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(Solved): Exercise To Job Order Casting On March On The Materials Department Of Cards By Hallmark Received The...
Exercise to Job Order Casting On March on the materials department of Cards by Hallmark received the following Receiving Report No. 110 for $1.100, materials requisition for Job 22 for 5200 materials requisition for lob 23 for $800, and Receiving Report No. 110 for 51.000 Required: Prepare the journal entries to record the transactions if the company pays for the materials on account b) On March 6, 2015, the time tickets of employees at Cards by Hallmark gave the following information ten hours for Job 22, twelve hours for Job 23, and four hours for Job 24. Employees are paid an hourly rate of S10 Required: Prepare the journal entry to record the direct labor c) Cards by Hallmark allocates factory overhead based upon hours used by a piece of equipment. At the beginning of the period, the company estimates factory overhead to be $25.000 and expects the equipment to be used for 4,000 hours. During the period Job 22 requires 1.900 hours of use of the equipment, Job 23 requires 1.700 hours, and Job 24 requires 100 hours. As of March 31, actual indirect costs include: $4,000 for indirect materials. 59.100 for indirect labor, S6,000 for utilities, and 55.200 for equipment depreciation Required: Prepare the journal entry to record the costs considered factory overhead. b. Calculate the predetermined factory overhead rate: Prepare the journal entry required to apply the factory overhead to the jobs at the end of the month is the factory overhead - overapplied or underapplied? If Cards by Hallmark has a March 31 fiscal year-end, prepare the journal entry required to dispose of the balance in Factory Overhead Factory Overhead
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