Question
In: Accounting
Weinrich Manufacturing uses a job order cost system and applies overhead to Production on the basis...
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Weinrich Manufacturing uses a job order cost system and applies overhead to |
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Production on the basis of direct labor hours. On January 1, 2016, Job No. 25 was the only job in process |
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with total costs of $25,000. Estimated overhead costs are $480,000, direct labor costs are |
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$300,000 and direct labor hours are 20,000 for the year. |
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a. Calculate the predetermined overhead rate. |
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b. Prepare the following entries: |
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1. Purchased raw materials of $50,000 on account. |
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2. Incurred factory labor costs of $31,500 with $8,000 pertaining |
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to employee payroll taxes. |
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3. Request materials for jobs: No. 25 - $5,000, No. 26 -$17,000, |
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No. 27 - $13,000, along with $10,000 of indirect materials. |
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4. Assigned direct labor to jobs: No. 25 - $3,000 (for 200 hours) , No. 26 - $12,000 |
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(for 800 hours), No. 27 - $9,000 (for 600 hours), and indirect labor of $7,500. |
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5. Incurred machinery depreciation of $12,000, and other manufacturing |
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costs paid of $11,000. |
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6. Charged overhead to production. |
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7. Job No. 25 and 27 were finished. |
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8. Job No. 27 was sold for $63,000 on account. |
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h. Cleared the overhead account. |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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