10 Exercise 3-10 (Algo) Applying Overhead; Journal Entries: T-accounts (L03-1, LO3-2] Dilon Products manufactures variou

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10 Exercise 3 10 Algo Applying Overhead Journal Entries T Accounts L03 1 Lo3 2 Dilon Products Manufactures Variou 1 (37.83 KiB) Viewed 43 times

10 Exercise 3 10 Algo Applying Overhead Journal Entries T Accounts L03 1 Lo3 2 Dilon Products Manufactures Variou 2 (39.33 KiB) Viewed 43 times

10 Exercise 3 10 Algo Applying Overhead Journal Entries T Accounts L03 1 Lo3 2 Dilon Products Manufactures Variou 3 (39.72 KiB) Viewed 43 times

10 Exercise 3 10 Algo Applying Overhead Journal Entries T Accounts L03 1 Lo3 2 Dilon Products Manufactures Variou 4 (47.58 KiB) Viewed 43 times

10 Exercise 3 10 Algo Applying Overhead Journal Entries T Accounts L03 1 Lo3 2 Dilon Products Manufactures Variou 5 (42.95 KiB) Viewed 43 times

10 Exercise 3-10 (Algo) Applying Overhead; Journal Entries: T-accounts (L03-1, LO3-2] Dilon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,327.500 in manufacturing overhead cost at an activity level of 577,000 machine-hours The company spent the entire month of January working on a large order for 12.700 custom-made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow e 4.Raw materials purchased on account, $317.000 b. Raw materials used in production, $251.000 (80% direct materials and 20% indirect materials c. Labor cost accrued in the factory. $180.000 (one-third direct labor and two-thirds indirect labor) d. Depreciation recorded on factory equipment, $64,000 e. Other manufacturing overhead costs incurred on account. $85,300. E Manufacturing overhead cost was applied to production on the basis of 40,770 machine-hours actually worked during the month g. The completed job for 12,700 custom-made machined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer. In computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct laboc, and applied overhead) Required: 1. Prepare journal entries to record items (a) through (1) above [ignore item al for the moment 2. Prepare 1-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T- accounts 3. Prepare a journal entry for item tgl above. 4.1 10.800 of the custom made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February? Complete the question by entering your answers in the tabs below. 12 pos el #1 d
From References Prepare journal entries to record items (a) through (f) above (ignore item (g) for the moment no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not und intermediate calculations. View transaction is View journal entry worksheet No General Journal Credit 7 Debi 317.000 $ Raw materials 200 800 50 200 N Transaction b 2 1 3 ✓ 4 7 15 C 4 . E Accounts payable Work in process Manufacturing overhead Raw materials Manufacturing overhead Work in process Wages and salarien payable Manufacturing overhead Accumulated depreciation Manufacturing overhead Accounts payable Work in process Manufacturing ved Required 2 > 120,000 60,000 64.000 35.300 95.250 317,000 251,000 100 000 64000 85.300 95.250 O
ME Graw Complete the question by entering your answers in the tabs below. Request A Rapired 2 Required 3 Required 4 Prepare accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T-accounts. Manufacturing Overhead Work in Process Debit Debit Credit Credit 96.250 50.200 251.000 120.000 50.200 95.250 [d 64.000 1 66.300 224,250 Required 3> Ending Balance Ending Balance < Required 1 396,450 < Prev 10 10
Peaard Required Required 3 Required Prepare a Journal entry for item (9) above. (1 no entry is required for a transactionyevent, select "No journal entry equired in the first Account Detal View transachan st View joamal entry worksheet No General Journal Credit Deba 396.450 Finished goods crian Work in proces < Required 2 Required 4 > 396.450
A Real ju har enmes to record items (a) through (f) above [ignore item (o) for the moment 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T- accounts. 3. Prepare a journal entry for item (a) above 4 it 10.800 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February Complete the question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If 10,800 of the custom-made machined parts are shipped to the customar in February, how much of this fob's cost will be Included in cost of goods sold for February (Round your intermediate calculations to 2 decimal places and final answer to the nearst whole dollar amount. Portion of job cont included in cost of goods sold S 226 800 < Required 3 < Prev 10 of 10 Next > Mc Grow Mil Type here to search