Solution-Prepare the journal entry to record direct labor

Prepare the journal entry to record direct labor

Reference no: EM13540003

Recording Inventory Costs

Vulcan Molding produces molded rubber components. At the start of the year, the company estimated that it would incur $3,400,000 of direct labor cost and $8,500,000 of manufacturing overhead. Overhead is allocated to production on the basis of direct labor cost. Actual materials used during the year were $5,500,000, actual direct labor cost was $3,500,000, and actual overhead was $9,000,000.

Required

a. Calculate the overhead rate for the current year.

b. Prepare the journal entry to record use of direct material.

c. Prepare the journal entry to record direct labor.

d. Prepare the journal entry to record manufacturing overhead applied to production.

e. Prepare the journal entry to close the balance in manufacturing overhead to cost of goods sold.

Reference no: EM13540003

Questions Cloud

Find the horizontal acceleration of the crate : A person pushes a crate rightward along a rough horizontal surface by pushing downward at 30 degrees below the horizontal with a force of magnitude F = 50.0 (N). What is the horizontal acceleration ax of the crate

A thin double convex lens is to focus the image of an object : A thin double convex lens is to focus the image of an object onto a screen so that the image is life-sized. The lens has equal radii of 76 cm and the refractive index is n = 1.4. (a) What is the distance d from image to screen? (b) What is the total ..

General journal entries for factory overhead : Record the previous transactions. Assume that the records include a control account and a subsidiary ledger for factory overhead, to which the entries will be posted at some later date.

Evaluate the angular acceleration of the ferris wheel : A Ferris wheel is moving at an initial angular velocity of 1.0 rev/54 s. If the operator then brings it to a stop in 3.4 min, what is the angular acceleration of the Ferris wheel

Prepare the journal entry to record direct labor : Prepare the journal entry to record use of direct material, prepare the journal entry to record direct labor

Year real gdp population : Use the following table to work out in which year the U.S. standard of living (i) increase and (ii) decreases. Explain your answer. Year Real GDP Population

Determine the 2012 static budget variances : Determine the 20X2 static budget variances and determine the 20X2 flexible budget variances

Determine the magnitude and direction of the field : A proton moves perpendicular to a uniform magnetic field at a speed of 1.40 107 m/s and experiences an acceleration of 2.60 1013 m/s2 in the positive x-direction when its velocity is in the positive z-direction. Determine the magnitude and direction ..

Obtain the angular frequency of the blocks vibrations : A spring is hung from the ceiling. A 0.430 -kg block is then attached to the free end of the spring. Find the angular frequency of the block's vibrations

User Account

All Pages

Prepare the journal entry to record direct labor

Reference no: EM13540003

Reference no: EM13540003

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT