Answer and Explanation:
The journal entry is given below:
a. Work in process ($4,850 + $2,420 + $1,910 + $3,570) $12,750
Factory overhead $1,660
To wages payable $14,410
(being the factory labor cost is recorded)
b. Work in process Dr ($12,750 ÷ $17 × $28) $21,000
To factory overhead $21,000
(being the factory overhead is applied)
These two entries should be recorded for an individual parts
Answer:
=$319.50
Explanation:
Net pay is obtained after subtracting all deductions from the gross pay. Therefore, net pay is gross pay minus deductions. It is the amount that gets to the employee's salary account.
In this case, gross pay =$400
Deductions
include income Tax = $50.00
State Income Tax = $20.00
Social Security Tax = $7.00
Medicare Tax = $3.50
Total deductions = $80.5
Net pay = $400 - $80.5
=$319.50
Answer:
The Fixed overhead price is "U" (unfavorable) and the The fixed overhead production volume is "U" (unfavorable)
Explanation:
Solution
Given that:
Fixed overhead price Variance is computed as:
Fixed overhead price Variance = Actual - Budgeted
= 387,300 - 372,000
= 15,300 U
Thus,
The Fixed overhead production volume variance is computed as:
Fixed overhead production volume variance = = Budgeted - applied
= 372,000 - 361,200
= 10,800 U