Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.
a. Direct and indirect materials used.
b. Direct and indirect labor used.
c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost)
d. Completion of Jobs 301 and 302.
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https://academicheroes.com/wp-content/uploads/2020/12/logo.png00adminhttps://academicheroes.com/wp-content/uploads/2020/12/logo.pngadmin2019-06-26 09:00:002019-06-26 09:00:02Journalize the Jan. 31 summary entries to record each of the following operations for January
The management of Firebolt Industries Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly. Management needs accurate product cost information in order to guide product strategy. Presently, the company uses a single plantwide factory overhead rate for allocating factory overhead to the two products. However, management is considering the multiple production department factory overhead rate method. The following factory overhead was budgeted for Firebolt:
Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the single plantwide factory overhead rate method, using direct labor hours as the activity base . If required, round all per-direct labor hours and per-unit answers to the nearest cent.
Gasoline engine per unit:
Diesel engine per unit:
Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the multiple production department factory overhead rate method, using direct labor hours as the activity base for each department. If required, round all per-unit answers to the nearest cent.
Gasoline engine per unit:
Diesel engine per unit:
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https://academicheroes.com/wp-content/uploads/2020/12/logo.png00adminhttps://academicheroes.com/wp-content/uploads/2020/12/logo.pngadmin2019-06-26 08:59:012019-06-26 08:59:02The management of Firebolt Industries Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly.
https://academicheroes.com/wp-content/uploads/2020/12/logo.png00adminhttps://academicheroes.com/wp-content/uploads/2020/12/logo.pngadmin2019-06-26 08:58:042019-06-26 08:58:07Willie Company sells 37,000 units at $14 per unit. Variable costs are $10.08 per unit, and fixed costs are $76,900.
Darby Company, operating at full capacity, sold 72,900 units at a price of $120 per unit during the current year. Its income statement for the current year is as follows:
Management is considering a plant expansion program that will permit an increase of $720,000 in yearly sales. The expansion will increase fixed costs by $72,000, but will not affect the relationship between sales and variable costs.
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https://academicheroes.com/wp-content/uploads/2020/12/logo.png00adminhttps://academicheroes.com/wp-content/uploads/2020/12/logo.pngadmin2019-06-26 08:56:152019-06-26 08:56:17Darby Company, operating at full capacity, sold 72,900 units at a price of $120 per unit during the current year.
