The recording of the factory labor incurred for general factory use would include a debit to:

Q: hicks and greene, a cpa firm that uses job order costing, is analyzing the profitability of its audits. during the year, the firm audited the esterline company, for which it charged $20,000. budget information for the firm follows: direct labor: partners $ 1,500,000 managers 2,900,000 staff accountants 5,600,000 total $10,000,000 overhead: secretarial support $ 2,500,000 fringe benefits 2,400,000 utilities 800,000 depreciation of office equipment 700,000 communication expenses 500,000 lease expense 300,000 office supplies 300,000 total $ 7,500,000 partner, associates and paralegal hourly salary rates are $100, $60 and $20, respectively. budgeted and actual time for the esterline audit follows: budget actual partners 15 hours 18 hours associates 45 hours 43 hours paralegals 100 hours 108 hours in addition, the firm incurred $2,320 in travel costs related to esterline, but the firm had budgeted for $2,500 of direct costs. (a) assuming that hicks and greene allocates overhead to jobs using direct labor cost as the cost driver, compute the predetermined overhead rate. (b) compute the cost of the esterline audit. (c) prepare a cost performance report for the esterline audit. (d) compute the profit that hicks and greene had on the esterline audit.

download full file at 85. Selected accounts with some debits and credits omitted are presented as follows:Work in ProcessAug. 1Balance275,000Aug. 31Goods finished1,030,00031Direct materialsX31Direct labor450,00031Factory overheadXFactory OverheadAug. 1-31Costs incurred145,000Aug. 1Balance15,00031AppliedXIf the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for factory overhead in August,assuming a factory overhead rate of 30% of direct labor costs?A.$135,000B.$10,000C.$120,000D.$70,00086. Selected accounts with some debits and credits omitted are presented as follows:Work in ProcessOct. 1Balance20,000Oct. 31Goods finishedX31Direct materials96,70031Direct labor201,00031Factory overheadXFinished GoodsOct. 1Balance52,00031Goods finished360,000If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October?A.$63,300B.$21,300C.$42,300D.$11,30087. Selected accounts with a credit amount omitted are presented as follows:Work in ProcessApr. 1Balance7,000Apr. 30Goods finishedX30Direct materials78,40030Direct labor195,00030Factory overhead136,500download full file at

____57.A widely used activity base for developing factory overhead rates in highly automated settings is:

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____58.The correct entry for each sale of a finished good on account is:a.debit Cost of Goods Sold, credit Finished Goodsb.debit Cost of Goods Sold, credit Finished Goods, debit Accounts Receivable, credit Salesc.debit Sales Expense, credit Finished Goods, credit Cash, credit Accounts Receivabled.debit Work in Process, credit Finished Goods, debit Accounts Receivable, credit Sales

____59.Costs that are treated as assets until the product is sold are called:

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____60.Which types of inventories does a manufacturing business report on its balance sheet?

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____61.For which of the following businesses would a process cost system be appropriate?

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____62.In a process cost system, the cost of completed production in Department A is transferred to Department B bywhich of the following entries?a.Debit Work in Process--Dept. B; credit Work in Process--Dept. A.b.Debit Work in Process--Dept. B; credit Finished Goods--Dept. A.c.Debit Work in Process--Dept. B; credit Cost of Goods Sold--Dept. A.d.Debit Finished Goods; credit Work in Process--Dept. B.