North Country Industries manufactures Adirondack chairs. The company reported the following costs for June 2020.ItemCostWood$164,630Nails, glue, stain$14,290Indirect manufacturing labor$40,640Depreciation on skill saws$4,720Depreciation on delivery truck$2,010Assembly-line workers wages$49,960 Prepare the journal entries for the overhead costs incurred. Assume labor has been incurred by not yet paid. Record the entries in the order they appear in the chart above.JournalDateDescriptionDebitCreditJune 30 June 30 June 30 June 30 June 30 June 30

Depreciation- for delivery truck is form part of selling expenses and not be considered as overhead…

North Country Industries manufactures Adirondack chairs. The company reported the following costs for June 2020. Item Cost Wood $164,630 Nails, glue, stain $14,290 Indirect manufacturing labor $40,640 Depreciation on skill saws $4,720 Depreciation on delivery truck $2,010 Assembly-line workers wages $

North Country Industries manufactures Adirondack chairs. The company reported the following costs for June 2020. Item Cost Wood $164,630 Nails, glue, stain $14,290 Indirect manufacturing labor $40,640 Depreciation on skill saws $4,720 Depreciation on delivery truck $2,010 Assembly-line workers wages $

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 4E: The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the...

See similar textbooks

Item	Cost
Wood	$164,630
Nails, glue, stain	$14,290
Indirect manufacturing labor	$40,640
Depreciation on skill saws	$4,720
Depreciation on delivery truck	$2,010
Assembly-line workers wages	$49,960

Similar questions

When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would be $75,000 and manufacturing would require 25,000 machine hours in the next year. At the end of the year, it found that actual overhead was $74,000 and manufacturing required 24,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under- or over applied overhead.
When setting its predetermined overhead application race, Tasty Box Meals estimated its overhead would be $100,000 and would require 25,000 machine hours in the next year. At the end of the year. It found that actual overhead was $102,000 and required 26,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under applied or over applied overhead.
Pocono Cement Forms expects $900,000 in overhead during the next year. It does not know whether it should apply overhead on the basis of its anticipated direct labor hours of 60,000 or its expected machine hours of 30,000. Determine the product cost under each predetermined allocation rate if the last job incurred $1,550 in direct material cost, 90 direct labor hours, and 75 machine hours. Wages are paid at $16 per hour.
Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?
The Fielder manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850 machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C February 1 Bal. Direct Materials Used b/f 256,400 51,250 Other transactions incurred: • Indirect material issued to production was $38,000 • Total manufacturing labour incurred in February was $345,000, 80% of this amount represented direct labour. • Other manufacturing overhead costs incurred for February amounted to $340,750. • Two jobs were completed with total costs of $324,000 & $240,000 respectively. They were sold on account at a margin of 40% on sales.
Woodpecker Furniture manufactures wood patio furniture. If the company reports the following costs for June 2024, what is the balance in the Manufacturing Overhead account before overhead is allocated to jobs? Assume that the labor has been incurred, but not yet paid. Prepare journal entries for overhead costs incurred in June. Wood $220,000 Nails, glue, stain 20,000 Depreciation on saws 5,100 Indirect manufacturing labor 36,000 Depreciation on delivery truck 2,700 Assembly-line workers' wages 59,000 What is the balance in the Manufacturing Overhead account before overhead is allocated to jobs? Enter the costs and calculate the balance ("Bal.") of the Manufacturing Overhead T-account.
The Plastic Manufacturing Company uses the Job Order Costing and applies manufacturing overhead costs to units produced using an appropriate base. The activities for September 2020 are shown below: Direct Material Inventory used $ 45,000 Indirect Material Inventory used $ 4,000 Direct Manufacturing Labor $ 53,500 Applied Manufacturing Overhead $ 56,500 Actual Manufacturing Overhead $ 62,500 Beginning and Ending Work In Process $ 0 What is the cost of jobs completed in September 2020? а. $ 151,000 b. $ 155,000 $ 161,500 d. $ 161,000
Michael Scott Paper Co. uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required.At the beginning of 2020, the company expected to incur the following:Michael Scott Paper Co.Beginning of 2020 Manufacturing overhead costs $1,001,910 Direct labor costs $1,512,800 Number of Machine hours to be used 73,400 At the end of 2020, the company had actually incurred:Michael Scott Paper Co.End of 2020 Direct labor costs $1,219,700 Depreciation on manufacturing plant equipment $596,400 Property taxes on plant $39,600 Sales Salaries $28,400 Delivery drivers wages $25,600 Plant janitor's wages $17,100 Number of Machine hours actually used 65,700 (Round your answers to two decimal places when needed and use rounded answers for all future calculations).1. Compute the predetermined overhead allocation rate. Total estimated overhead cost ? Total estimated quantity of the overhead allocation base =…
Midwest Corporation has provided the following data concerning manufacturing overhead for 2020: Estimated manufacturing overhead for the year $ 30,000 Estimated direct labor hours for the year 2,000 Two jobs were worked on during the year: Job A-101 and Job A-102. The number of direct labor-hours spent on Job A-101 and Job A-102 were 1,200 and 1,000, respectively. The actual manufacturing overhead was $37,000.What was the amount of manufacturing overhead applied to Job A-101? $24,000. $44,000. $18,000. $16,000.
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $ 3,900 Manufacturing Overhead Applied $ 35,600 Work in Process Inventory $ 5,975 Manufacturing Overhead Incurred $ 29,400 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton Direct materials $ 700 $ 900 $ 1,000 Direct labor 300 500 700 Manufacturing overhead 375 625 875 $ 1,375 $ 2,025 $ 2,575 During June, raw materials purchased on account were $ 4,600, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $ 800 and miscellaneous costs of $ 400 incurred on account.A summary of materials requisition slips…
The Fielder manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850 machine hours would be worked and $1,256,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C February 1 bal. b/f 51,250 Direct Material Used 256,400 Other transactions incurred: ▪ Indirect material issued to production was $38,000 ▪ Total manufacturing labour incurred in February was $345,000, 80% of this amount represented direct labour. ▪ Other manufacturing overhead costs incurred for February amounted to $340,750. ▪ Two jobs were completed with total costs of $324,000 & $240,000 respectively. They were sold on account at a margin of 40% on sales. Required: I)Compute Fielder’s predetermined…
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $ 3,900 Manufacturing Overhead Applied $ 35,600 Work in Process Inventory $ 5,975 Manufacturing Overhead Incurred $ 29,400 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton Direct materials $ 700 $ 900 $ 1,000 Direct labor 300 500 700 Manufacturing overhead 375 625 875 $ 1,375 $ 2,025 $ 2,575 During June, raw materials purchased on account were $ 4,600, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $ 800 and miscellaneous costs of $ 400 incurred on account.A summary of materials requisition slips…