144. Dobrinski Corporation bases its predetermined overhead rate on the estimated labor-hours for…

144. Dobrinski Corporation bases its predetermined
overhead rate on the estimated labor-hours for the upcoming year. At the
beginning of the most recently completed year, the company estimated the
labor-hours for the upcoming year at 13,000 labor-hours. The estimated variable
manufacturing overhead was $2.35 per labor-hour and the estimated total fixed manufacturing
overhead was $156,130.

Required:

Compute the company’s predetermined overhead rate.

145. The following accounts will be used in this
problem:

A. Raw materials inventory
B. Accounts payable
C. Cost of goods sold
D. Work in process inventory
E. Manufacturing overhead
F. Wages and salaries expense
G. Accumulated depreciation
H. Depreciation expense
I. Finished goods inventory
J. Wages and salaries payable
K. Prepaid insurance
L. Insurance expense

Required:

Enter identifying letters in the blanks below to indicate the accounts debited
and credited under a job-order costing system for each of the following summary
transactions:

.0/msohtmlclip1/01/clip_image002.png”>

146. During June, Catlin Corporation purchased $76,000
of raw materials on credit to add to its raw materials inventory. A total of
$81,000 of raw materials was requisitioned from the storeroom for use in
production. These requisitioned raw materials included $5,000 of indirect
materials.

Required:

Prepare journal entries to record the purchase of materials and their use in
production.

147. Glen Lake Corporation recorded the following
transactions for the just completed month:
a. $60,000 in raw materials were purchased on account.
b. $51,000 in raw materials were requisitioned for use in production. Of this
amount, $42,000 was for direct materials and the remainder was for indirect
materials.
c. Total labor wages of $92,000 were incurred and paid. Of this amount, $81,000
was for direct labor and the remainder was for indirect labor.
d. Additional manufacturing overhead cost of $155,000 were incurred. All were
on account.

Required:

Record the above transactions in journal entries.

148. During August, Allee Corporation incurred $64,000
of actual Manufacturing Overhead costs. During the same period, the
Manufacturing Overhead applied to Work in Process was $66,000.

Required:

Prepare journal entries to record the incurrence of manufacturing overhead and
the application of manufacturing overhead to Work in Process.

149. The following cost data relate to the
manufacturing activities of Newberry Company during the just completed year:

.0/msohtmlclip1/01/clip_image004.png”>

The company uses a predetermined overhead rate to apply manufacturing overhead
cost to production. The predetermined overhead rate for the year was $15 per
machine-hour. A total of 23,000 machine-hours were recorded for the year.

Required:

a. Compute the amount of underapplied or overapplied manufacturing overhead
cost for the year.
b. Prepare a Schedule of Cost of Goods Manufactured for the year.

150. Job 434 was recently completed. The following
data have been recorded on its job cost sheet:

.0/msohtmlclip1/01/clip_image006.png”>

The company applies manufacturing overhead on the basis of machine-hours. The
predetermined overhead rate is $12 per machine-hour.

Required:

Compute the unit product cost that would appear on the job cost sheet for this
job.

151. Job 599 was recently completed. The following
data have been recorded on its job cost sheet:

.0/msohtmlclip1/01/clip_image008.png”>

The company applies manufacturing overhead on the basis of direct labor-hours.
The predetermined overhead rate is $20 per direct labor-hour.

Required:

Compute the unit product cost that would appear on the job cost sheet for this
job.

152. Shapiro Corporation has provided the following
data for the most recent month:

.0/msohtmlclip1/01/clip_image010.png”>

Required:

Prepare T-accounts for Raw Materials, Work in Process, Finished Goods,
Manufacturing Overhead, and Cost of Goods Sold. Record the beginning balances
and each of the transactions listed above. Finally, determine the ending
balances.

153. Goodenough Inc. has provided the following data
for August:

.0/msohtmlclip1/01/clip_image012.png”>

.0/msohtmlclip1/01/clip_image014.png”>

Required:

Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and
Manufacturing Overhead, and Cost of Goods Sold. Record the beginning balances
and each of the transactions listed above. Finally, determine the ending
balances.

.95pt;margin-right:0cm;margin-bottom:
15.95pt;margin-left:0cm;mso-pagination:lines-together;page-break-after:avoid;
mso-layout-grid-align:none;text-autospace:none”>154. During September, Paliotta Corporation recorded
the following:

.0/msohtmlclip1/01/clip_image002.png”>

.0/msohtmlclip1/01/clip_image004.png”>

Required:

Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and
Manufacturing Overhead, and Cost of Goods Sold. Record the beginning balances
and each of the transactions listed above. Finally, determine the ending
balances.

155. Hirschman Corporation has provided the following
data for the month of April:

.0/msohtmlclip1/01/clip_image006.png”>

.0/msohtmlclip1/01/clip_image008.png”>

Required:

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of
Goods Sold in good form.

156. Straley Inc. has provided the following data for
the month of February. There were no beginning inventories; consequently, the
direct materials, direct labor, and manufacturing overhead applied listed below
are all for the current month.

.0/msohtmlclip1/01/clip_image010.png”>

Manufacturing overhead for the month was overapplied by $3,000.
The company allocates any underapplied or overapplied manufacturing overhead
among work in process, finished goods, and cost of goods sold at the end of the
month on the basis of the overhead applied during the month in those accounts.

Required:

Provide the journal entry that would record the allocation of underapplied or
overapplied among work in process, finished goods, and cost of goods
sold.

157. Alvardo Inc. has provided the following data for
the month of November. There were no beginning inventories; consequently, the
direct materials, direct labor, and manufacturing overhead applied listed below
are all for the current month.

.0/msohtmlclip1/01/clip_image012.png”>

Manufacturing overhead for the month was underapplied by $6,000.

The company allocates any underapplied or overapplied manufacturing overhead
among work in process, finished goods, and cost of goods sold at the end of the
month on the basis of the overhead applied during the month in those accounts.

Required:

Determine the cost of work in process, finished goods, and cost of goods sold
AFTER allocation of the underapplied or overapplied manufacturing overhead for
the period.

"Is this question part of your assignment? We can help"

ORDER NOW