Prepare the Journal Entries to Record the Following Transactions for Viking

question 18

Essay

Prepare the journal entries to record the following transactions for Viking Co. ,a company that produces Viking helmets for sale to tourists.
a.Purchased $80,000 of steel (8,000 tons)in cash.
b.Issued $75,000 of steel (7,500 tons)into production.
c.Paid $15,000 cash in production labor costs.
d.Applied overhead at the predetermined rate of $5 per ton of steel.
e.Incurred $40,000 of actual overhead costs,paid in cash.(Assume any difference between actual and applied overhead costs is adjusted directly to cost of goods sold. )
f.Completed 25,000 helmets.(Approximately $27,500 of inventory remains in process,so the cost of each helmet is approximately $________. )
g.Sold 22,000 helmets at $24.00 per unit.(All proceeds were collected in cash. )
h.Disposed of any over- or under-applied overhead cost.

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Definitions:

Behaviour Motivation

The drive behind individuals' actions, influenced by internal desires and external rewards.

Theory Y

A management concept that assumes employees are intrinsically motivated, enjoy their job duties, and work to better themselves without direct supervision.

Self-Directed

Capable of making decisions and guiding one's actions by oneself without external influence or direction.

Creative

Characterized by the ability or power to create, often manifesting in original ideas, art, solutions, or innovations.