Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Prepare normal costing journal entries for each of the following events. You will also need the following information: Overhead was estimated at $50,000 for the year and direct labor hours (used to apply overhead) was estimated at 5,000 hours per day.

A) Purchase $100 of raw materials on account.

B) The foreman for job #85 requisitioned $50 of direct materials.

C) Paid $500 for rent. $300 was allocated to the factory and the balance was assigned to administrative offices.

D) Workers accumulated 400 hours of labor including 50 hours over overtime. 300 of the 400 hours were traced to particular jobs. The wage rate is $20 per hour.

E) The accountant recognized $200 depreciation on the CEO's car.

F) Job #103 was completed. At completion the job cost sheet showed $1,000 in direct materials and $8,000 in direct labor.

G) At the end of the accounting period, a total of $50960 if overhead had accumulated and direct labor amounting to $104,000 was recorded for the period. Overhead accounts are prorated among WIP, FG, and CGS according to the direct labor hours in each account. WIP had 200 DLH, FG had 1,000 DLH, and CGS had 4,000 DLH.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946053

Have any Question? 


Related Questions in Accounting Basics

Practice questionsa large company has a distribution

Practice questions: A large company has a distribution department with its own garages and vehicles. Suggest six headings under which the costs of the department might be collected.

Following is the current balance sheet for a local

Following is the current balance sheet for a local partnership of doctors: Cash and current assets $ 50,000Liabilities $ 90,000 Land 290,000 A, capital 70,000 Building and equipment (net) 220,000 B, capital 90,000 C, cap ...

Airline x depreciates its airplanes over a 15-year period

Airline X depreciates its airplanes over a 15-year period and estimates a salvage value of 10% of the cost of the plane. At the same time, Airline Y depreciates identical airplanes over a 25-year period and estimates a s ...

Assignment detailsas at the 1stmay katy perry establishes a

Assignment Details: As at the 1stMay, Katy Perry establishes a new business Katie's Bridal Services as a sole trader. The business will hire out bridal gowns and other accessories as well as provide professional services ...

Assignmentnbsp the eatery is a restaurant in dekalb

Assignment  The Eatery is a restaurant in DeKalb, Illinois. It specializes in deluxe sandwiches in a moderate price range. Michael Raye, the manager of The Eatery, has determined that during the last two years the sales ...

Topic ethics in auditing practiceyour assignment should

Topic: "Ethics in auditing practice" Your assignment should answer the following questions: 1. Provide a brief overview of the nature of the auditing/ethical issue/s involved with Ethics in auditing practice. 2. How does ...

Questionthato and mdeva were in partnership and traded as

QUESTION: Thato and Mdeva were in partnership and traded as LEPARA Traders and shared profits/losses in the ratio of 5:3 respectively. Thato and Mdeva decided to admit Lenyora to the partnership. The following informatio ...

Assignmentyou are an associate in a boutique tax consulting

Assignment You are an associate in a boutique tax consulting firm that specializes in the real estate industry. You have been assigned to work with a client who needs advice on the tax implications of his business holdin ...

Practice questionsin what circumstances would you recommend

Practice questions: In what circumstances would you recommend the use of the machine hour overhead absorption rate?

Assessment item - review of current accounting issuestaskin

Assessment item - Review of Current Accounting Issues Task In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleague ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate