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:

Foster Home

An out-of-home placement in which adults raise children who aren’t their own.

Group Home

A residential facility where unrelated individuals live together in a supervised setting, often those requiring particular care or assistance.

Orphanage

An institution dedicated to the care and education of orphans and abandoned children.

Married Parents

A parental unit consisting of two individuals who are legally married to each other and have one or more children together.