19. EXP, Inc. had the following activities during its most

Question : 19. EXP, Inc. had the following activities during its most : 2433

19. EXP, Inc. had the following activities during its most recent period of operations:

(a) Purchased raw materials on account for $140,000 (both direct and indirect materials are recorded in the Raw Materials Inventory account).

(b) Issued raw materials to production of $130,000 (80% direct and 20% indirect).

(c) Incurred factory labor costs of $250,000; allocated the factory labor costs to production (70% direct and 30% indirect).

(d) Incurred factory utilities costs of $20,000; this amount is still payable.

(e) Applied overhead at 80% of direct labor costs.

(f) Recorded factory depreciation, $22,000.

Prepare journal entries to record the above transactions.

20. Lock Production Co. applies factory overhead to production on the basis of direct labor costs. Assume that at the beginning of the current year the company estimated that direct material costs would be $178,800, direct labor costs would be $154,000, and factory overhead costs would be $231,000.

(1) If the $28,000 cost of Lock's Work in Process inventory included $5,200 of direct labor cost, what amount of direct materials cost was included?

(2) If $8,100 of the company's $34,300 finished goods inventory was direct materials cost, determine the direct labor cost and factory overhead cost of the finished goods inventory.

21. Prepare journal entries to record the following transactions and events for April using a job order costing system.

(a) Purchased raw materials on credit, $69,000.

(b) Raw materials requisitioned: $26,000 direct and $5,400 indirect.

(c) Factory payroll totaled $46,000, including $9,500 indirect labor.

(d) Paid other actual overhead costs totaling $14,500 cash.

(e) Applied overhead totaling $28,200.

(f) Finished and transferred jobs totaling $77,500.

(g) Jobs costing $58,800 were sold on credit for $103,000.

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Accounting 1 Year Ago 358 Views
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