A. What is the actual B. What is the allocated C. Is manufacturing overhead underallocated or manufacturing overhead? overallocated? manufacturing overhead? D. Prepare the adjusting entry. Date 56,480✔ Description Dec. 31, 20 Manufacturing Overhead Cost of Goods Sold 2,100 55,980 15,650 32,480 Date 5,750 A. What is the actual manufacturing overhead? X D. Prepare the adjusting entry. 50,880 Description Dec. 31, 20 Manufacturing Overhead Cost of Goods Sold 2. The following information was reported for Gray Enterprises on December 31, 2021. Manufacturing Overhead Debit X Underallocated ✓ 5,600 X X Debit B. What is the allocated C. Is manufacturing overhead manufacturing overhead? underallocated or overallocated? Credit Overallocated X X 5,600 X Credit X

A. What is the actual B. What is the allocated C. Is manufacturing overhead underallocated or manufacturing overhead? overallocated? manufacturing overhead? D. Prepare the adjusting entry. Date 56,480✔ Description Dec. 31, 20 Manufacturing Overhead Cost of Goods Sold 2,100 55,980 15,650 32,480 Date 5,750 A. What is the actual manufacturing overhead? X D. Prepare the adjusting entry. 50,880 Description Dec. 31, 20 Manufacturing Overhead Cost of Goods Sold 2. The following information was reported for Gray Enterprises on December 31, 2021. Manufacturing Overhead Debit X Underallocated ✓ 5,600 X X Debit B. What is the allocated C. Is manufacturing overhead manufacturing overhead? underallocated or overallocated? Credit Overallocated X X 5,600 X Credit X

Name: Manufacturing OverheadDebitCredit3,38050,88015,780 37,320 5,600 1. The
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Description: Manufacturing OverheadDebitCredit3,38050,88015,780 37,320 5,600 1. The following information was reported for Gray Enterprises on December 31, 2020.ManufacturingOverhead3,380 50,88015,78037,3205,600A. What is the actual B. What is the allocated C. Is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Debit	Credit
3,380	50,880
15,780
37,320
5,600

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1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,500 51,210 15,510 37,540 Double line5,340 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,110 56,360 15,500 31,830 Double line Double line6,920 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
For each of the following independent cases A-D, compute the missing values: (Enter all amounts as positive v Total Current Beginning Work Ending Work in in Process Inventory Cost of Goods Case Manufacturing Costs Process Inventory Manufactured A. 2$ 5,200 $ 1,700 $ 700 B 1,700 1,420 2,610 C 580 1,590 7,310 D 8,850 1,050 6,775
Requirements 1. Prepare journal entries to record the transactions for 2020 including an entry to close out under- or overallocated overhead to cost of goods sold. For each journal entry indicate the source document that would be used to authorize each entry. Also note which subsidiary ledger, if any, should be referenced as backup for the entry. 2. Post the journal entries to T-accounts for all of the inventories, Cost of Goods Sold, the Manufacturing Overhead Control Account, and the Manufacturing Overhead Allocated Account.
Sandar Company is highly automated and uses computers to control manufacturing operations. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of computer-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Computer-hours Fixed manufacturing overhead cost Variable manufacturing overhead per computer-hour 90,000 $1,278,000 $5.30 During the year, a severe economic recession resulted in cutting back production and a buildup of inventory in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year ended 31 December 2019: Computer-hours 85,000 Purchase of raw materials $7,890,000 Direct labor cost $1,722,000 Manufacturing overhead costs: Insurance, factory ... $ 88,000 Depreciation of equipment 170,000 Indirect material . Indirect labor . 12,000 327,000 Property taxes 85,000 Maintenance. 630,000 Rent, building…
ilrn/takeAssignment/takeAssignmentMain.do?invoker%-&takeAssignmentSessionLocator3&inprogress%3false ps Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Report Quantity Requisition Quantity Date Unit Price Amount Quantity Amount Number Number price May 1 250 $5 $1,250 21 180 $7 May 4 102 280 $4 May 10 27 120 May 21 115 170 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Previous Next
2.Determine the ending balance of raw materials inventory using FIFO-Periodic *
1.Based on the data above. What is the cost of goods sold on January 1,2020? 2.Based on the data above. What is work in process on January 1, 2020?
1. In presenting inventory on the balance sheet December 31, 2021, the unit cost under absorption costing is? 2. What is the net income for 2021 under variable costing?
REQUIRED: Prepare a cost of goods manufactured schedule for Simple plus Manufacturing Company for 2019. a. prime cost b. factory overhead
Q4. Which one of the following cost of a computer manufacturer will not be included in the manufacturing overheads? Answer: A. Salary of marketing manager B. Salary of plant supervisor C. Property taxes on plant building
e. Determine the prime cost & conversion cost of the masks manufactured. f. Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for.
Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showingtotal manufacturing cost & total manufacturing costs to account for.