Hello, Can you please help me with the JE ?I got 156,000 and 95,600 right . The

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Hello,

Can you please help me with the JE ?I got 156,000 and 95,600 right . The overhead and utilities and work in process inventory is wrong.

Patel and Sons, Inc., uses a standard cost system to apply overhead costs to units produced. Practical capacity for the plant is defined as 51,600 machine hours per year, which represents 25,800 units of output. Annual budgeted fixed overhead costs are $258,000 and the budgeted varlable overhead cost rate is $2.50 per unit. Factory overhead costs are applied on the basis of standard machine hours allowed for units produced. Budgeted and actual output for the year was 19,500 units, which took 40,600 machine hours. Actual fixed overhead costs for the year amounted to $252,400 whlle the actual varlable overhead cost per unit was $2.40 value: 12.00 points Based on the information provided above, provide the correct summary journal entries for actual and applied overhead costs (both variable and fixed) for the year. Assume that the company uses a single account, Factory Overhead, to record both actual and applied overhead. Also, assume that the only variable overhead cost was electricity and that actual fixed overhead consisted of depreciation of $156,000 and supervisory salaries of S95,600. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. If no entry is required for a transaction/event, select "No ournal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Factory (or, manufacturing) overhead 256,280 Accumulated depreciation-factory Salaries payable Utilities payable 156,000 95,600 4.680

Explanation / Answer

No Transaction General Journal Dr Cr 1 1 Factory overhead 252400+(19500*2.4) 299200 Accumulated depreciation-Factory $156,000 salaries payable 95600 Utilities payable (bal fig) $47,600 2 2 Work in process Inventory 243750 Factory overhead (5*2hrs*19500)+(2.5*19500) 243750 Factory overhead applied Fixed overhead 258000/51600 5.0 a Cost of good sold 55450 Factory overhead   55450 (299200-243750) (being overhead underapplied charged to COGS) b Cost of good sold (70%*55450) 38815 Work in process Inventory 5545 Finished Goods Inventory (20%*55450) 11090 Factory overhead   55450 If any doubt please comment

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