Nonmanufacturing Costs – LO 3-1
Managerial Accounting
Garrison, Noreen, and Brewer
17th Edition
When companies have selling and administrative costs, how do these costs flow?
When companies have selling and administrative costs, how do these costs flow?
They tell you a vinyl record company applies overhead. They give you data such as total estimated overhead and labor hours and ask for overhead, over or underapplied. Experts Have Solved This Problem Please login or register to access this content.
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They ask you to compute the amount of raw materials used during November. They give you beginning and ending inventories for Raw Material, WIP, Finished Goods, and materials purchased. Experts Have Solved This Problem Please login or register to access this content.
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Which types of companies would use process costing rather than job-order?
Gives beginning and ending balances of Raw Materials, Finished Goods, and Work in Process. They also give additional info such as direct labor rate, overhead rate, etc. They ask for the direct material cost in the beginning Work in Process account.
Your numbers will vary.
For each of the transactions, indicate which account should be debited and credited. Direct materials issued to production. Salary of the Production Supervisor owed. Oil, waste rags, and solder are used up. The salary of direct laborers is owed. Manufacturing overhead is applied.
What is the journal entry to record the withdrawal of raw materials for use as both direct and indirect materials in production?