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Neko [114]
3 years ago
6

Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 Purchased raw m

aterials for $20,000 on account. 8 Raw materials requisitioned by production: Direct materials $8,000 Indirect materials 1,000 15 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 25 Incurred $108,000 of factory labor. 25 Time tickets indicated the following: Direct Labor (7,000 hrs × $12 per hr) = $84,000 Indirect Labor (3,000 hrs × $8 per hr) = 24,000 $108,000 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. 28 Goods costing $18,000 were completed in the factory and were transferred to finished goods. 30 Goods costing $15,000 were sold for $20,000 on account.
Business
1 answer:
Gelneren [198K]3 years ago
5 0

Answer:

raw materials    20000 debit

accounts payable   20000

WIP         8000 debit

factory overhead 1000 debit

raw materials   9000 credit

WIP           84000 debit

factory overhead 24000 debit

wages payables  108000 credit

factory overhead     10100  debit

cash   10100 credit

WIP   49000 debit

factory overhead   49000 credit

Finished Goods   18000 debit

WIP inventory   18000 credit

COGS   15000 debit

Finished Goods   15000 credit

Explanation:

The indirect materials and labor will be considered actual factory overhead thus debited into that account

same procedures applies to the repair and utilities paid in cash we have to posted into factory overehad

from the cost sheet we determiante 7,000 labor hours we apply the $7 overhead rate per our to get the amount of applied overhead

The finished goods will increase while the WIP inventory decrease by the ammount transferred out

The COGS is an expense which decreases our finished goods inventory as we sale them and are no longer in our possesion.

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For 2020, Ms. Deming earned wages totaling $225,000.
qaws [65]

Answer:

Additional Medicare is charged on the wages that are higher than $200,000.

1. Medicare owed assuming Ms. Deming is single:

= (225,000 - 200,000) * 0.9%

= 25,000 * 0.9%

= $225

2. Medicare owed assuming Ms. Deming files a joint return with her husband.

When filed together, their wages would be considered jointly.

= ( (100,000 + 225,000) - 200,000) * 0.9%

= 125,000 * 0.9%

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3 0
2 years ago
What’s the difference between a market economy and a command economy
loris [4]
The activity in a market economy is unplanned and determined by the supply and demand of goods and services. The main example of a market economy is capitalism. Whereas, a command economy is organised by a centralised government which owns most, of not all, businesses. The main example of a command economy is communism.
3 0
2 years ago
Dave Matthew Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump su
Sedaia [141]

Answer:

$78,199

Explanation:

If the market price of common stock is $165 per stock, then selling 500 common stocks should = $82,500

If the market price of preferred stock is $230 per preferred stock, then selling 100 preferred stocks should = $23,000

If we add both we would get $105,500. If we want to allocate the proceeds proportionally according to their market prices:

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the journal entries should be:

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3 years ago
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Answer:

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Explanation:

4 0
3 years ago
Read 2 more answers
Evaluate the following slide and make recommendations for improving it.
muminat

Style:

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Content:

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