A Rieb Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently,the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.Direct materials.Direct laborManufacturing overhead appliedTotalView transaction listJournal entry worksheetManufacturing overhead for the month was overapplied by $7,300.The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold atthe end of the month on the basis of the overhead applied during the month in those accounts.<Required:Provide the journal entry that would record the allocation of underapplied or overapplied among work in process, finished goods, andcost of goods sold.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.1Record the journal entry to allocate the underapplied or overapplied overheadamong work in process, finished goods, and cost of goods sold.Note: Enter debits before credits.Transaction1Work in processFinished goodsWork In Process Finished Goods$ 3,740$ 8,82024,15011,2009,9006,400$ 20,040$ 44,170General JournalCost of goods soldManufacturing overheadRecord entryClear entryDebitCreditCost of GoodsSoldView general journal$ 47,340130,08062,400$ 239,820>Total$ 59,900164,13080,000$ 304,030

Name: A Rieb Incorporated has provided the following data for the month of S
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Description: A Rieb Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently,the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.Direct

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Accounting

Direct materials Direct labor Manufacturing overhead applied Total Manufacturing overhead for the month was overapplied by $7,300. $ 3,740 9,900 6,400 $ 20,040 $ 8,820 24,150 11,200 $ 44,170 $ 47,340 130,080 62,400 $ 239,820 $ 59,900 164,130 80,000 $ 304,030

Direct materials Direct labor Manufacturing overhead applied Total Manufacturing overhead for the month was overapplied by $7,300. $ 3,740 9,900 6,400 $ 20,040 $ 8,820 24,150 11,200 $ 44,170 $ 47,340 130,080 62,400 $ 239,820 $ 59,900 164,130 80,000 $ 304,030

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 15E: The books of Petry Products Co. revealed that the following general journal entry had been made at...

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On August 1, Cairle Companys work-in-process inventory consisted of three jobs with the following costs: During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold. Required: 1. Calculate the predetermined overhead rate based on direct labor cost. 2. Calculate the ending balance for each job as of August 31. 3. Calculate the ending balance of Work in Process as of August 31. 4. Calculate the cost of goods sold for August. 5. Assuming that Cairle prices its jobs at cost plus 20 percent, calculate Cairles sales revenue for August.
OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
The actual overhead for a company is $74,539. Overhead was based on 6,000 direct labor hours and was $2,539 under applied for the year. What is the overhead application rate per direct labor hour? What is the journal entry to dispose of the under applied overhead?
Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the underapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the debit balance in Under-and Overapplied Factory Overhead.
The books of Petry Products Co. revealed that the following general journal entry had been made at the end of the current accounting period: The total direct materials cost for the period was $40,000. The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)
The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was $3,325 over applied for the year. What is the overhead application rate per direct labor hour? What is the journal entry to dispose of the under applied overhead?
Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of September. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $76,000 and the total of the credits to the account was $66,000. Which of the following statements is true? Multiple Choice Manufacturing overhead for the month was underapplied by $10,000. Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $76,000. Manufacturing overhead applied to Work in Process for the month was $76,000. Actual manufacturing overhead incurred during the month was $66,000.
Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead $ 157,950 Estimated machine-hours 4,680 Actual manufacturing overhead $ 157,800 Actual machine-hours 4,940 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The predetermined overhead rate is closest to: $31.94 $33.75 $33.72 $44.52
Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of September. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $73,000 and the total of the credits to the account was $55,000. Which of the following statements is true? Multiple Choice Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $73,000. Actual manufacturing overhead incurred during the month was $55,000. Manufacturing overhead applied to Work in Process for the month was $73,000. Manufacturing overhead for the month was underapplied by $18,000.
Kalamazoo corporation has provided data concerning the company's manufacturing overhead account for the month of July. Prior to the closing of the overapplied or underapplied balance to cost of goods sold, the total of the debits to the manufacturing overhead account was $53,000 and the total of the credits to the account was $73,000. Which of the following statements is true? Manufacturing overhead for the month was overapplied by $20,000 Manufacturing overhead applied to work in process for the month was $63,000 Manufacturing overhead transferred from finished goods to cost of goods sold during the month was $73,000 Actual manufacturing overhead for the month was $63,000 None of the above. Please explain answer.
Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead $157,350 4,560 $156,600 4,700 Estimated machine-hours Actual manufacturing overhead Actual machine-hours The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The applied manufacturing overhead for the year is closest to: (Round your intermediate calculations to 2 decimal places.)
Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $267,900 and machine hours to be 14,100. Actual manufacturing overhead and machine hours were $304,900 and 15,100, respectively. Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead account balance to cost of goods sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list 1 Record the actual manufacturing overhead cost incurred. 2 Record the application of manufacturing overhead to production. 3 Record the transfer of manufacturing overhead account balance to cost of goods sold. X >