Vulcan molding produces molded rubber components at the

Reference no: EM13575444

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: EM13575444

Questions Cloud

Varton corp acquired all of the voting common stock of : varton corp. acquired all of the voting common stock of caleb co. on january 1 2011. varton owned some land with a book

Are preferred dividends deducted from net income when : are preferred dividends deducted from net income when calculating earnings per share? if so why and are there any

Blackstone inc has a five-year bond outstanding that pays : blackstone inc. has a five-year bond outstanding that pays 60 annually. the face value of each bond is 1000 and the

Determine the inventory cost by a the first-in first-out : the units of an item available for sale during the year were as followsjan. 1inventory18 units at 1440feb. 17purchase36

Vulcan molding produces molded rubber components at the : vulcan molding produces molded rubber components. at the start of the year the company estimated that it would incur

Ratio analysis compute the ratios below for blue bill : ratio analysis compute the ratios below for blue bill corporation based on the financial statements provided. ending

Tcc inc is a manufacturer of heavy grade fabric uniforms : tcc inc. is a manufacturer of heavy grade fabric uniforms for use in fire service law enforcement and extensive

A new machine is purchased and paid for with the business : select any actions that do not affect the cash account.select all that applygoods are sold on creditan interest payment

Abrose plans to sell new common stock in the amount of : at year-end 2008 total assets for ambrose inc. were 1.2 million and accounts payable were 375000. sales which in 2008

User Account

All Pages