Reference no: EM1346839
Hoover Inc. uses a job-order coding system. The company's inventory balances on February 1, the start of its fiscal year, were as follows:
Raw Materials Inventory $69,325
Work in Process Inventory $55,100
Finished Goods Inventory $81,256
During the year, the following transactions were completed:
1. Raw materials were purchased on account, $215,221.
2. Raw materials were issued from the storeroom for use in production, $198,000 (70% direct and 30% indirect).
3. Employee salaries and wages were accrued as follows: direct labor, $243,300; indirect labor, $98,750; and selling and administrative salaries, $72,340.
4. Utility costs were incurred in the factory, $79,233.
5. Advertising costs were incurred. $110,600.
6. Prepaid insurance expired during the year, $35,000 (80% related to factory operations, and 20% related to selling and administrative activities).
7. Depreciation was recorded, $192,100 (75% related to factory assets, and 25% related to selling and administrative assets).
8. Manufacturing overhead was applied to jobs at the rate of 160% of direct labor cost.
9. Goods that cost $720,200 to manufacture according to their job cost sheets were transferred to the finished goods warehouse.
10. Sales for the year totaled $1,293,300 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $725,825.
Submit an Excel document which each tab labeled by item number in good form that demonstrates the following:
1. Prepare the journal entries to record the transactions for the year.
2. Prepare the T-accounts for raw materials inventory, work in process inventory, finished goods inventory, manufacturing overhead, and cost of goods sold. Don't forget to enter the beginning balances in the inventory accounts.
3. Is manufacturing overhead underapplied or overapplied for the year? Prepare a journal entry to close this balance to cost of goods sold.
|
What will be the power output of the speaker
: A uniform solid flywheel of radius 1.4m and mass 15kg rotates at 2.4 rad/s. What is the magnitude of flywheel's angular momentum in kg.m^2/s.
|
|
Finding annual rate of return
: Although appealing to more refined tastes, art as a collectible has not always performed so profitably. Sotheby's sold a Edgar Degas' bronze sculpture. Find his annual rate of return on this sculpture.
|
|
Job order costing systems
: The law firm of Tilton and Henderson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during June:
|
|
Display the altitude of the plane
: An airplane is flying horizontally with a speed of 1000 km/h(280m/s) when an engine falls off. avoid air resistance,assume it takes 30s for the engine to hit the ground.
|
|
Job-order costing-hoover inc
: Hoover Inc. uses a job-order coding system. The company's inventory balances on February 1, the start of its fiscal year, were as follows:
|
|
How many minutes it take for a single electron
: A 50 g ball is fired horizontally with initial speed v_0 toward a 110g ball that is hanging motionless from a 1.10 m-long string. The balls undergo a head-on, perfectly elastic collision, after which the 110g ball swings out to a maximum angle the..
|
|
Compute the per capital cost per police officer
: The average cost of hiring each police officer every year if $30,000 for a small twon. The current population of the town is one thousand. Compute the per capital cost per police officer.
|
|
Job-ordering costing system
: Recognize three firms from 2009 FSB 100 which need a job-order costing system. Describe why they would most likely employ a job-order costing system.
|
|
Find magnitude of the torque exerted by the magnetic field
: A circuit contains six 290 lamps and a 18 heater connected in parallel. The voltage across the circuit is 120V. If the circuit has a 11A fuse, will the fuse melt if all the lamps and the heater are on.
|