b) State the journal entries necessary to record the following transactions in the general journal. (i) Total materials issued to production (ii) Manufacturing labour incurred (iii)Assign manufacturing labour to the appropriate accounts
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b) State the
(i) Total materials issued to production
(ii) Manufacturing labour incurred
(iii)Assign manufacturing labour to the appropriate accounts
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- The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hoursDavis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
- Good morning, Thanks Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch ofsouvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensiveproduction process, so it assigns manufacturing overhead based on direct labour cost. Exclusive’spredetermined overhead rate for 2020 was computed from the following data: Total estimated factory overhead $2,400,000Total estimated direct labour cost $2,000,000The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used $123,000 Additional data:▪ Total material requisitioned …………………………………$153,000▪ Manufacturing Labour Costs incurred ………………….$163,500 (75% represents direct labour)▪ Other manufacturing overheads…xclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch ofsouvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensiveproduction process, so it assigns manufacturing overhead based on direct labour cost. Exclusive’spredetermined overhead rate for 2020 was computed from the following data:Total estimated factory overhead $2,400,000Total estimated direct labour cost $2,000,000The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used $123,000Additional data:▪ Total material requisitioned …………………………………$153,000▪ Manufacturing Labour Costs incurred ………………….$163,500 (75% represents direct labour)▪ Other manufacturing overheads incurred …………...$94,275▪ Two jobs were completed with total…Good morning, Thanks Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch ofsouvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensiveproduction process, so it assigns manufacturing overhead based on direct labour cost. Exclusive’spredetermined overhead rate for 2020 was computed from the following data: Total estimated factory overhead $2,400,000Total estimated direct labour cost $2,000,000The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used $123,000 Additional data:▪ Total material requisitioned …………………………………$153,000▪ Manufacturing Labour Costs incurred ………………….$163,500 (75% represents direct labour)▪ Other manufacturing overheads…
- Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch ofsouvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensiveproduction process, so it assigns manufacturing overhead based on direct labour cost. Exclusive’spredetermined overhead rate for 2020 was computed from the following data:Total estimated factory overhead $2,400,000Total estimated direct labour cost $2,000,000The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used $123,000Additional data:▪ Total material requisitioned …………………………………$153,000▪ Manufacturing Labour Costs incurred …………………. $163,500 (75% represents direct labour)▪ Other manufacturing overheads incurred …………... $94,275▪ Two jobs were completed…Good morning, Thanks Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch ofsouvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensiveproduction process, so it assigns manufacturing overhead based on direct labour cost. Exclusive’spredetermined overhead rate for 2020 was computed from the following data: Total estimated factory overhead $2,400,000Total estimated direct labour cost $2,000,000The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used $123,000 Additional data:▪ Total material requisitioned …………………………………$153,000▪ Manufacturing Labour Costs incurred ………………….$163,500 (75% represents direct labour)▪ Other manufacturing overheads…Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch ofsouvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensiveproduction process, so it assigns manufacturing overhead based on direct labour cost. Exclusive’spredetermined overhead rate for 2020 was computed from the following data:Total estimated factory overhead $2,400,000Total estimated direct labour cost $2,000,000The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used $123,000Additional data:▪ Total material requisitioned …………………………………$153,000▪ Manufacturing Labour Costs incurred ………………….$163,500 (75% represents direct labour)▪ Other manufacturing overheads incurred …………...$94,275▪ Two jobs were completed with total…
- Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch ofsouvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensiveproduction process, so it assigns manufacturing overhead based on direct labour cost. Exclusive’spredetermined overhead rate for 2020 was computed from the following data:Total estimated factory overhead $2,400,000Total estimated direct labour cost $2,000,000The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June: June 1 Balance b/f $15,000Direct Materials Used 123,000Additional data:▪ Total material requisitioned …………………………………$153,000▪ Manufacturing Labour Costs incurred ………………….$163,500 (75% represents direct labour)▪ Other manufacturing overheads incurred …………...$94,275▪ Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold tothe hotel on account at a margin of 33 1/3% on sales. State and explain three…Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch ofsouvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensiveproduction process, so it assigns manufacturing overhead based on direct labour cost. Exclusive’spredetermined overhead rate for 2020 was computed from the following data:Total estimated factory overhead $2,400,000Total estimated direct labour cost $2,000,000The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June:WIP Inventory A/CJune 1 Balance b/f $15,000Direct Materials Used$123,000Additional data:▪ Total material requisitioned …………………………………$153,000▪ Manufacturing Labour Costs incurred ………………….$163,500 (75% represents direct labour)▪ Other manufacturing overheads incurred …………...$94,275▪ Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold tothe hotel on account at a margin of 33 1/3% on sales. What is…Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch of souvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensive production process, so it assigns manufacturing overhead based on direct labour cost. Exclusive’s predetermined overhead rate for 2020 was computed from the following data:Total estimated factory overhead$2,400,000Total estimated direct labour cost$2,000,000The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June:WIP Inventory A/CJune 1 Balance b/fDirect Materials Used$15,000123,000Additional data:▪ Total material requisitioned …………………………………▪ Manufacturing Labour Costs incurred ………………….▪ Other manufacturing overheads incurred …………...$153,000$163,500 (75% represents direct labour)$94,275▪ Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold to the hotel on account at a margin of 33 1/3% on sales.Required:a)…