Shannon Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct cost categories: direct materials and direct manufacturing labor; and one indirect-cost pool, manufacturing overhead costs. It provides the following information for 2017.
Actual direct materials used $75,000
Actual direct manufacturing labor costs paid in cash $55,000
Indirect materials used $3,500
Supervision and engineering salaries paid in cash $49,000
Plant utilities and repairs paid in cash $13,000
Plant Depreciation $11,000
Actual direct manufacturing labor-hours 3100 hours
Cost of individual jobs completed and transferred to finished goods $190,000
Cost of Good Sold $145,000
Budgeted manufacturing overhead costs $1,302,000
Budgeted direct manufacturing labor-hours 31,000 hours
Present journal entries; a) usage of direct and indirect materials, b) manufacturing labor incurred, c) manufacturing overhead costs incurred, d) allocation of manufacturing overhead costs to jobs, e) cost of jobs completed and transferred to finished goods, and f) cost of goods sold (assume the cost allocation base is direct labor hours).
Solved
Show answers
More tips
- S Style and Beauty What Peeling is Suitable for Sensitive Skin?...
- A Auto and Moto What Is the Cost of Customs Clearance for a Car in Russia?...
- L Leisure and Entertainment Should You Buy a Ceramic Knife?...
- C Computers and Internet How to easily and quickly disable Firebug in Gmail and Google Docs...
- G Goods and services How to sew a ribbon: Tips for beginners...
- F Food and Cooking How to Make Mayonnaise at Home? Secrets of Homemade Mayonnaise...
- C Computers and Internet Which Phone is Best for Internet Surfing?...
- F Food and Cooking Everything You Need to Know About Pasta...
- C Computers and Internet How to Choose a Monitor?...
- H Horoscopes, Magic, Divination Where Did Tarot Cards Come From?...
Answers on questions: Business
- B Business CSUCI Company produces and sells four products; A, B, C, D. The following data relate to its four products: A B C D Daily demand in units 180 120 90 150 Selling price...
- B Business Salina is working to create greater brand awareness for her company s new line of personal digital assistants. To create greater brand awareness Salina will make sure...
- B Biology Deduce how two genes for the different traits that are on the the same chromosomes can fail to be inherited together...
- B Biology Which would connect the calf muscle to the heel bone?...
- M Mathematics Given the exponential function f(x)=60(1.07)^x,classify the function as exponential growth or decay and determine the percent rate of growth or decay , (i didn t mean...
- E English Create your own stage or film interpretation of one scene or chapter from the novel. you can write it out in script or screenplay format, or you can actually film it...
- M Mathematics Atriangle has sides 45, 4x and 2x−4. what is the possible range of x?...
- P Physics The plate tectonic theory was initially rejected. true. false?...
- E English What is the connotative meaning of wears all coats in this line from the poem...
- E English What does hamlet say will show horatio’s true friendship to him?...
Ответ:
please find the answers below
Explanation:
Shannon corporation:
The inventory cycle of is composed of 3 phases:
1.Ordering / purchases
2.Production
3.Finished good / sales
The ordering phase is when the company orders goods and the time it takes to receive the raw materials.
The production phase is the work in process phase when the raw materials are converted into finished goods.
The finished goods/ sales phase is the time it takes to sell the goods that were manufactured.
Journal entries in a manufacturing company are used to record transactions. Adjusting journal entries are used to recognize costs and revenues in the correct period.
Dr Work – In - process $75, 000
Cr Inventory- Direct materials $$75, 000
Recording actual direct materials used
Dr Wages Payroll $55, 500
Cr Cash /Bank $55, 500
Recording direct labor wages incurred
Dr Manufacturing overhead $3, 500
Cr Inventory- Indirect materials $3, 500
Recording the cost of indirect materials incurred
Dr Manufacturing overhead $49, 000
Cr Cash/ Bank $49, 000
Recording wages payable to supervisor and engineer
Dr Manufacturing overhead $13, 000
Cr Cash/ Bank $13, 000
Plant utilities and repairs taken to manufacturing overhead
Dr Manufacturing overhead $11, 000
Cr Accumulated depreciation – plant $11, 000
Record depreciation on factory plant
Dr Finished goods $190, 000
Cr Work – In – Process $190, 000
Record of jobs completed (cost of goods manufactured)
Dr Work – in – process $76, 500
Cr Manufacturing overhead $76, 500
Record overhead applied to production
[$3, 500 + $49, 000 + $13, 000 + $11, 000 = $76, 500]
Dr Cost of goods sold $145, 000
Cr finished goods $145, 000
Record cost of jobs or goods completed and sold
Ответ:
1. bbq
2. mild
Explanation: