Reference no: EM132766721
Question - The Collins Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of materials used in production. At the beginning of the most recent year, the following estimates were made as a basis for computing the predetermined overhead rate for the year:
Manufacturing overhead cost: $200,000
Direct materials cost: $160,000
The following transactions took place during the year (all purchases and services were acquired on account):
1) Raw materials purchased: $86,000.
2) Raw materials requisitioned for use in production (all direct materials): $98,000.
3) Utility costs incurred in the factory: $15,000.
4) Maintenance costs incurred in the factory: $15,000.
5) Advertising costs incurred: $89,000.
6) Depreciation recorded for the year: $80,000, of which 80% relates to factory assets and the remainder relates to selling and administrative assets.
7) Rental cost incurred on buildings: $70,000 (75% of the space is occupied by the factory, and 25% is occupied by sales and administration).
8) Manufacturing overhead cost was applied to jobs as per company policy.
Required - Prepare the journal entries for the above transactions from 1 to 8.
|
Why skills are deemed crucial for proper execution of sdlc
: Both oral and written, into accounting information systems courses. Why do you think these skills are deemed crucial for proper execution of SDLC?
|
|
Should a forensic accountant or fraud examiner subpoena
: Should a forensic accountant or fraud examiner subpoena all bank and company records for the past five years? Why or why not?
|
|
What is the intrinsic value of rrvs common stock
: The company's last paid dividend, D0, was $2.25. RRV's beta is 1.50, What is the intrinsic value of RRVs common stock
|
|
Which statement is incorrect regard components depreciation
: Which statement is incorrect regarding 'components depreciation'? An entity allocates the amount of initially recognized in respect of an item.
|
|
Prepare the journal entries for the transactions
: Raw materials requisitioned for use in production (all direct materials): $98,000. Prepare the journal entries for the transactions
|
|
What amount of the dividend would be taxable
: Assume a dependent child received an Alaska Permanent Fund Dividend in 2020 for $1,750. What amount of the dividend would be taxable?
|
|
What the dependent taxable income is
: A dependent's only income for 2020 is $12,500 of taxable wages and $840 of taxable interest on a savings account. The dependent's 2020 taxable income is
|
|
Which bond do you think is the best buy
: Bond A has face value $2,000, matures in 5 years, pays a coupon of 4% and costs $1914.70. Which bond do you think is the best buy
|
|
Storage format for digital evidence
: As an investigator, you are responsible for protecting the integrity of the data you collect from a hard drive.
|