41) The following data are available for Jackson Company.

 

Annual estimated manufacturing overhead$ 70,000

Actual manufacturing overhead in May16,200

Annual estimated direct labor hours25,000

Actual direct labor hours in May5,700

 

Required:

a. Compute the predetermined rate based on direct labor hours.

b. Prepare the journal entry to record the applied overhead for the month of May.

 

Given the following accounts:

[1]Expense accounts.

[2]Accounts receivable

[3]Finished goods inventory.

[4]Work in process inventory.

[5]Raw materials inventory.

[6]Factory supplies inventory.

[7]Overhead applied

[8]Accumulated depreciation factory equipment

[9]Accounts payable.

[10]Payroll

[11]Utilities payable

[12]Sales.

[13]Raw materials purchases.

[14]Overhead-control.

[15]Cost of goods sold.

 

Indicate the account(s) to be debited and credited to record the following transactions.

 

42) Purchased raw materials on account.

Debit ________ & ________ & ________ Credit ________ & ________ & ________

43) Issued raw materials to production.

Debit ________ & ________ & ________ Credit ________ & ________ & ________

 

44) Charged direct labor to production.

Debit ________ & ________ & ________ Credit ________ & ________ & ________

 

45) Issued supplies to production.

Debit ________ & ________ & ________ Credit ________ & ________ & ________

 

46) Charged the following costs to overhead: utilities, salaries, and depreciation.

Debit ________ & ________ & ________ Credit ________ & ________ & ________

 

47) Applied overhead to production.

Debit ________ & ________ & ________ Credit ________ & ________ & ________

 

48) Transferred completed products to finished goods.

Debit ________ & ________ & ________ Credit ________ & ________ & ________

49) Sold products on account.

Debit ________ & ________ & ________ Credit ________ & ________ & ________

 

 

 



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