A company incurred $10,000 in DL costs and $8,000 in indirect labor costs. The journal entry to record this transaction debits _______
a. work in process $10,000 and MO $8,000 and credit salaries and wages payable $18,000
b. work in process $8,000 and MO $10,000 and credit salaries and wages payable $18,000
c. salaries and wages payable $18,000 and credit work in process $10,000 and MO $8,000
Company:
Estimated
MO= $500,000
Estimated DL cost= $250,000
Actual MO= $720,000
Actual DL cost= $300,000
Dept. A:
Estimated MO= $338,000
Estimated DL cost= $130,000
Actual MO= $400,000
Actual DL cost= $160,000
Dept B:
Estimated MO= $162,000
Estimated DL cost= $120,000
Actual MO= $320,000
Actual DL cost= $140,000
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
actual amount of MO costs= 120,000
amount of overhead applied during the yr that is in:
work in process= $37,500
finished goods= 52,500
COGS= 60,000
total overhead 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. credit to COGS for $12,000
c. credit to COGS for $30,000
d. debit to work
in process for $7,500
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
actual amount of MO costs= 120,000
amount of overhead applied during the yr that is in:
work in process= $37,500
finished goods= 52,500
COGS= 60,000
total overhead applied=
$150,000
if the MO account is closed to COGS the related entry will _______
a. decrease the COGS sold by $30,000
b. increase the COGS by $30,000
c. decrease the COGS sold by $150,000
d. increase the COGS sold by $150,000
The following info is available for the current year ending Dec 31:
MO applied= $150,000
actual amount of MO costs= 120,000
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
b. credit of $30,000, underapplied
c. debit of $30,000, overapplied
d. debit of $30,000, underapplied
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
b. sales for $50,000 and finished goods for $75,000
c. finished goods for $50,000 and sales revenue for
$75,000
d. COGS for $75,000 and accounts receivable for $50,000
Century 21 Accounting: General Journal
11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman
1,009 solutions
Intermediate Accounting
14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
1,471 solutions
Accounting: What the Numbers Mean
9th EditionDaniel F Viele, David H Marshall, Wayne W McManus
338 solutions
Financial Accounting
4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas
1,097 solutions