I will rate answers these short questions any incomplete will be reoprted thanks
ID: 2557183 • Letter: I
Question
I will rate answers these short questions any incomplete will be reoprted thanks
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Entries for Materials
GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows:
The materials purchased during June are summarized from the receiving reports as follows:
Materials were requisitioned to individual jobs as follows:
The glue is not a significant cost, so it is treated as indirect materials (factory overhead).
a. Journalize the entry to record the purchase of materials in June.
b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank.
c. Determine the June 30 balances that would be shown in the materials ledger accounts.
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Entries for Direct Labor and Factory Overhead
Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows:
Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $20 per direct labor hour. The direct labor rate is $13 per hour.
If required, round final answers to the nearest dollar.
a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
b. Journalize the entry to apply factory overhead to production for November.
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Predetermined Factory Overhead Rate
Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, the annual operating room overhead is estimated to be:
The overhead costs will be assigned to procedures based on the number of surgical room hours. Poehling Medical Center expects to use the operating room an average of eight hours per day, seven days per week. In addition, the operating room will be shut down two weeks per year for general repairs.
a. Calculate the estimated number of operating room hours for the year.
b. Determine the predetermined operating room overhead rate for the year.
$ per hour
c. Bill Harris had a 4-hour procedure on January 22. How much operating room overhead would be charged to her procedure, using the rate determined in part (b)?
$
d. During January, the operating room was used 194 hours. The actual overhead costs incurred for January were $81,600. Determine the overapplied operating overhead or underapplied operating overhead for the period. Enter your answer as a positive number.
$
Explanation / Answer
a. Material Purchased in June
Fabric
$152,800
Polyester filling
212,400
Lumber
418,700
Glue
14,500
Total
$798,400
Journal Entry
Debit
Credit
Materials
$798,400
Accounts Payable
$798,400
b.
As per the schedule regarding material requisitioned
Journal Entry
Debit
Credit
Work in Progress
$777,500
Factory Overhead
Materials
$777,500
c. Balances as on June 30
Fabric
Polyester filling
Lumber
Glue
Balance as on June 1
$ 30,800
$ 9,200
$ 69,000
$ 3,000
Materials purchased during June
$ 152,800
$ 212,400
$ 418,700
$ 14,500
$183,600
$221,600
$487,700
$17,500
Less: Material requisitioned
$136,500
$195,900
$437,900
$7,200
Balances as on June 30
$47,100
$25,700
$49,800
$10,300
a. Material Purchased in June
Fabric
$152,800
Polyester filling
212,400
Lumber
418,700
Glue
14,500
Total
$798,400
Journal Entry
Debit
Credit
Materials
$798,400
Accounts Payable
$798,400
b.
As per the schedule regarding material requisitioned
Journal Entry
Debit
Credit
Work in Progress
$777,500
Factory Overhead
Materials
$777,500
c. Balances as on June 30
Fabric
Polyester filling
Lumber
Glue
Balance as on June 1
$ 30,800
$ 9,200
$ 69,000
$ 3,000
Materials purchased during June
$ 152,800
$ 212,400
$ 418,700
$ 14,500
$183,600
$221,600
$487,700
$17,500
Less: Material requisitioned
$136,500
$195,900
$437,900
$7,200
Balances as on June 30
$47,100
$25,700
$49,800
$10,300