Accounting II CHapter 3 Quiz.docx

Ritepacksritepacks manufactures backpacks its plant

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Choose from any list or enter any number in the input fields and then continue to the next question. RitePacksRitePacks manufactures backpacks. Its plant records include the following materials-related transactions: LOADING... (Click the icon to view the transactions.) Make the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had $ 37 comma 000$37,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? (Assume that thread is considered an indirect material.) Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit Now record the journal entry for the materials used. Journal Entry
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Accounts Debit Credit Now post the transactions to the Raw Materials Inventory account. If the company had $ 37 comma 000$37,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? Enter the beginning balance of the Raw Materials Inventory T-account on the first line, then post the transactions and calculate the ending balance. (Use transaction descriptions as posting references when posting the transactions to the account.) Raw Materials Inventory systems.  ElklandElkland  uses job costing to calculate the cost of its jobs. Overhead is allocated to each job based on the number  of direct labor hours spent on that job. At the beginning of the current year,  ElklandElkland  estimated that its overhead for the coming year would be  $ 61 comma 500$61,500.  It also anticipated using  4 comma 1004,100  direct labor hours for the year.  In  November commaNovember,  ElklandElkland  started and completed the following two jobs: LOADING... (Click  the icon to view the jobs.) ElklandElkland  paid a  $ 24$24-per-hour  wage rate to the employees who worked on these two jobs. Read the  requirements   LOADING... . Requirement 1. What is  ElklandElkland's  predetermined overhead rate based on direct labor hours? Determine the formula to calculate 
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ElklandElkland's  predetermined overhead rate based on direct labor hours, then calculate the rate.     /   = Predetermined overhead rate     /   =   per hour Requirement 2. Calculate the overhead to be allocated to each of the two jobs based on direct labor  hours.   Job 101 Job 102 Overhead costs     Job 101 Job 102 Overhead costs Requirement 3. What is the total cost of Job 101? What is the total cost of Job 102? Job 101 Job 102 Total job cost LawrenceLawrence Plastics manufactures custom park furniture and signage from recycled plastics (primarily shredded milk jugs.) Many of the company's customers are municipalities that are required by law to purchase goods that meet certain recycled-content guidelines. (Recycled-content can include post-consumer waste materials, pre-consumer waste materials, and recovered materials.) As a result, LawrenceLawrence
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  • Spring '15
  • Wilkins
  • Accounting, raw material, EdmontonEdmonton

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