acct chapter 3

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what costs are classified as manufacturing overhead?

- factory rent - factory maintenance wages - factory utilities

Fillia, inc. worked three jobs this period: Job 14C= $15,000 which is still in process (unfinished), Job 23A= $28,000, and Job 45B = $23,000. calculate cost of goods manufactured

23,000 + 28,000 = 51,000 (do not calculate unfinished jobs)

what is a clearing account

manufacturing overhead

the journal entry to record accrued property taxes for factory building debits

manufacturing overhead and credits property taxes payable

journal entry that debits work in process and credits manufacturing overhead is recording the

application of manufacturing overhead costs

journal entry that debits finished goods and credits work in process records the

completion of a job

what accounts are debited when goods are sold on account

cost of goods sold and accounts receivable

journal entry debiting salaries expense and crediting salaries and wages payable could record

administrative salaries

george corporation recognized $1,000 of accrued property taxes on its manufacturing facility. the journal entry to record this would debit

manufacturing overhead $1,000 and credit property taxes payable $1,000

when calculating the cost of direct materials on the schedule of cost of goods manufactured, the cost of indirect materials is

subtracted from raw materials used in production

job #4260 consisted of 1,000 units at a total cost of $200,000. The cost transferred to cost of goods sold for the sale of 600 of the units is

total cost / units x sale of units 200,000 / 1,000 x 600 = 120,000

Calculate total manufacturing cost: direct materials cost: $62,000 Direct labor cost: $78,000 Manufacturing overhead applied: $46,000 Actual manufacturing overhead: $51,000 Beginning work in process inventory: $32,000 Ending work in process inventory: $35,000

Total manufacturing costs = direct material cost + direct labor cost + manufacturing overhead costs 62,000 + 78,000 + 46,000 = 186,000

a journal entry that debits manufacturing overhead and credits accumulated depreciation records

depreciation on factory equipment

formula for predetermined overhead rate

estimated manufacturing overhead cost / estimated allocation base


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