Hello. I need help with these 4 questions. I already answered them. I JUST NEED HELP WITH THE EXPLANATION OF EACH JOURNAL. FOR EXAMPLE: (To record payment of rent expense).

1.

Wowza Corporation manufactures party supplies and uses a predetermined overhead.
The CFO has estimated total manufacturing costs to be $108,500, and the activity driver is direct labor hours, which are estimated to be 62,000 hours.
The following beginning balances are below:
		Work in Process	$ 19,800
		Finished Goods	$ 37,100

Prepare this journal entry for salaries and wages:

The factory labor salaries are $87,000 and the direct labor hours worked were 68,000 (hours).

The factory supervisor's salary is $27,400, and the total administrative salaries are $102,000.

Your Answer:

Journal Entry

Account Title	Debit ($)	Credit ($)
Work-in-process	87,000
Salaries and wages payable		87,000
Manufacturing overhead	27,400
Administrative salary expense	102,000
Salaries and wages payable		129,400

2.

Wowza Corporation manufactures party supplies and uses a predetermined overhead.
The CFO has estimated total manufacturing costs to be $108,500, and the activity driver is direct labor hours, which are estimated to be 62,000 hours.
The following beginning balances are below:
		Work in Process	$ 19,800
		Finished Goods	$ 37,100

Prepare these journal entries:

#1) Manufacturing overhead was applied using 68,000 direct labor hours. #2) Seventy-five percent of Work in Process was transferred to the Finished Goods department.
Please provide two journal entries.

Your Answer:

Journal Entry #1

Account Tittle	Debit ($)	Credit ($)
Work in process inventory	119.000
Manufacturing overhead		119.000

Journal Entry #2

Account Tittle	Debit ($)	Credit ($)
Finished goods inventory	237.863
Work in process inventory		237.863

#Predetermined overhead rate =108500/62000 =$ 1.75 per hour

Overhead applied = actual hours worked * overhead rate

= 68000*1.75

= 119000

#Total Work in process=Beginning +Direct material +direct labor +overhead

= 19800+91350+87000+119000

= 317150

Transferred to Finished goods = 317150*75%= 237863

3.

Wowza Corporation manufactures party supplies and uses a predetermined overhead.
The CFO has estimated total manufacturing costs to be $108,500, and the activity driver is direct labor hours, which are estimated to be 62,000 hours.
The following beginning balances are below:
		Work in Process	$ 19,800
		Finished Goods	$ 37,100

Prepare this journal entry: Ninety percent of the amount in Finished Goods is transferred to Cost of Goods Sold.

Your Answer:

Journal entry

Account Tittle	Debit ($)	Credit ($)
Cost of goods sold	247.467
To finish goods		247.467

4.

Wowza Corporation manufactures party supplies and uses a predetermined overhead.
The CFO has estimated total manufacturing costs to be $108,500, and the activity driver is direct labor hours, which are estimated to be 62,000 hours.
The following beginning balances are below:
		Work in Process	$ 19,800
		Finished Goods	$ 37,100

Prepare this journal entry:

Transfer the over/under the amount of Manufacturing Overhead to Cost of Goods Sold.

Your Answer:

Journal entry

Account Tittle	Debit ($)	Credit ($)
Cost of goods sold	8.730
Manufacturing overhead		8.730