Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

problem1) Gross earnings of the factory workers for Vargas Company during the month of January are $66,000. Employer’s payroll taxes for the factory payroll are 8,000. The fringe benefits to be paid by the employer on this payroll are $6,000. Of the total accumulated cost of factory labour, 85% is connected to direct labour and 15% is attributable to indirect labour:

a) Make entry to record the factory labour cost for month of January

b) Make entry to allot factory labour to production.

problem2) Stine Company uses a job order cost system. On May 1st, the company has a balance in Work in Process Inventory of 3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following.

Job Number     Materials Requisition Slips                   Labour Time Tickets
           
429                        $2,500                                             $1,900
430                       3,500                                                3,000
431                       4,400  $10,400                                 7,600     $12,500
General use             800                                                  1,200
                            $11,200                                             $13,700

Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 completed during the month.

a) Make summary journal entries to record (i) requisition slips, (ii) time tickets, (iii) assignment of manufacturing overhead to jobs, and (iv) completion of Job No. 429.

b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheet. (Use a T-account.)

problem3)  Knox Company begins operations on January 1. As all work is done to customer specifications, the company decides to use a job order cost system. Make flow-chart of a usual job order system with arrows showing the flow of costs. Recognize the eight transactions.

problem4) In January, first month of operations, Knox Company accumulated the following manufacturing costs: raw materials $4,000 on account, factory labour $6000 of which $5,200 relates to factory wages payable and $800 relates to payroll taxes payable, and utilities payable $2000. Make separate journal entries for each type of manufacturing cost.

problem5) In January, Knox Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,400, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw materials used.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9868

Have any Question? 


Related Questions in Accounting Basics

Question 1important multiple-choice questions are to be

Question 1 Important: Multiple-choice questions are to be completed within the Online Learning Environment in your TX2 Assignment Submission section. This portion of the assignment will be automatically graded. Do not in ...

Abc stock has a share price of 150 today all rates of

ABC stock has a share price of $150 today. All rates of interest are 3% per annum on a continuously compounded basis. A one-year European call option on one share of stock struck at $147 is worth $15. Finally, ABC is sch ...

Accounting assignmentaccounting is the study of how

Accounting Assignment Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities in addition to preparing financial statements and recording busi ...

Standard prices for medicineread the article magic pill

Standard Prices for Medicine Read the article, "Magic Pill, Magical Accounting." Based on the content presented in the article, describe some of the issues with not having an industry-wide standard price for a medicine. ...

Task1 create journal entries for the following

Task: 1. Create journal entries for the following transactions. 2. Draw up a T-accounts for each account affected by transactions. 3. Calculate ending balances for all T-accounts. Transactions: March, 1: Student Corp. re ...

Assignmentuncollectible accountsusing your text and at

Assignment Uncollectible Accounts Using your text and at least one scholarly source, prepare a two to three page paper (excluding title and reference page), in APA format, on the following: • Explain the difference betwe ...

Transfer pricing is the pricing of assets funds services

Transfer pricing is the pricing of assets, funds, services, etc., transferred among related organizations. Using online library resources, and the Internet, conduct research to discuss the transfer pricing regulations an ...

Culturally diverse individuals are effective workerssuppose

Culturally Diverse Individuals Are Effective Workers Suppose you work as a human resource (HR) executive at Total Solutions, Inc., a culturally and geographically diverse organization. A recent government study on human ...

Watch accounting witts video titled cash and accrual -

Watch Accounting WITT's video titled "Cash and Accrual - Conceptual": https://www.youtube.com/watch?v=aPwdgUDXkkE&feature=youtu.be Based on the video, explain two (2) advantages and two (2) disadvantages in using both th ...

Accountingcase to assess assurance of learning goal ethical

Accounting Case to assess Assurance of Learning Goal (Ethical Perspectives) Michael Greer is the Marketing Vice President for Atlantic Lubricants headquartered in Boston with extensive operations in New York City that se ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen