Maurice Tutor

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Category > Accounting Posted 18 Aug 2017 My Price 7.00

Dimasi Industries

44.    LO.5 (Journal entries) The following transactions were incurred by Dimasi Industries during January 2010:

1.    Issued $800,000 of direct material to production.

2.    Paid 40,000 hours of direct labor at $18 per hour.

3.    Accrued 15,500 hours of indirect labor cost at $15 per hour.

4.    Recorded $102,100 of depreciation on factory assets.

5.    Accrued $32,800 of supervisors’ salaries.

6.    Issued $25,400 of indirect material to production.

7.    Completed goods costing $1,749,300 and transferred them to finished goods.

a.     Prepare journal entries for these transactions using a single overhead account for both variable and fixed overhead. The Raw Material Inventory account contains only direct material; indirect material costs are recorded in Supplies Inventory.

b.    If Work in Process Inventory had a beginning balance of $18,900 and an ending balance of $59,600, what amount of manufacturing overhead was included in Work in Process Inventory during January 2010?

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Maurice Tutor
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Status NEW Posted 18 Aug 2017 11:08 PM My Price 7.00

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