Using proper form, provide the required entry for Eilish to record $800 of wages for the workers

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Question:

Using proper form, provide the required entry for Eilish to record $800 of wages for the workers working on the assembly line to make machines. Hint: Ask what kind of cost it is (period or product? If product: DM, DL, indirect? and then decide how it is treated)

P-Diddy uses a normal job-order costing system with overhead applied to products on the basis of direct labor hours. For the upcoming year, they estimated total manufacturing overhead cost at $200,000 and total direct labor hours of 50,000. During the year actual overhead incurred was $262,500 and 40,000 direct labor hours were used.

What journal entry would P-Diddy require to apply overhead to production?

Swiftie has the following information:

Beginning inventory Ending inventory

Raw Material inventory $734 $224

Work-in-Process inventory $5258 $1106

Finished Goods inventory $5288 $2370

Additional information for the year is as follows:

Direct materials: $270

Direct labor: $123

Actual Manufacturing overhead costs: $1842

Applied Manufacturing overhead costs: $1594

Compute the cost of goods manufactured

Swiftie has the following information:

Beginning inventory Ending inventory

Raw Material inventory $886 $185

Work-in-Process inventory $5662 $2918

Finished Goods inventory $4584 $2329

Additional information for the year is as follows:

Raw materials purchases: $226

Direct labor: $169

Actual Manufacturing overhead costs: $1633

Applied Manufacturing overhead costs: $1169

Compute the cost of raw materials used in production

5. Swiftie has the following information:

Beginning inventory Ending inventory

Raw Material inventory $591 $293

Work-in-Process inventory $4995 $1292

Finished Goods inventory $5085 $1192

Additional information for the year is as follows:

Direct materials: $259

Direct labor: $164

Actual Manufacturing overhead costs: $1081

Applied Manufacturing overhead costs: $1608

Compute the ADJUSTED Cost of Good Sold

6. Swiftie has the following information:

Beginning inventory Ending inventory

Raw Material inventory $775 $376

Work-in-Process inventory $4010 $1525

Finished Goods inventory $4667 $2281

Additional information for the year is as follows:

Direct materials: $221

Direct labor: $199

Actual Manufacturing overhead costs: $1594

Applied Manufacturing overhead costs: $1460

Compute the total manufacturing costs

7. Swiftie has the following information:

Beginning inventory Ending inventory

Raw Material inventory $858 $183

Work-in-Process inventory $5612 $2509

Finished Goods inventory $5179 $2638

Additional information for the year is as follows:

Direct materials: $180

Direct labor: $112

Actual Manufacturing overhead costs: $1427

Applied Manufacturing overhead costs: $1612

Compute the UNDADJUSTED Cost of Good Sold

8. P-Diddy uses a normal job-order costing system with overhead applied to products on the basis of direct labor hours. For the upcoming year, D Corp estimated total manufacturing overhead cost at $2 per direct labor hour and total direct labor hours of 1913. During the year actual overhead incurred was $56377 and 9 direct labor hours were used.

By how much is P-Diddy over/under applied? Use a negative sign if underapplied, no sign if overapplied

10. Record the required journal entry for Eilish to record $700 of wages for the supervisor of the assembly line that produces the machines. To receive full credit ALWAYS give ALL journal entries in proper form. See Hints/FAQ tab on Blackboard Hint: Ask what kind of cost it is (period or product? If product: DM, DL, indirect? and then decide how it is treated)

13. Using proper form, provide the required entry for Eilish to record $250 wages for the bookkeeper that handles accounting for production of the machines. Hint: Ask what kind of cost it is (period or product? If product: DM, DL, indirect? and then decide how it is treated)

14. If actual indirect costs for Eilish was $600 but their predetermined rate says they should apply $700 what is the required entry to apply overhead to the job? Hint: It is NOT asking you to close any over/underapplied overhead at this time.

15. Record the required journal entry for Eilish to record $3,000 of metal used to build a machine. To receive full credit ALWAYS give ALL journal entries in proper form. See Hints/FAQ tab on Blackboard. Hint: Ask what kind of cost it is (period or product? If product: DM, DL, indirect? and then decide how it is treated)

16. Using proper form, provide the entry for Eilish to record the completion of a project which required $2,100 in costs (DM, DL, applied MOH).

17. If actual indirect costs for Eilish was $900 but their predetermined rate says they should apply $700, what is result to the Manufacturing Overhead account and Cost of Goods Sold accounts? (overstated/understated)

A.	to record actual indirect labor, actual indirect materials, rent or accumulated depreciation on the plant, actual utility expense incurred.
B.	when goods are finished.
C.	when good are sold.
D.	to apply overhead to production

19. Using proper form, provide the required journal entry for P-Diddy to close $500 of overapplied manufacturing overhead

20. Using proper form, provide the required entry for Eilish to record $43 worth of screws used to make machines during the period Hint: Ask what kind of cost it is (period or product? If product: DM, DL, indirect? and then decide how it is treated)