Started operations-direct materials costing

Assignment Help Financial Accounting

Reference no: EM13744939

Allison's Engines started operations on January 1, 2012. During the Month the following events occurred:

Materials costing $6500 were purchased on account

Direct materials costing $3000 were placed in process

A total of 380 Direct labor hours were charged at a rate of $15/hr

Overhead costs for the month of Jan were as follows:

Deprec. on building and equip. $500, Indirect labor $1500, utilities $600, property tax on building $650 and insurance on building $550.

On January 31st only one job was in process w/ material cpsts $600, direct labor of $450 for 30 labor hrs and applied overhead. Create a works in process for the month of January.

Reference no: EM13744939

Questions Cloud

Determine variable overhead costs and fixed overhead costs : How do managers decide on what basis to determine variable overhead costs and fixed overhead costs? Give a good description of what variable costs, fixed costs, and overhead costs are. Can the flexible-budget variance approach for analyzing overhead ..

Compute the companys average unit cost of production : The current information is based on a computer company who sells their devices at $320 per unit. Based on the information provided, the company carries its finished goods inventory at an average cost of production and as of January 1st has no work in..

Celebrity spokesperson to promote a good or service : What are some of the advantages and disadvantages of using a celebrity spokesperson to promote a good or service? Present your findings to the class

Importance of effective innovation architecture : Identify some of the significant challenges you believe you might face when it comes to suggesting and seeing innovations through in the organizations in which you are or may be involved

Started operations-direct materials costing : Allison's Engines started operations on January 1, 2012. During the Month the following events occurred: Materials costing $6500 were purchased on account, Direct materials costing $3000 were placed in process

Discuss the use of physical torture and how it has changed : Discuss the death sentence and how it has been changed over the years morally. Discuss the use of physical torture and how it has changed over the years morally.

Unemployment compensation : There are three mandated or legally required benefits: Social Security, unemployment compensation, and workers' compensation. If you were choosing a fourth mandated or legally required benefit item from all items discussed in this chapter, what wo..

Business owner with minimal accounting experience : Explain the major advantages and disadvantages of a business owner with minimal accounting experience maintaining the company's books instead of hiring an accountant. Discuss the major impact to the users of accounting statements if the statements ar..

Is a single point estimate preferable : Ask a manager in your organization if they would prefer a single point estimate or a range for important measures, and why? Please share what they say.

User Account

All Pages