Problems
144. Prepare the required general journal entries to record the following transactions for the Bell Company.(a.) Purchased $40,000 of raw materials on account.(b.) Used $12,000 of direct materials in the Mixing Department, and $17,000 of direct materials in the Assembly Department.(c.) Used $5,000 of indirect materials.
145. Prepare the required general journal entry to record the following transactions for the Flaherty Company.(a.) Incurred $95,000 of factory labor cost which is paid in cash.(b.) Used $42,000 of direct labor in the grinding department, and $36,000 of direct labor in the sifting department.(c.) Used $17,000 of indirect labor.
146. Iolaus Company provides the following data for the current year:
Estimated factory overhead
$7,800
Factory overhead incurred
11,400
Factory overhead applied
?
Estimated direct labor cost
12,000
Direct labor cost incurred
11,800
Required:(a) Calculate the predetermined overhead allocation rate based on direct labor.(b) Determine the amount of overhead applied to production.(c) Prepare the journal entry to apply factory overhead to goods in process.
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