Jen\'s has the following transactions for the month of November 1) Purchased mat

Question

Jen's has the following transactions for the month of November 1) Purchased materials on account for $111,482 2) Materials Requisitioned for $82,383 3) Direct Labor for the month was incurred (but not yet paid) of $51,000 4) Actual Overhead for the month was $33,000. It has not been paid yet (Charge to Various Payables) 5) Overhead is applied to production at the rate of 70% of direct labor 6) Jobs totaling $56,000 were transferred from Work-in-Process to Finished Goods 7) Jobs costing $41,000 were sold. Balances at the beginning of the month were Materials Work-in-Process Finished Goods $ 17,890 8,321 Refer to Figure 5-8 What is the correct journal entry to record actual overhead for the month? Overhead Control 33,000 Various Payables 33,000 Ob.Various Payables 33,000 Oc Various Payable 33,000 33,000 Work-in-Frocess 33,000 Overhead Control 33,000 Work-in-Process Various Payables 33,000

Explanation / Answer

Q1. Answer is a. Overheads Control Dr. 33000       Various Payables 33000 Q2. Answer is a. $ 30,000 F Explanation: Std price per yard: $ 2 per yard Actua price per yard: $ 1.95 per yard Actual quantity: 600,000 yards Material pricec variance= Actual quantity (Std price-Actual price) 600,000 (2.00-1.95) = $ 30,000 F Q3. Answeris a. $ 50,000 F Explanation: Std Quantity for actual output: (125,000 units @5): 625,000 yards Material Quantity variance= Std price (Std quantity -actual quantity) 2.00 (625,000 -600,000 ) = $ 50,000 F

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