acct chapter 3
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