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The Wood Furniture Company manufactures tables. In March, the two production departments had budgeted allocation bases of 4,000 machine hours in Department 100 and 8,000 direct manufacturing labor hours in Department 200. The budgeted manufacturing overheads for the month were $57,500 and $62,500, respectively. For Job A, the actual costs incurred in the two departments were as follows:Department 100 Department 200Direct materials purchased on account $110,000 $177,500Direct materials used 32,500 13,500Direct manufacturing labor 52,500 53,500Indirect manufacturing labor 11,000 9,000Indirect materials used 7,500 4,750Lease on equipment 16,250 3,750Utilities 1,000 1,250Job A incurred 800 machine hours in Department 100 and 300 manufacturing labor hours in Department 200. The company uses a budgeted overhead rate for applying overhead to production.Required:a. Determine the budgeted manufacturing overhead rate for each department.b. Prepare the necessary journal entries to summarize the March transactions for Department 100.c. What is the total cost of Job A?
Mark typically works 40 hours/week at $15/hour regular pay and receives four weeks of vacation. This week he worked 50 hours as his employer asked him to work Saturday to take care of the Christmas backlog. Determine the following: 1. The amount o..
The Molding Department of Boswell Company has the following production data: beginning work process 30,000 units (60% complete), started into production 510,000 units, completed and transferred out 480,000 units, and ending work in process 60,000 ..
At the formation of the BD Partnership, Betty contributes land with a basis of $10,000 and a FMV of $30,000 and Dick contributes cash of $30,000. Betty and Dick share profits and losses equally. When the land is sold two years later for $50,000, B..
Problem , Did any differences lead to different conclusions or auditor decisions?
Course project notes to the financial statement - develop notes to the financial statements. Develop a Course Project having to do with writing notes for a fictitious annual report.
Under the completed contract method, how much should the company recognize as gross profit for 1993?
At the beginning of the year, Albers, Inc., has total stockholders' equity of $840,000 and 40,000 outstanding shares of a single class of capital stock.
Venz Company's net income for 20x1 is $50,000. The only potentially dilutive securities outstanding were 1,000 options issued during 20x0, each exercisable for one share at $6. None has been exercised, and 10,000 shares of common were outstanding ..
You have an an inventory of women's clothes and also inventory of Hi-Tech equipment like Ipods or cell phones. You are like Walmart. You are nervous in that noone is buying certain woman's clothing in your stock and also noone is buying some of yo..
The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale:
The cost of the cloth is $3 per yard. The standard direct material cost for cloth per unit of finished product is:
Do you agree with Pat's decision? Why or why not? How important do you think Pat's assessment of his personal risk was in decision? Should it be a factor?
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