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In: Accounting
Minstrel Manufacturing uses a job order costing system. Duringone month Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the application of factory overhead to production is:
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Journal : Debit Work in Process Inventory $165,000; credit Factory Overhead $165,000.
Workings:
Direct labor = Total labor cost - Indirect labor = 150,000 - 40,000 =110,000
Applied factory overhead = 110,000 * 150% = 165,000
Journal entry
| Account Titles | Debit | Credit |
| Work in Process Inventory | 165000 | |
| Factory Overhead | 165000 |
ekkarill92 answered 2 years agoRelated Solutions
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During
one month, Minstrel purchased $198,000 of raw materials on credit;
issued materials to production of $195,000 of which $30,000 were
indirect. Minstrel incurred a factory payroll of $150,000, of which
$40,000 was indirect labor. Minstrel uses a predetermined overhead
application rate of 150% of direct labor cost. Minstrel’s beginning
and ending Work in Process Inventory are $15,500 and $27,000
respectively. Compute the cost of product transferred to Finished
Goods Inventory:
Portside Watercraft uses a job order costing system. During one month Portside purchased $153,000 of raw...
Portside Watercraft uses a job order costing system. During one
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issued materials to production of $164,000 of which $24,000 were
indirect. Portside incurred a factory payroll of $95,000, of which
$25,000 was indirect labor. Portside uses a predetermined overhead
rate of 170% of direct labor cost. The journal entry to record the
application of factory overhead to production is:
Madison Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased...
Madison 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
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Depreciation recorded on factory equipment, $40,000.
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The company applies manufacturing overhead cost to production
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30,000 machine-hours were...
The Searider Company uses a job-order costing system. The following transactions occurred in April: a. Raw...
The Searider Company uses a job-order costing system. The
following transactions occurred in
April:
a. Raw materials were purchased on account, $180,000.
b. Raw materials used in production, $148,000 ($130,000 direct
materials and $18,000 indirect
materials).
c. Accrued direct labor cost of $75,000 and indirect labor cost of
$105,000.
d. Depreciation recorded on factory equipment, $40,000.
e. Other manufacturing overhead costs accrued during April,
$118,000.
f. The company applies manufacturing overhead cost to production
using a predetermined
overhead rate of...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The
following transactions occurred in October:
Raw materials purchased on account, $209,000.
Raw materials used in production, $189,000 ($151,200 direct
materials and $37,800 indirect materials).
Accrued direct labor cost of $50,000 and indirect labor cost of
$21,000.
Depreciation recorded on factory equipment, $104,000.
Other manufacturing overhead costs accrued during October,
$129,000.
The company applies manufacturing overhead cost to production
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Question: The Searider Company uses a job-order costing system. The following transactions occurred in April: Raw...
Question:
The Searider
Company uses a job-order costing system. The following transactions
occurred in April:
Raw materials were purchased on account, $180,000.
Raw materials used in production, $148,000 ($130,000 direct
materials and $18,000 indirect materials).
Accrued direct labor cost of $75,000 and indirect labor cost of
$105,000.
Depreciation recorded on factory equipment, $40,000.
Other manufacturing overhead costs accrued during April,
$118,000.
The company applies manufacturing overhead cost to production
using a predetermined overhead rate of $6 per machine-hours. A
total...
The Searider Company uses a job-order costing system. The following transactions occurred in April: Raw materials...
The Searider Company uses a job-order costing system. The
following transactions occurred in April:
Raw materials were purchased on account, $180,000.
Raw materials used in production, $148,000 ($130,000 direct
materials and $18,000 indirect materials).
Accrued direct labor cost of $75,000 and indirect labor cost of
$105,000.
Depreciation recorded on factory equipment, $40,000.
Other manufacturing overhead costs accrued during April,
$118,000.
The company applies manufacturing overhead cost to production
using a predetermined overhead rate of $6 per machine-hours. A
total of...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The
following transactions occurred in October:
Raw materials purchased on account, $209,000.
Raw materials used in production, $191,000 ($152,800 direct
materials and $38,200 indirect materials).
Accrued direct labor cost of $49,000 and indirect labor cost of
$21,000.
Depreciation recorded on factory equipment, $106,000.
Other manufacturing overhead costs accrued during October,
$130,000.
The company applies manufacturing overhead cost to production
using a predetermined rate of $8 per machine-hour. A total of
76,200 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
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, $191,000 ($152,800 direct
materials and $38,200 indirect materials).
Accrued direct labor cost of $48,000 and indirect labor cost of
$21,000.
Depreciation recorded on factory equipment, $106,000.
Other manufacturing overhead costs accrued during October,
$129,000.
The company applies manufacturing overhead cost to production
using a predetermined rate of $6 per machine-hour. A total of
76,400 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company
uses a job-order costing system. The following transactions
occurred in October:
Raw materials purchased on account, $211,000.
Raw materials used in production, $191,000 ($152,800 direct
materials and $38,200 indirect materials).
Accrued direct labor cost of $50,000 and indirect labor cost of
$20,000.
Depreciation recorded on factory equipment, $106,000.
Other manufacturing overhead costs accrued during October,
$129,000.
The company applies manufacturing overhead cost to production
using a predetermined rate of $8 per machine-hour. A total of
76,300 machine-hours...
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