Anderson Enterprises Uses a Job Costing System

question 331

Essay

Anderson Enterprises uses a job costing system. Record the following transactions in Anderson Enterprises' general journal for the current month:
a)Purchased raw materials on account, $82,000.
b)Requisitioned $41,300 of direct materials and $9,000 of indirect materials for use in production.
c)Factory payroll incurred, $110,000; 75% direct labor, 25% indirect labor.
d)Recorded depreciation expense factory equipment $15,000, and other manufacturing overhead of $56,200 (credit accounts payable).
e)Allocated manufacturing overhead costs based on 125% of direct labor cost.
f)Cost of completed production for the current month, $133,000.
g)Cost of finished goods sold, $112,000; selling price, $162,000 (all sales on account).

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Definitions:

Reject

In statistics, to conclude that there is enough evidence to discard the null hypothesis in favor of the alternative hypothesis.

F-Ratio

A statistical measure used in the context of ANOVA, calculated as the variance between sample means divided by the variance within the samples.

Main Effect

The direct impact of an independent variable on a dependent variable in an experimental design, ignoring interaction effects.

Factor A

A term used in experimental design and analysis to denote one of potentially several independent variables being studied for its impact on a dependent variable.