com/ilm/t invokers assignmentsBitake ionLocator assignment tak pter 19 End of Ch
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com/ilm/t invokers assignmentsBitake ionLocator assignment tak pter 19 End of Chapter Assignmer eBook 19.02 ALGO Job order cost accounting for a service company The Fly Company provides advertising services for clients across the nation. The Fly Compeny is presenty norking on four projects, each for a different accumulates costs for each account (client) on the basis of bath direct costs and allocated indirect costs. The 19-04 ALGO clent. The Fly Company direct cests include the charged time of professional personnel and med X19-06 ALGO X.19-08 ALGO x 19-09ALGO X 19-10 ALGO EX.19-12 ALGO EX19-17 PR. 19-01 ALGO 0. PR.19-02 ALGO is allocated to each project 8s a percentage of meas purchases. The predetermined overhead rate 1s 55% of med. a purchapes On August s, the four advertising projects had the following accumulated costs August 1 Balances ault Bank Take Off Airines Sleepy Tired Hotels Tastee Beverages 65,700 19,700 28,300 During August, The ly Company incurred the following direct letor and media purchese costs related to preparing advertising for each ofthe four acns vauit Bank Take Off Airtines eepy Tired Hoteis Tastee Beverages 945,900 475,000 102.800 At the end ot August, both the veult Dank and Take off Airines campeigns wee completed. The costs of completed campaigns are debited to the cost of services the summary entry to recond the direct labor costs for the moneh 2 more Check My Work uses nemaining Progress:8/10 items Type here to searchExplanation / Answer
Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. Work in Process 259,500.00 Salaries & Wages Payable 259,500.00 (record the Direct Labor Costs) b. Work in Process 528,000.00 Accounts Payable 528,000.00 (record the Media purchases) c. Work in Process 290,400.00 Agency Overhead 290,400.00 (record the overhead apllied) Overhead Applied = $528,000 X 55% = $290,400 d. Cost of Services 664,075.00 Work in Process 664,075.00 (Record the completion of Vault Bank & Take Off Airlines campaigns) Cost of Completed Jobs: Vault Bank Take Off Airlines Beginning Balance 65,700.00 19,700.00 Direct Labor 45,900.00 20,500.00 Media 175,800.00 154,700.00 Overhead - 55% of Media 96,690.00 85,085.00 Total Costs 384,090.00 279,985.00 Answer 2. Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. Raw Materials Inventory 721,630.00 Accounts Payable 721,630.00 (To record the purchase of raw materials) b. Work-in-Process 527,370.00 Factory Overhead 78,800.00 Raw Materials Inventory 606,170.00 (To record the raw materials issued for production) c. Work-in-Process 602,060.00 Factory Overhead 141,220.00 Salaries & Wages Payable 743,280.00 (To record the factory labor used) d. Factory Overhead 173,190.00 Selling Expense 267,000.00 Administrative Expense 158,760.00 Accounts Payable 598,950.00 (To record expenses incurred) e. Factory Overhead 33,190.00 Selling Expense 28,140.00 Administrative Expense 20,210.00 Prepaid Expenses 81,540.00 (To record expenses incurred) f. Depreciation Expense - Office Buildings 96,700.00 Depreciation Expense - Office Equipment 49,070.00 Factory Overhead 33,190.00 Accumulated Depreciation - Buildings & Equipments 178,960.00 (To record depreciation expense) g. Work in Process 411,330.00 Factory Overhead 411,330.00 (To record the factory overhead applied) h. Finished Goods 952,550.00 Work in Process 952,550.00 (To record the finished goods completed) g. Cost of Goods Sold 923,690.00 Finished Goods 923,690.00 (To record the cost of Goods Sold)
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