Reference no: EM132326547
Question
Baltimore Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $280,000 and direct labor hours of 25,000.
During the month of February 2019, Job 2-1 incurred direct labor of 450 hours. Use this information to prepare the end of the month application General Journal entry (without explanation) of factory overhead for Job 2-1 for the month. If no entry is required then write "No Entry Required.
March 1, 201, Dorchester Company's beginning work in process inventory had 8,000 units. This is its only production department.
Beginning WIP units were 50% complete s to conversion costs. Dorchester introduces direct materials at the beginning of the production process. During March, all beginning WIP was completed and an additional 13,500 units were started and completed. Dorchester also started but did not complete 5,500 units.
These units remained in ending WIP inventory and were 60% complete s to conversion costs. Dorchester uses the weighted average method.
Use this information to determine for March 2019 the equivalent units of production for conversion costs. Round & enter final answers to: the nearest whole dollar for total dollar answers, nearest penny for unit costs or nearest whole number for units
Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018 is provided:
Item Amount
Sales $850,000
Beginning Raw Material Inventory 74,000
Direct Material Purchased 308,000
Factory Overhead 90,000
Finished Goods Inventory - January 1 144,000
Work in Process - January 1 74,000
Work in Process - December 31 98,000
Ending Raw Material Inventory 58,000
Finished Goods Inventory - December 31 168,000
Net Income 65,000
Direct Labor 155,000
Cost of Goods Sold 655,000
Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2018: Round dollar values & enter as whole dollars only. Properly title your statement.
Alaska Corporation purchased, on account, 6,600 pounds of raw materials at $7.50 per pound on January 2, 2019. The production manager requisitioned and received 2,350 pounds of raw material into production on January 15. Use this information to prepare the General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."
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