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omeli [17]
3 years ago
5

Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory accou

nt shows the following. Work in Process Inventory Date Explanation Debit Credit Balance Dec. 31 Direct materials cost 1,800,000 1,800,000 31 Direct labor cost 200,000 2,000,000 31 Overhead applied 846,000 2,846,000 31 To finished goods 2,757,000 89,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory at December 31. Its direct materials cost is $32,000. How much direct labor cost and overhead cost are assigned to this job
Business
1 answer:
Sergio039 [100]3 years ago
7 0

Answer and Explanation:

1. The computation of the predetermined overhead rate is shown below:

= Overhead applied ÷ direct material cost

= $846,000 ÷ $1,800,000

= 47%

2. The direct labor and overhead cost assigned to the job is shown below:

Total cost $89,000

Less: direct material cost $32,000

Less: overhead cost  $15,040 ($32,000 × 0.47)

Direct labor cost $41,960

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1. Prepare general journal entries to record these transactions using the following titles:

March 1

Dr Cash (101) 175,000

Dr Office Equipment (163) 26,000

    Cr Common Stock (307) 201,000

March 2

Dr Prepaid Rent (131) 6,000

    Cr Cash (101) 6,000

March 3

Dr Office Equipment (163) 3,800

Dr Office Supplies (124) 2,200

    Cr Accounts Payable (201) 6,000

March 6

Dr Cash (101) 4,500

    Cr Services Revenue (403) 4,500

March 9

Dr Accounts Receivable (106) 10,900

    Cr Services Revenue (403) 10,900

March 12

Dr Accounts Payable (201) 6,000

    Cr Cash (101) 6,000

March 19

Dr Prepaid Insurance (128) 6,400

    Cr Cash (101) 6,400

March 22

Dr Cash (101) 4,000

    Cr Accounts Receivable (106) 4,000

March 25

Dr Accounts Receivable (106) 5,330

    Cr Services Revenue (403) 5,330

March 29

Dr Dividends (319) 5,400

    Cr Cash (101) 5,400

March 30

Dr Office Supplies (124) 1,700

    Cr Accounts Payable (201) 1,700

March 31

Dr Utilities Expense (690) 1,400

    Cr Cash (101) 1,400

2. Post the journal entries from part 1 to the ledger accounts.

Account      Description                                  Debit         Credit

101               Cash                                           175,000

                                                                                           6,000

                                                                          4,500

                                                                                           6,000

                                                                                           6,400

                                                                          4,000

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<u>                                                                                             1,400  </u>

101               Cash                                           158,300

106              Accounts Receivable                 10,900        

                                                                                           4,000

<u>                                                                          5,330                     </u>

106              Accounts Receivable                 12,330

124              Office Supplies                            2,200

<u>                                                                          1,700                        </u>

124              Office Supplies                            3,900

128              Prepaid Insurance                       6,400

131               Prepaid Rent                                 6,000

163              Office Equipment                        26,000

<u>                                                                            3,800                      </u>

163              Office Equipment                        29,800

201              Accounts Payable                                              6,000

                                                                           6,000

<u>                                                                                                 1,700    </u>

201              Accounts Payable                                               1,700

307             Common Stock                                               201,000

319              Dividends                                       5,400

403             Services Revenue                                              4,500

                                                                                              10,900

<u>                                                                                                 5,330    </u>

403             Services Revenue                                             20,730

690             Utilities Expense                            1,400

3. Prepare a trial balance as of April 30.

Account      Description                                  Debit         Credit

101               Cash                                           158,300

106              Accounts Receivable                  10,900        

106              Accounts Receivable                  12,330

124              Office Supplies                             3,900

128              Prepaid Insurance                        6,400

131               Prepaid Rent                                 6,000

163              Office Equipment                        29,800

201              Accounts Payable                                               1,700

307             Common Stock                                               201,000

319              Dividends                                       5,400

                   Retained earnings                                             11,000

403             Services Revenue                                             20,730

690             Utilities Expense                            1,400

<u>                                                                                                                 </u>                

TOTAL                                                           234,430       234,430                                              

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