Question: please help me with placing the right values to their respective ttables i did half the work, please Concord Wings, Inc. manufactures airplanes for use








Concord Wings, Inc. manufactures airplanes for use in stunt shows. Concord's factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color). Concord uses a job order costing system to accumulate product costs. At the end of 2020. Concord's accountants developed the following expectations for 2021 based on the marketing department's sales forecast $ 1.050,000 50.000 Budgeted overhead cost Estimated machine hours Estimated direct labor hours Estimated direct materials cost 11,000 $ 1.500.000 Concordsinventory count.completed on December 31, 2020, revealed the following ending inventory balances Raw Materials Inventory $ 249,000 Work in Process Inventory 5626,000 Finished Goods Inventory $ 1.360.000 The company's 2021 payroll data revealed the following actual payroll costs for the year Number Employed Job Title Annual Total Hours Wage Rate Salary per Worked per per Hour Employee Employee $ 227.000 $ 178,000 1 1 1 $ 40,400 1 $ 30,000 President and CEO Vice president and CFO Factory manager Assistant factory manager Machine operator Security guard, factory Forklift operator Corporate secretary Janitor, factory 5 $ 15 2.250 2 $ 20,300 2 $8 2,000 1 $36,900 2 $6 2.150 The following information was taken from Concord's Schedule of Plant Assets. All assets are depreciated using the straight-line method. Plant Asset Factory building Administrative office Factory equipment Purchase Price Salvage Value Useful Life $ 4,000,000 $ 150,000 20 Years $ 650,000 $ 125,000 30 Years $ 2.000.000 $ 20,000 12 Years Other miscellaneous costs for 2020 all paid in cash included: Amount $ 13,400 Cost Factory insurance (fully expired) Administrative office utilities Factory utilities $5,400 $ 30,900 Office supplies (fully consumed) $5,700 Additional information about Concord's operations in 2020 includes the following: . Raw materials purchases for the year amounted to $1,947,000. All materials were purchased on account. The company used $ 1,870,000 in raw materials during the year. Of that amount, 85% was direct materials and 15% was indirect materials. Concord applied overhead to Work in Process Inventory based on direct materials cost. Airplanes costing $3,450,000 to manufacture were completed and transferred out of Work in Process Inventory Concord uses a markup of 150% to price its airplanes. Sales for the year were $ 6,570,000. All sales are made on account. (Note: This transaction requires two journal entries.) (a) Your answer is correct What was Concord's predetermined overhead rate in 2021? Predetermined overhead rate 70 % of direct materials cost No. Account Titles and Explanation Debit Credit 1. Salaries and Wages Expertise 441900 Salaries Payable 441900 (To record salaries for president, vice president, and corporate secretary) 2 Manufacturing Overhead Salaries Payable (To record salaried factory worker costs) 3 Work in Process tnventory TIJDEN U Manufacturing Overhead Wapes Payable (To record hourly factory worker costs) Depreciation Expense Accumulated Depreciation Manufacturing Overhead Accumulated Depreciation (To record depreciation on factory building and equipment) 6. Supplies Expense Utilities Expense Cash (To record administrative office utilities and office supplies expense) 7. Manufacturing Overhead ILI O IT Cash (To record factory insurance and factory utilities) 8. Raw Materials inventory Accounts Payable 9. Work in Process Inventory Manufacturing Overhead Raw Materials Inventory (To record direct materials and indirect materials used in production) 10 Work in Process inventory Manufacturing Overhead (To apply overhead to work in process) Finished Goods Inventory IIDILINI 11 Work in Process inventory (To record transfer of completed airplanes) 12 Accounts Receivable Sales Revenue (To record sale of airplanes to customers) 13 Cost of Goods Sold Finished Goods Inventory (To record cost of airplanes sold)
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