80.2K

Verified Solution

Link Copied!

please answer asap

Overhead has been applied at 40 percent of the costs of direct labor using an annual rate. During August, Manor Painting started two new jobs. Additional work was carried out on Jobs 84 and 87 . Job 87 was completed and billed to the customer. Details on the costs incurred on jobs during August follow. Other August Events 1. Purchased moterials and equipment for $16,100. 2. Bilted $197,000 to the customer for Job 87 and recerved payment for $117,000 of that amount 3. Recelved $20.600 payment on Job 82 delivered to customer in July. 4. Determined that payroll for indicect fabot personnel totaled $2,500 5 issued supplies and incidental materials for currentjobs costing $950 6. Recorded overhead and sdvertising costs for the operation as follows boll cash except equipment depreciation: Complete this question by entering your answers in the tabs below. Determine inventory balances for Materials and Equipment Inventory and Work-in-Process Inventory. Journal entry worksheet Record overhead, advertising, and depreclation cost as per the table given above. Notes Enter debits before credits. Complete this question by entering your answers in the tabs below. o. Prepare joumal entries to record the flow of costs for operations during August b. Calculate the amount of over-or underapplied overhead for the month. This amount is debited or credited to Cost of Goods Sold. c. Determine inventory balances for Materials and Equipment Inventory and Work-in-Process Inventory. Complete this question by entering your answers in the yabs below. Prepare joumal entries to record the flow of costs for operations during Augunt. Overhead has been applied at 40 percent of the costs of direct labor using an annual rate. During August, Manor Painting started two new jobs. Additional work was carried out on Jobs 84 and 87 . Job 87 was completed and billed to the customer. Details on the costs incurred on jobs during August follow. Other August Events 1. Purchased moterials and equipment for $16,100. 2. Bilted $197,000 to the customer for Job 87 and recerved payment for $117,000 of that amount 3. Recelved $20.600 payment on Job 82 delivered to customer in July. 4. Determined that payroll for indicect fabot personnel totaled $2,500 5 issued supplies and incidental materials for currentjobs costing $950 6. Recorded overhead and sdvertising costs for the operation as follows boll cash except equipment depreciation: Complete this question by entering your answers in the tabs below. Determine inventory balances for Materials and Equipment Inventory and Work-in-Process Inventory. Journal entry worksheet Record overhead, advertising, and depreclation cost as per the table given above. Notes Enter debits before credits. Complete this question by entering your answers in the tabs below. o. Prepare joumal entries to record the flow of costs for operations during August b. Calculate the amount of over-or underapplied overhead for the month. This amount is debited or credited to Cost of Goods Sold. c. Determine inventory balances for Materials and Equipment Inventory and Work-in-Process Inventory. Complete this question by entering your answers in the yabs below. Prepare joumal entries to record the flow of costs for operations during Augunt

Answer & Explanation Solved by verified expert

See Answer