Bard Manufacturing uses a job order cost accounting system- During one.docx
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Feb. 4, 2023•0 likes•9 views
Bard Manufacturing uses a job order cost accounting system- During one.docx
Feb. 4, 2023•0 likes•9 views
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Bard Manufacturing uses a job order cost accounting system. During one month Bard purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Bard incurred a factory payroll of $150,000, paid in cash, of which $40,000 is classified as indirect labor. Bard uses a predetermined overhead application rate of 150% of direct labor cost. The journal entry to record the application of factory overhead to production is: Solution Debit Factory Payroll $150,000; credit Goods in Process Inventory $150,000. .
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Bard Manufacturing uses a job order cost accounting system- During one.docx
- 1. Bard Manufacturing uses a job order cost accounting system. During one month Bard purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Bard incurred a factory payroll of $150,000, paid in cash, of which $40,000 is classified as indirect labor. Bard uses a predetermined overhead application rate of 150% of direct labor cost. The journal entry to record the application of factory overhead to production is: Debit Goods in Process Inventory $225,000; credit Factory Overhead $225,000. Debit Goods in Process Inventory $165,000; credit Factory Overhead $165,000. Debit Factory Payroll $150,000; credit Goods in Process Inventory $150,000. Debit Factory Overhead $165,000; credit Goods in Process Inventory $165,000. Debit Goods in Process Inventory $165,000; credit Factory Payroll $165,000. Solution Debit Factory Payroll $150,000; credit Goods in Process Inventory $150,000.