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OLEGan [10]
3 years ago
9

On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 sh

ares of its $25 par value common stock. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
1 answer:
Ganezh [65]3 years ago
3 0

Answer:

Explanation:

The journal entry is shown below:

On February 20

Organization expense A/c Dr     $60,000

          To  Common Stock A/c $25,000       (1,000 shares × $25)

          To  Paid in capital in excess of par-Common Stock $35,000

(Being the organization expense is recorded and remaining balance is credited to the  Paid in capital in excess of par-Common Stock)

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a. Determine the two production department factory overhead rates.

Pattern department = $50 per hour

Cut and sew department = $67 per hour

b. Use the two production department factory overhead rates to determine the factory overhead per unit for each product.

Production                             Small           Medium         Large

<u>Departments                         Glove          Glove             Glove</u>

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Cut and Sew Department     $5.36           $6.70           $8.04

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small, medium, large

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Cut and Sew Department overhead $227,800

Total $362,800

Pattern Department 2,700 direct labor hours

Cut and Sew Department 3,400

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Overhead rate per hour:

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Departments                         Glove          Glove             Glove

Pattern Department              0.04             0.05              0.06

Per unit ($50)                        $2.00           $2.50           $3.00

Cut and Sew Department     0.08             0.10               0.12

Per unit ($67)                         $5.36           $6.70            $8.04

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