Business, 27.03.2020 22:53 zahkaria1223badiieez

The following information was taken from the job cost sheet for Job 101 for Scott Manufacturing Company: Date started: July 5 Date completed: August 21 Date Direct materials Direct labor Factory overhead Job Total July 5 $3,000 July 15 $900 $450 July 17 1,500 July 22 1,350 675 August 1 1,500 August 21 600 300 Job 101 was sold on account on August 25 for 160% of its cost. Required: A. Prepare the journal entries to record the costs incurred for Job 101 in the current year for (1) direct materials, (2) direct labor, and (3) factory overhead. 1. 2. 3. B. Prepare the journal entry to record the completion of Job 101. C. What is the predetermined factory overhead rate for Scott

Answers: 2

Show answers

Answers

Answer from: katwilf1771

Date Direct materials Direct labor Factory overhead

July 5 $3,000

July 15 $900 $450

July 17 $1,500

July 22 $1,350 $675

August 1 $1,500

August 21 $600 $300

A) Prepare the journal entries to record the costs incurred for Job 101 in the current year for (1) direct materials, (2) direct labor, and (3) factory overhead.

Account Title Debit Credit

Work in Process 6,000

Raw Materials 6,000

($3,000 + $1,500 + $1,500)

Work in Process 2,850

Wages Payable 2,850

($900 + $1,350 + $600)

Work in Process 1,425

Overhead Control 1,425

($450 + $675 + $300)

B. Prepare the journal entry to record the completion of Job 101.

Account Title Debit Credit

Finished Goods 10,275

Work in Process 10,275

($3,000 + $1,500 + $1,500 + $900 + $1,350 + $600 + $450 + $675 + $300)

C. What is the predetermined factory overhead rate for Scott.

The predetermined factory overhead rate will be calculated by dividing the factory overhead total by the direct labor total.

= $1,425/$2,850 = 50% of direct labor costs

Answer from: Quest

answer; intensive use of a sales force and is relatively costly;

Answer from: Quest

c is the correct answer.

Another question on Business

Business, 21.06.2019 16:10

Computing depreciation, net book value, and gain or loss on asset sale lynch company owns and operates a delivery van that originally cost $46,400. lynch has recorded straight-line depreciation on the van for four years, calculated assuming a $5,000 expected salvage value at the end of its estimated six-year useful life. depreciation was last recorded at the end of the fourth year, at which time lynch disposes of this van. compute the net bookvalue of the van on the disposal date.

Answers: 1

Answer

Business, 22.06.2019 10:40

You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. recently, you saw that stubhub was listing similar seats for $225 apiece. what does it cost you to attend the concert?

Answers: 1

Answer

Business, 22.06.2019 16:30

Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?

Answers: 3

Answer

Business, 22.06.2019 20:00

Suppose a country's productivity last year was 84. if this country's productivity growth rate of 5 percent is to be maintained, this means that this year's productivity will have to be:

Answers: 2

Answer

You know the right answer?

The following information was taken from the job cost sheet for Job 101 for Scott Manufacturing Comp...

Questions