User Account

All Pages

Applied overhead at month-end to the goods in process jobs

Assignment Help Accounting Basics
Reference no: EM13580886

Widmer Watercraft's predetermined overhead rate for year 2013 is 200% of direct labor. Information on the company's production activities during May 2013 follows.

a. Purchased raw materials on credit, $260,000.
b. Paid $128,900 cash for factory wages.
c. Paid $15,250 cash to a computer consultant to reprogram factory equipment.
d. Materials requisitions record use of the following materials for the month.
  


  Job 136 $ 48,500
  Job 137
33,000
  Job 138
19,800
  Job 139
22,800
  Job 140
7,200
  


  Total direct materials
131,300
  Indirect materials
20,500
  


  Total materials used $ 151,800
  



e. Time tickets record use of the following labor for the month.
  


  Job 136 $ 12,000
  Job 137
10,600
  Job 138
37,700
  Job 139
39,000
  Job 140
3,600
  


  Total direct labor
102,900
  Indirect labor
26,000
  


  Total $ 128,900
  



f. Applied overhead to Jobs 136, 138, and 139.
g. Transferred Jobs 136, 138, and 139 to Finished Goods.
h. Sold Jobs 136 and 138 on credit at a total price of $545,000.
i.

The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance).
  


  Depreciation of factory building $ 69,000
  Depreciation of factory equipment
38,500
  Expired factory insurance
11,000
  Accrued property taxes payable
36,500

j.

Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.

2.

Required:
1.

Prepare a job cost sheet for each job worked on during the month

Reference no: EM13580886

Questions Cloud

On march 1 2011 fast freight company sold 400000 of its 9 : on march 1 2011 fast freight company sold 400000 of its 9 percent 20-year bonds at 109.9. the semiannual interest
Assume that 1400 million of the cost of goods sold is a : gross margin and contribution margin eastman kodak company is a provider of imaging technology products and services to
For the coming year sorkin company anticipates a unit : for the coming year sorkin company anticipates a unit selling price of 80.00 a unit variable cost of 40.00 and fixed
Joeu2019s pub cost- volume- profit analysis in a small : joeu2019s pub cost- volume-profit analysis in a small business joe bell recently opened joeu2019s pub in the university
Applied overhead at month-end to the goods in process jobs : widmer watercrafts predetermined overhead rate for year 2013 is 200 of direct labor. information on the companys
Compute the adjusted net income to be used as the numerator : charles austin of the controllers office of thompson corporation was given the assignment of determining the basic and
Budgets and performance evaluation goal create an excel : budgets and performance evaluation goal create an excel spreadsheet to prepare a performance report and use the results
Management and financial accounting lillian choi an able : management and financial accounting lillian choi an able mechanical engineer was informed that she would be promoted to
Chester amp wayne is a regional food distribution company : chester amp wayne is a regional food distribution company. mr. chester ceo has asked your assistance in preparing

Reviews

Write a Review

Accounting Basics Questions & Answers

  In 2013 tommys construction corp began construction work

in 2013 tommys construction corp began construction work under a three- year contract. the contract price is 1600000.

  Audit of inventory management process

The audit of the inventory management process is affected by the audit results from multiple other processes. Identify the processes, other than the inventory management process,

  What are the implications to management of increase

What might be the cause of this increase and what are the implications to management of this increase?

  Costs-saving-discount rates and net present value

A salesperson from a different computer company claims that his machine, which costs $85,000 and has an estimated service life of four years, will generate annual savings for the city of $32,000.

  Economic entity-necessary for accountants

Discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. If an entity was perceived to be short term, what effect would that have on the accounting system?

  Transactions in the divorce agreement

In 2010, he made six payments. How do the transactions in the divorce agreement affect Arnold's and Barbara's taxable income?

  Explain whether you consider what they did morally

explain whether you consider what they did morally permissible or impermissible. determine the obligations ideals and

  Journal entry-impairement of goodwill

Prepared a journal entry (if any) for Blaha Comapany to recorded the impairement of its goodwill at the end of 2004

  If the company plans to sell 700000 units during the year

sartain corporation is in the process of preparing its annual budget. the following beginning and ending inventory

  Market value of the stock decline

Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $156,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?

  Prepare common-sized financial statements for leslie fay

Prepare common-sized financial statements for Leslie Fay for the period 1987-1991. For that same period, compute for Leslie Fay the ratios shown in Exhibit 2. Given these data, which financial statement items do you believe should have been of ..

  Modified accrual basis of accounting

Under the modified accrual basis of accounting, revenues are recognized in the period:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd