User Account

All Pages

What the journal entry to record labor for olson

Assignment Help Managerial Accounting
Reference no: EM133124867

Question - Olson Corporation constructs new homes. Assume that Olson uses a job costing system. During May of the current year, the following transactions occurred:

Olson purchased $4,500 of lumber on account.

Olson used $3,750 of lumber in production and incurred 50 hours of direct labor hours at $15 per hour.

Depreciation of $1,500 on equipment used to build new houses was recorded.

A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash.

What the journal entry to record labor for Olson?

a. debit to Finished Goods of $750.

b. debit to Wages Payable of $750.

c. credit to Finished Goods of $750.

d. debit to Work-in-Process of $750.

Reference no: EM133124867

Questions Cloud

How the nqs relates to the learning framework : Refl ect on these practices in the workplace and discuss this with your supervisor. Write a brief (shortparagraph) refl ection of the points discussed and your
Prepare income statement for the year : New equipment was purchased on December 10 for $300 in cash. Prepare income statement for the year 20X1. Assume that the company does not have to pay taxes
Undermining the economy ability to reap the benefits : The Economist has argued: "...unless ordinary folk are seen to share in the gains from globalization, there will be growing demands for import barriers or much
What is the numerical elasticity of function a : - What is the numerical elasticity of Function A? Blank 1. Fill in the blank, read surrounding text.
What the journal entry to record labor for olson : A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash. What the journal entry to record labor for Olson
Discuss challenges to interpret variances : Discuss challenges to interpret variances. Discuss several ways in which standard-costing systems should be adapted in today's manufacturing environment
Major economic response of the uk government : What are the major economic response of the UK's government during covid-19 and their impacts on the UK's circular flow of income?
Point of view of consumers : On the other hand, it is possible that the big four banks could merge and form a banking monopoly. What would you expect to happen to prices and quantities if t
What would be the winning bid : Suppose that five bidders in an oral (or English) auction that are interested in purchasing a Princess Beanie Baby. The bidders have valuations of $21, $18, $15

Reviews

Write a Review

Managerial Accounting Questions & Answers

  What is the payback period for kapatid corporation

What is the payback period? The equipment will be depreciated on a straight-line basis over a five-year life and is expected to generate net cash inflows

  Determine the gross margin for last year

For last year, Outlier Ltd. reported revenues of $420,000, cost of goods sold of $108,000, Determine the gross margin for last year

  Make a flexible budget comparing the actual results

Make a budget for 2016 assuming sales and variable costs increase by 30% and fixed costs increase by $200,000. Make a flexible budget comparing actual results

  Advise on the most profitable course of action

It is estimated there is a 60% probability that demand will be low and a 40% probability that demand will be high.

  How much is the budgeted amount of cash to be paid

Operating expenses are: Salaries, $50700; Depreciation, $20800; Rent, $9700; Utilities, $14900. How much is the budgeted amount of cash to be paid

  How would the above impact on the audit approach

Assume that you are completing the field work on payables at Shady Oaks Pty. Ltd. How would the above impact on the audit approach

  Compute the amount of accounts receivable to be reported

Ratchet Manufacturing, Compute the amount of accounts receivable to be reported on the company's budgeted balance sheet for August

  Which is true of cost benefit analysis

Which is true of cost benefit analysis? it conveys that the benefits from a project should exceed its costs,it supports only short run decision making

  How many units of product b must sell if sales mix remains

If Light wishes to achieve a total income of $7,000,000 and has a tax rate of 30%, how many units of Product B must it sell if the sales mix remains unchanged?

  Prepare a classified balance sheet for abc company on dec

Prepare a classified balance sheet for ABC Company on 31 December 20X1. The accounts and account balances were listed in the accounting

  Recovery property

a calendar year taxpayer placed in service $100,000 of five-year recovery property. If this was in addition to another $250,000 of assets placed into service early in the year, it will be subject to: the mid-quarter convention. the mid-month conventi..

  Compute what is the investment value today

An investment offers to pay $ 100 a year forever starting at the end of year 6. If the interest rate is 8%, then what is the investment's value today?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd