Riley Company estimates the company will incur $ 65,000 in overhead costs and 5,000 direct labor hours during the year. Actual direct labor hours were 4,850. Calculate the predetermined overhead allocation rate and prepare the journal entry for the allocation of overhead.
Answer to relevant QuestionsCompleting and selling products Kennedy Company completed jobs that cost $ 45,000 to produce. In the same period, the company sold jobs for $ 85,000 that cost $ 40,000 to produce. Prepare the journal entries for the ...Match the following terms to their definitions. a. A record used to assign direct labor cost to specific jobs. 1. Jobb. Request for the transfer of materials to the production floor. 2. Job Cost Record c. Document that ...Kelley Company has the following information for the year ended December 31, 2014. Use the information to prepare a schedule of cost of goods manufactured and an income statement. All amounts are shown inmillions.White Woods manufactures jewelry boxes. The primary materials (wood, brass, and glass) and direct labor are assigned directly to the products. Manufacturing overhead costs are allocated based on machine hours. Data for 2014 ...This problem continues the Davis Consulting, Inc. situation from Problem. Davis Consulting uses a job order costing system in which each client is a different job. Davis assigns direct labor, daily per diem, and travel costs ...
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