General journal entry to record the factory overhead costs

Assignment Help Accounting Basics
Reference no: EM132742121

Question: On March 31, 2017, Alpha Corporation recorded the following factory overhead costs incurred:

Factory Manager Salary $7,000

Factory Utilities 2,000

Machinery Deprecation 11,000

Machinery Repairs 2,500

Factory Insurance (prepaid) 1,000

The overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $21,000 would be incurred, and 10,000 direct labor hours would be worked. During March, 7,100 hours were actually worked on Job Order A-2 and 3,000 hours were actually worked on Job Order A-3. Use this information to do the March 31 General Journal entry to record the factory overhead costs.

Reference no: EM132742121

Questions Cloud

How many units would be the safety stock : A hospital orders surgical supplies using a fixed order interval system. Suppose that just prior to ordering, a check of rolls of gauze bandages show
Evaluate the performance of team : To execute a complex accounting project for a retail giant, an accountancy firm created a five-member team. The team members were all highly experienced
Prepare correct consolidated income statements for years : The Year 6 gain on sale of assets resulted from the January 1 sale of a building, Prepare correct consolidated income statements for Years 5 and 6
What is the time between orders : Joe henry 's machine shop uses 2500 brackets during the course of a year. Theses brackets are purchased from a supplier 90 miles away. The following information
General journal entry to record the factory overhead costs : The overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $21,000 would be incurred, and 10,000.
Explain how chancer plc should account for asset r : Explain how Chancer plc should account for Asset R and Asset S in its financial statements for the year ended 31 December 2019 in accordance
Operations management strategy for a company : Identify how changes in the external environment by COVID-19 affect the operations management strategy for a company?
Prepare the required compound closing entries : The Asuka Sueda Department Store is located in midtown Toronto. Over the past year, net income has been declining because of competition from suburban shopping.
Capacity leads demand with incremental expansion : What is "Capacity Leads Demand with Incremental Expansion" strategy?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How do feel as a leader the should have been handled

How do you feel as a leader this should have been handled? Do you believe that unethical practices with regards to finance were made or not.

  What is raines operating cash flow

During 2014, Raines Umbrella Corp. had sales of $742727. Cost of goods sold, administrative and selling expenses, and depreciation expenses.

  Journalize the necessary adjusting entry

Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Thursday

  At january 1 2010 leanna industries reported owners equity

at january 1 2010 leanna industries reported owners equity of 130000. during 2010 leanna had a net loss of 30000 and

  Fill out the company tax return

Fill out the Company Tax Return.use the data that you now have to fill out the Company Tax Return, leaving the space for the client's signature empty.

  Prepare the appropriate entries for Worcester Construction

Prepare the appropriate entries for Worcester Construction on January 1, 2023, to adjust its lease liability for the lease modification

  Journalize the revenue transaction

As a condition for making this loan, the bank requires that the business maintain a current ratio of at least 1.50. Business has been good but not great.

  Calculate the payback period and net present value

The new clubs will also require an increase in net working capital of $900,000, Calculate the Payback Period and Net Present Value followed by recommendations

  Precision pumps and valves ltd manufactures hydraulic

precision pumps and valves ltd. manufactures hydraulic components for mobile industrial equipment such as

  Basic components of organization

The two basic components of organization are selection and arrangement.

  Calculate the amount of income that should be reported

Guaranteed payments of $45,000 are paid to Linda during the year. Calculate the amount of income that should be reported by Linda and Joanne

  On september 1 2011 core companys balance sheet indicates

on september 1 2011 core companys balance sheet indicates there are 600000 shares of 30 par value common shares in the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd