This paper circulates around the core theme of Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order cost system together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order cost system and applies 1 answer below » Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order cost system and applies overhead to jobs the basis of direct labor-hours. For the current year, Quark estimated that it would work 100,000 direct labor-hours and incur $20,000,000 of manufacturing overhead cost. The following summarized information relates to January of the current year. The raw materials purchased include both direct and indirect materials. 00 Raw materials purchased on account…………………………………………………. $1,412,000 Direct materials requisitioned into production………………………………………… 1,299,500 Indirect materials View complete question » Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order cost system and applies overhead to jobs the basis of direct labor-hours. For the current year, Quark estimated that it would work 100,000 direct labor-hours and incur $20,000,000 of manufacturing overhead cost. The following summarized information relates to January of the current year. The raw materials purchased include both direct and indirect materials. 00 Raw materials purchased on account…………………………………………………. $1,412,000 Direct materials requisitioned into production………………………………………… 1,299,500 Indirect materials requisitioned into production………………………………………. 98,000 Direct labor cost (7,900 hours @$40 per hour)………………………………………. 316,000 Indirect labor cost (10,200 hours @ $16 per hour)…………………………………… 163,200 Depreciation on the factory building…………………………………………………… 190,500 Depreciation on the factory equipment………………………………………………… 890,700 Utilities for the factory……………………………………………………………………. 79,600 Cost of jobs finished……………………………………………………………………… 2,494,200 Cost of jobs sold………………………………………………………………………….. 2,380,000 Sales (all on account)……………………………………………………………………. 3,570,000 Required: Prepare journal entries to record Quark’s transaction for the month of January. Do not close out the manufacturing overhead account View less » Jul 28 2015 11:35 AM
