Entries by mary WAMBUGU

During March 2019, Andy Corporation recorded $42,400 of costs related to factory overhead. Alpha’s overhead application rate is based on direct labor hours.

August 24, 2019 in /by

During March 2019, Andy Corporation recorded $42,400 of costs related to factory overhead.  Alpha’s overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $42,500 would be incurred, and 5,000 direct labor hours would be worked.  During March, 6,250 hours were actually worked. Use this information to determine the amount […]

 

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On May 21, 2019, Chris worked 7.0 hours on Job A-1, and 3 hours on general “overhead activities.” Chris is paid $15 per hour.

August 24, 2019 in /by

On May 21, 2019, Chris worked 7.0 hours on Job A-1, and 3 hours on general “overhead activities.” Chris is paid $15 per hour.  Overhead is applied based on $25 per direct labor hour.  Additionally, on May 21 Job A-1 requisitioned and entered into production $150 of direct material.  On May 21, Chris, while working on Job A-1 used […]

 

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On March 1, 2019, Anna Company has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production.

August 23, 2019 in /by

Question On March 1, 2019, Anna Company has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. During the month 32,000 units were started. At the end of the month all started units were 60% complete with respect to conversion. Direct […]

 

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On January 2, 2018, Benny Company purchased 7,000 shares of the stock of Tom Company at $14 per share.

August 23, 2019 in /by

Question On January 2, 2018, Benny Company purchased 7,000 shares of the stock of Tom Company at $14 per share. Benny did NOT obtain significant influence as the purchase represents a 10% ownership stake in Tom Company. On August 1, 2018, Tom Company paid cash dividends of $23,000. Benny Company intended this investment to a long-term investment. On December […]

 

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