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FOR 25 ASSIGNMENT POINTS.....Complete journal entry problem #3 below. Take special note of the beginning information at the top of the problem. The work in process account has the following information already posted for the three jobs from the first week of work: JOB 621 JOB 622 JOB 623 MATERIALS $2800 $3400 $1800 LABOR $2100 $2700 $1350 APPLIED F.O. $1680 $2160 $1080 __________________________________________________ TOTAL $6580 $8260 $4230 The following information is for the second week. Make all necessary entries. a. Materials purchased and received, $22,000, terms n/45. b. Materials requisitioned for production were $21,000. Of this amount $2400 were indirect and the rest was distributed as follows: JOB 621--$5300 JOB 622--$7400 JOB 623--$5900. c. $600 of materials were returned to the storeroom. $200 was indirect and $400 was from JOB 622. d. Materials returned to the vendor amounted to $800. e. Gross payroll for the week was $60,000. Federal income tax withheld was $7000. Union dues were $500. FICA was withheld at the rate of 7.65%. f.. The payroll was divided as follows: direct labor.................55% {JOB 621--$6420, JOB 622--$8160, JOB 623--$18,420} indirect labor..............20% marketing salaries.......10% admin. salaries............15% g. Payroll taxes were recorded as follows: {13.85% is the total of the rates} fut.............. .8% sut.............. 5.4% fica............ 7.65% h. Factory overhead amounted to $5500. This included depreciation of $2000, $250 in expired insurance, and $3250 in unpaid bills. {hint.......no crediting expenses!} i. Factory overhead was applied at the rate of 80% of the direct labor charges of letter "f". {don't forget to do it by the job}. j. Jobs 621 and 622 were completed and transferred to finished goods. {this is a biggie...don't forget to add in the balances from last week!} k. Both jobs were shipped and sold at a 40% profit {2 entries!}
Compute the operating income for each of the five customers. What options should Handy-Man Services consider in light of the customer-profitability results?.
ava deposits 120 into a savings account at the end of every month for 8 years at 6.3 annual interest compounded
1. compute the return on investmentroi for each division usingthe formula stated in terms of margin and turnover.2.
That the taxpayer has consistently elected to carryback the net operating losses as incurred and elected the "two-year" carryback provision.
johnson inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours
On September 11, the customer who had been billed on August 18 complained about being overcharged and was granted a credit of $350.
determine whether each of the following would be reported in the financing activities section of the statement of cash
nancy tercek the financial vice president and margaret lilly the controller of romine manufacturing company are
Bonds, D, Inc. bonds are selling for $1,000 each with an interest rate of 7%. Tax-exempt bonds issued by the State of Kentucky are selling for $1,000 each with an interest rate of 3%. Which bond provides a taxpayer with the higher after-tax return..
delta company produces a single product. the cost of producing and selling a single unit of this product at the
regal flair enterprise has two product lines jewelry and womens apparel. cost and revenue data for each product line
Flores Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting.
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