Prepare t-accounts for manufacturing overhead and work in

Reference no: EM13596265

1.Foley Company uses a job-order costing system. The following data relate to the month of october, the first month of the company's fiscal year:

a. Raw materials purchased on account, $210,000.

b. Raw materials issued to production, $190,000 (80% direct and 20% indirect).

c. Direct labor cost incurred, $49,000; and indirect labor cost incurred, $21,000.

d. Depreciation recorded on factory equipment, $105,000.

e. Other manufacturing overhead costs incurred during october, $130,000 (credit accounts payable).

f.The company applies manufacturing overhead cost to production on the basis of $4 per machine-hour. A total of 75,000 machine-hours were recorded for october.

g.Production orders costing $510,000 according to their job cost sheets were completed during october and transferred to finished goods.

h.Production orders that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 50% above cost.

2. Prepare T-accounts for manufacturing overhead and work in process. Post the relevant information above to each account. Compute the ending balance in each account, assuming that work in process has a beginning balance of $35,000.

Reference no: EM13596265

Questions Cloud

At the surface of the ocean the water pressure is the same : at the surface of the ocean the water pressure is the same as the air pressure above the water 15 lbin2. below the

Ammonium nitrate decomposes explosively upon heating to : ammonium nitrate decomposes explosively upon heating to form nirtogen gas oxygen gas and sterm. assume ideal behavior

On december 31 2007 parks co leased a machine from colt for : on december 31 2007 parks co. leased a machine from colt for a five-year period. equal annual payments under the lease

Consider the reaction of ch33co- with iodomethane or : consider the reaction of ch33co- with iodomethane or 1-chlorobutane. will the reaction rate increase decrease or remain

Prepare t-accounts for manufacturing overhead and work in : 1.foley company uses a job-order costing system. the following data relate to the month of october the first month of

Wisconsin metal co produces 125 gauge barbed wire that is : wisconsin metal co. produces 12.5 gauge barbed wire that is retailed through farm supply companies. presently the

Pondering the figures blalock was ready to decide to make : your roommate jill blalock purchased a new portable dvd player just before this school term for 80. shortly after the

The manager of a furniture factory finds that it costs 2200 : question the manager of a furniture factory finds that it costs 2200 to manufacture 100 chairs in one day and 4800 to

What error would be introduced into the determination of : what error would be introduced into the determination of the density of the irregularly shaped metal pellets if you had

User Account

All Pages