Sep 27, 2017 term paper 2

SCORE – 100% SELECTED ACCOUNTS WITH SOME DEBITS AND CREDITS OMITTED ARE PRESENTED AS FOLLOWS: WORK IN PROCESS AUG. 01 BALANCE $277,640 AUG.31 GOODS FINISHED $186,510 AUG. 31 DIRECT MATERIALS X AUG. 31 DIRECT LABOR $42,800 AUG.31 FACTORY OVERH

This paper concentrates on the primary theme of SCORE – 100% SELECTED ACCOUNTS WITH SOME DEBITS AND CREDITS OMITTED ARE PRESENTED AS FOLLOWS: WORK IN PROCESS AUG. 01 BALANCE $277,640 AUG.31 GOODS FINISHED $186,510 AUG. 31 DIRECT MATERIALS X AUG. 31 DIRECT LABOR $42,800 AUG.31 FACTORY OVERH in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Selected accounts with some debits and credits omitted are presented as follows:

Work in Process
Aug. 01Balance$277,640Aug.31Goods finished$186,510
Aug. 31Direct materialsX   
Aug. 31Direct labor$42,800   
Aug.31Factory overheadX   

 

Factory Overhead
Aug.01-31Costs incurred$97,960Aug.01Balance$12,230
   Aug.31Applied 
    (30% of direct labor cost)X

If the balance of Work in Process at August 31 is $190,780, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30%?

Select the correct answer.

$97,960
$12,840
$186,510
$12,230

 

The following budget data are available for Happy Company:

If factory overhead is to be applied based on direct labor dollars, the predetermined overhead rate is

a. 196%
b. $15.65
c. 199%
d. $14.92

The controlling account for the cost ledger is:

a. Finished Goods.
b. Materials.
c. Cost of Goods Sold.
d. Work in Process.

 

When job 711 was completed, direct materials totaled $13,875 direct labor, $19,821 and factory overhead, $15,856, respectively. Units produced totaled 2,608. What are unit costs?

Select the correct answer.

$2,608
$33,696
$49,552
$19

 

For which of the following businesses would the process cost system be appropriate?

a. Book retailer
b. Dress designer
c. Printing firm
d. Lumber mill

 

The following budget data are available for Happy Company:

If factory overhead is to be applied based on direct labor hours as the cost allocation base for the predetermined overhead rate, the amount of overhead applied into production is

a. $181,000
b. $184,000
c. $172,500
d. $180,000

 

At the end of July, the first month of the current fiscal year, the factory overhead account had a debit balance. Which of the following describes the nature of this balance and how it would be reported on the interim balance sheet?

a. Underapplied, deferred credit
b. Overapplied, deferred credit
c. Underapplied, deferred debit
d. Overapplied, deferred debit

 

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $325,984 and direct labor hours would be 40,748. Actual factory overhead costs incurred were $448,347, and actual direct labor hours were 54,411. What is the amount of over applied or under applied manufacturing overhead at the end of the year?

Select the correct answer.

$435,288 overapplied
$109,304 underapplied
$13,059 overapplied
$13,059 underapplied

 

The source of the data for debiting Work-in-Process for direct materials is the:

a. materials requisition.
b. purchase requisition.
c. purchase order.
d. receiving report.

 

On January 2nd, Newsprint Manufacturing purchases 5 rolls of paper on account at $125.00 per roll for use within the production process. On January 5th 4 rolls of this paper are issued to Job 010507A in the Printing Department. The Printing Department records $675.00 in direct labor and $1,150.00 of factory overhead to Job 010507A. On January 8th Printing transfers Job 010507A to the Folding Department. The folding department applies $450.00 in direct labor and $655.00 in factory overhead to Job 010507A. Job 010507A is transferred to Finished Goods Inventory on January 9th.

  1. Journalize the purchasing of the paper to Raw Materials Inventory.

  2. Journalize (1) the transfer of raw materials to work in process, (2) the application of direct labor, and (3) the application of manufacturing overhead to Job 010507A while in the Printing Department.

    c. Journalize the transfer of Job 010507A to the Folding Department at actual cost.

  3. Journalize (1) the application of direct labor, and (2) the application of manufacturing overhead to Job 010507A while in the Folding Department
  4. Journalize the transfer of Job 010507A to Finished Goods Inventory at actual cost.

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