At Multitask, Inc

question 219

Essay

At Multitask, Inc., the beginning balance of the work in process inventory account in June of the most recent year was $20,400. Direct materials used during June totaled $168,000. Total manufacturing labour incurred in June was $196,200, 80% of this amount represented direct labour. The predetermined manufacturing overhead rate is 120% of direct labour cost. Actual manufacturing overhead costs for June amounted to $148,800.

In June, two jobs were completed with total costs of $122,400 and $98,400, respectively. In June, the two jobs were sold on account for $210,000 and $152,400, respectively.

a) Compute the balance in work in process inventory on June 30.
b) Record the journal entry for direct materials used in June.
c) Record the journal entry to record labour costs for June.
d) Record the journal entry for allocated manufacturing overhead for June.
e) Record the entry to move the completed jobs into finished goods inventory in June.
f) Record the entry to sell the two completed jobs on account in June.

Know how to effectively open a speech to engage the audience.

Distinguish between informative and persuasive presentations and their unique elements.

Understand the methods of delivery suitable for different speaking contexts and the necessity of sounding conversational.

Understand the psychological and emotional responses of adolescents when faced with health challenges.

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Definitions:

Antitrust Suit

A legal action taken against companies to stop practices that restrain trade, maintain monopolies, or otherwise violate antitrust laws.

Social Regulation

Regulations aimed at protecting public welfare, including health, safety, and the environment, rather than focusing solely on economic efficiency.

Food And Drug Administration

A federal agency of the United States Department of Health and Human Services responsible for protecting and promoting public health by controlling and supervising the safety of foods, dietary supplements, prescription and over-the-counter pharmaceutical drugs, vaccines, biopharmaceuticals, medical devices, and veterinary products.

Herfindahl Index

A measure of market concentration used to evaluate the level of competition within an industry, calculated by summing the squares of the market shares of all firms in the industry.