The polaris company uses a job-order costing system. the following transactions occurred in october: raw materials purchased on account, $210,000. raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). accrued direct labor cost of $90,000 and indirect labor cost of $110,000. depreciation recorded on factory equipment, $40,000. other manufacturing overhead costs accrued during october, $70,000. the company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. a total of 30,000 machine-hours were used in october. jobs costing $520,000 according to their job cost sheets were completed during october and transferred to finished goods. jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. these jobs were sold on account at 25% above cost. required: 1. prepare journal entries to record the transactions given above. 2. prepare t-accounts for manufacturing overhead and work in process. post the relevant transactions from above to each account. compute the ending balance in each account, assuming that work in process has a beginning balance of $42,000.
Answers: 3
Business, 22.06.2019 19:40, jair512872
Lauer corporation uses the periodic inventory system and has provided the following information about one of its laptop computers: date transaction number of units cost per unit 1/1 beginning inventory 210 $ 910 5/5 purchase 310 $ 1,010 8/10 purchase 410 $ 1,110 10/15 purchase 255 $ 1,160 during the year, lauer sold 1,025 laptop computers. what was cost of goods sold using the lifo cost flow assumption?
Answers: 1
Business, 22.06.2019 23:50, kaylinreed7
Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours. required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)
Answers: 2
The polaris company uses a job-order costing system. the following transactions occurred in october:...
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