45) Melinda Inc. estimates manufacturing overhead costs for the coming year at $225,000 which will be allocated based on direct labor hours. Melinda estimates 9,000 direct labor hours for the coming year. In January, Job A33 was completed which required 8 direct labor hours and 34 machine hours. Provide the journal entry to allocate manufacturing overhead to the job.
46) Ivade Inc. uses a predetermined overhead allocation rate of $75 per direct labor hour. In January, Ivade completed Job B23 which utilized 20 direct labor hours. Provide the journal entry to allocate overhead to the job.
1) The cost of goods manufactured is recorded with a debit to the Work-in-Process Inventory account and a credit to the Cost of Goods Manufactured account.
2) The cost of goods manufactured is recorded with a debit to the Finished Goods Inventory account and a credit to the Work-in-Process Inventory account.
3) When a job is completed, the total cost of the job is recorded with a debit to Finished Goods Inventory and a credit to Work-in-Process Inventory.
4) When goods are transferred from the Finished Goods Inventory account to the Cost of Goods Sold account, the product costs move from the balance sheet to the income statement.
5) On January 1, 2014, Maywood Inc. Work-in-Process Inventory account had a balance of $30,000. During 2014, $58,000 of direct materials was placed into production. Manufacturing wages incurred amounted to $84,000, of which $66,000 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,000. Jobs costing $220,400 were completed during 2014. What is the December 31, 2014 balance of Work-in-Process Inventory?
6) On January 1, 2015, Jackson Inc.'s Work-in-Process Inventory account showed a balance of $65,000. During 2015, materials requisitioned for use in production amounted to $70,000 of which $66,000 represented direct materials. Factory wages for the period were $209,000 of which $186,400 were for direct labor. Manufacturing overhead is allocated on the basis of 60% of direct labor cost. Actual overhead was $116,440. Jobs costing $353,240 were completed during 2015. The December 31, 2015, balance in Work-in-Process Inventory is ________.