Assignment Results ×1+v Mariya Company uses a job-order costing system and appli

Question

Assignment Results ×1+v Mariya Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of direct materials used in production Its predetermined overhead rate was besed on a cost formula that estimated $221,200 of manufacturing overhead for an estimated allocation base of $158,000 direct material dollars The following transacions took place during the year (al purchases and senvices were acqvired on account) a. Raw materials purchased, $145,000 b Raw materials requisitioned for use in production (all direct materials), $141,000 c Utility bills incurred in the factory, $24 d Cests for salaries and wages were incurred as follows Direct labor Indirect labor $223,000 5 61,700 Seling and administr ative salaries$143,000 e Maintenance costs incurred in the factory, $17,000 1 Advertising costs incurred $128,000 recorded for the year S43 000 (70% relates to factory assets, and the remainder relates to h Re cost incurred on buildings $85 000 (80% of the space is occupied by the factory, and 20% is i Miscellaneous selling and administrative costs incurred, $11,000 seling and administrative assets) occupied by sales and administration) Mandactring overhead costwas appliedto ¡obs, S2 Cost of goods manufactured for the year, $555,000 all on account) totaled $1,100.000 These goods cost 5530 000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were as follows Raw materials Work in process Finished Goods 5 23,000 $24,000 5 34,000 Required: 1 Prepare journal f no entry is required for a entries to record the above transactions O Type here to search

Explanation / Answer

Journal entries

c Manufacturing overheads 24000                  Accounts payable 24000 d Work in progress 223000 Manufacturing overheads 61700 Salaries expense 143000                Salaries and wages payable 427700 e Manufacturing overheads 17000                 Accounts payable 17000 f Advertising expense 128000                 Accounts payable 128000 g Manufacturing overheads 30100 Depreciation expense 12900                Accumulated depreciation- factory assets 30100                Accumulated depreciation-Selling and admin assets 12900 h Manufacturing overheads 68000 Rent expense 17000                Accounts payable 85000 i Miscellaneous expense 11000                Accounts payable 11000

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.