000 × 40%). The following info is available for the current year ending in Dec 31: MO applied= $150,000 if the MO account is closed to COGS the related entry will _______ a. decrease the COGS sold by $30,000 The following info is available for the current year ending Dec 31: MO applied= $150,000 What is the balance of the MO account and is overhead underapplied or overapplied at the end of the year a. credit of $30,000, overapplied For the month of October, Janus Corporation used $30,000 worth of direct materials in production and incurred direct labor costs of $60,000. Actual manufacturing overhead costs were $40,000, whereas $45,000 was the manufacturing overhead applied to work in process. What is the amount of total manufacturing costs that would appear in the Schedule of Cost of Goods Manufactured for October? $130,000 $90,000 $175,000 $135,000 Milton Corp. sold goods costing $50,000 for $75,000. Journal entries to be made could include entries debiting _______ a. COGS for $50,000 and accounts receivable for $75,000 Recommended textbook solutions
 Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,009 solutions
Intermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions Accounting: What the Numbers Mean9th EditionDaniel F Viele, David H Marshall, Wayne W McManus 338 solutions Financial Accounting4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions Why is the unit product cost different from the cost that would be incurred if another additional unit were produce?Why is the unit product cost different from the cost that would be incurred if another (additional) unit were produced? The cost to produce another unit is the incremental or marginal cost.
What is the result when a company applies less overhead to production than it actually incurs?2-12 When a company applied less overhead to production than it actually incurs, it creates what is known as underapplied overhead. When it applies more overhead to production than it actually incurs, it results in overapplied overhead. 2-13 A plantwide overhead rate is a single overhead rate used throughout a plant.
What kinds of costs are assigned to units of product in absorption costing?Key Takeaways. Absorption costing differs from variable costing because it allocates fixed overhead costs to each unit of a product produced in the period. Absorption costing allocates fixed overhead costs to a product whether or not it was sold in the period.
What is the term used when a company applies less overhead to production than it actually incurs multiple choice 1?Underapplied overhead is the opposite of overapplied overhead. Overapplied overhead occurs when expenses incurred are actually less than what a company accounts for in its budget. This means that a company comes in under budget and achieves a lower amount of overhead costs during the accounting period.
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Why is the unit product cost different from the cost that would be incurred if another additional unit were produced quizlet?
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