Homework: chapter 4 HW Score: 0 of 45 pts E4-31 (similar to) 6of6 compete) Score

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Homework: chapter 4 HW Score: 0 of 45 pts E4-31 (similar to) 6of6 compete) Score: 29.34%, 4841 of 165 pts 0ation Help Dodge Transport ansembles prestige manufactured homes ts job eoting system has two direct-ost caegories(diect materials and direct manufacturing labor) and one indirect-oost pool(manulactuaring overthoad allocated at a budgrted St8 per machine hour in 2017) The following deta (n millions) show operation costs for 2017 EB (Cick the licon to viaw the operations data (in millions) Read the requirements Operations data In milions) Requirement 1. Iderity the comporents of the overview diagram of Dodge Transports job-cosing system Materials Cantol, beginning balance, January 1, 207 Wiark -in-Process Control beginning balance, January 1, 2017 Finished Goods Control, beginning balanoe, January 1, 2017 Matorials and supplies purdhased on areda Direct materials used Indirect materials (sies) nsued to warious prodution departments 91 31 24 Indrect manufactuaring labor incurred by vanlous production departrnents Depreciation on plant and manufacturing equipment Miscellaneous manufaduing overthead incurred (ordinarly would be detailed Manfacturing overhead allocated, 3,500.000 achual Cost of goods manufactured Revenues Cost of goods soid Requirements Print Done 2. Prepare joumal entries Number your entries Explanatens for each entry may be onited of Work-in-Process Conba Post to Taccounts. What is the . Show the joumal entry for disposing of under or overalocated manufacturing overhead drecly as a year end wteolf to Cost of Goods Sold. Post the enty to T accourts Choose from any How did Dodge Transport perfom in 20177

Explanation / Answer

Part 1)

The values to be filled in the boxes are provided as below:

A) Indirect Cost Pool

B) Manufacturing Overhead

C) Cost Allocation Base

D) Machine-Hours

E) Cost Object Product

F) Indirect Costs

G) Direct Costs

H) Direct Costs

I) Direct Materials

J) Direct Manufacturing Labor

_____

Part 2)

The journal entries are prepared as below:

_____

The journal entries are posted to T-Accounts as below:

_____

_____

_____

_____

_____

_____

_____

_____

_____

_____

_____

The ending balance in work-in-process control account is $15.

_____

Part 3)

The journal entry to record under/applied overhead is provided as follows:

Notes:

The journal entry has already been posted in T-Accounts in Part 2. Please refer to all accounts with 11).

_____

Part 4)

The value of gross margin for Dodge Transport is calculated as below:

Gross Margin = Revenues - Cost of Goods Sold = 404 - 298 = $106

Gross Margin Rate = Gross Margin/Revenues*100 = 106/404*100 = 26.23%

The gross margin rate earned by the company is appearing to be fine, but it may not be sufficient to cover other related business expenses (such as marketing and selling).

Event Account Titles Debit Credit 1) Materials Control $153 Accounts Payable Control $153 2) Work-in-Process Control $148 Materials Control $148 3) Manufacturing Department Overhead Control $14 Materials Control $14 4) Work-in-Process Control $91 Wages Payable Control $91 5) Manufacturing Department Overhead Control $31 Wages Payable Control $31 6) Manufacturing Department Overhead Control $24 Accumulated Depreciation $24 7) Manufacturing Department Overhead Control $17 Various Liabilities $17 8) Work-in-Process Control [(3,500,000*18)/1,000,000] $63 Manufacturing Overhead Allocation $63 9) Finished Goods Control $294 Work-in-Process Control $294 10) Cost of Goods Sold $298 Finished Goods Control $298 11) Accounts Receivable Control/Cash $404 Revenues $404

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