a. Incurred $105,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department. Hint Credit Factory Wages Payable. b. Incurred indirect labor of $23,000. Hint. Credit Factory Wages Payable. View transaction list Journal entry worksheet < 1 Record direct labor used, but not yet paid. 2 Note: Enter debits before credits. Transaction a General Journal Debit Credit >

a. Incurred $105,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department. Hint Credit Factory Wages Payable. b. Incurred indirect labor of $23,000. Hint. Credit Factory Wages Payable. View transaction list Journal entry worksheet < 1 Record direct labor used, but not yet paid. 2 Note: Enter debits before credits. Transaction a General Journal Debit Credit >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 41,000 9,800 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 37,000 19,700 35,000 $ 197,000 100,000 10,000 23,000 109,000
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Balance on 3/1 $ 7,500 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms $ 3,500 6,000 4,200 1,300 $ 15,000 Work in Process Job 33 Job 34 Labor Time Tickets $ 6,500 7,800 3,250 2,140 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Job 33 Job 34 Job 35 Indirect Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a Record the issuance of raw materials to production. Note: Enter debits before credits. 3 Record entry Status of Job at Month-End Completed and sold…
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
Morrison Company Balance Sheet January 1 Assets Cash $ 40,950 Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) $ 17,800 6,600 31,800 56, 200 3,350 124,000 $ 224,500 Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings $ 7,100 217,400 Total liabilities and stockholders' equity $ 224,500 During January the company completed the following transactions: a. Purchased raw materials on account, $75,200. b. Raw materials used in production, $91,500 ($80,200 was direct materials and $11,300 was indirect materials). c. Paid $202.100 of salaries and wages in cash ($108,800 was direct labor, $41,700 was indirect labor, and $51,600 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account) to support production, $43,350. e. Depreciation recorded on property, plant, and equipment, $63,600 (70% related to manufacturing equipment and 30% related to…
Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1. Materials purchased on account $194,300, and factory wages incurred $91,000 2 Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $36,540 $18,800 A21 45,120 22,700 A22 36,200 15,700 A23 40,470 25,400 General factory use 5,470 8,400 $163.800 $91.000 3. Manufacturing overhead costs incurred on account $54,100. 4. Depreciation on factory equipment $16,450. 5. Depreciation on the company's office building was $15,300 6. Manufacturing overhead rate is 87% of direct labor cost 7. Jobs completed during the quarter: A20, A21. and A23 Prepare a schedule showing the Individual cost elements and totalcost for each job in Item 7 Direct Direct Manufacturing Overhead Job Materials Labor Total A20 A21 A23
Use lean accounting to prepare journal entries for the following transactions. 1. Applied $43,600 of conversion costs to production. 2. Incurred actual conversion costs of $43,600. Hint: Credit “Various Accounts.”
The following events occurred over the course of a year at Coronado Corp., which uses a job order costing system: 1. Direct materials purchases totaled $586,000. Coronado Corp tracks its direct materials separately from its indirect materials. Purchases were made on account. 2. $133,000 of indirect materials were used in production. Coronado uses a separate Supplies Inventory account for indirect materials. 3. $556,000 of direct materials were used in production. 4. The direct labor payroll was $791,000 (credit Wages Payable). 5. Other manufacturing overhead costs incurred during the year totaled $684,000. 6. Coronado applies overhead based on a predetermined overhead rate of $24 per machine hour. The company used 48,000 machine hours during the year. 7. During the year, Coronado transferred goods costing $2,430,000 into the Finished Goods Inventory account. 8. Coronado sold products with a manufacturing cost of $2,398,000 to customers during the year.
swer is partially June transactions: (1) purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, labor, and overhead and (3) completion of jobs and sale of goods. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit
Q2. Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem. a. Preparing the weekly payroll for manufacturing personnel b. Releasing raw materials for use in the manufacturing cycle c. Recording the receipt of payment for goods sold d. Recording the order placed by a customer e. Ordering raw materials f. Determining the amount of raw materials to order?
Simpson Manufacturing has the following standard cost sheet for one of its products: Total 5 pounds at $2 per pound 2 hours at $25 per hour 2 hours at $5 per hour 2 hours at $20 per hour Direct materials $ 10 Direct labor 50 Variable factory overhead Fixed factory overhead 10 40 Cost per unit $ 110 The company uses a standard cost system and applies factory overhead cost based on direct labor hours and determines the factory overhead rate based on a practical capacity of 400 units of the product. Simpson has the following actual operating results for the year just completed: Units manufactured 376 $ 20,680 Direct materials purchased and used Direct labor incurred Variable factory overhead incurred Fixed factory overhead incurred 1,880 pounds 830 hours 22,410 5,312 15,800 Before closing the periodic accounts, the (standard cost) entries in selected accounts follow: Debit (total) Credit (tota1) $ 177,000 142,640 119,690 Account $ 142,640 Work-in-process inventory Finished goods inventory…
Question 2 (* The following information relates to Wells Fargo for July 2021: Actual direct labor costs SAR 80 000 Actual direct labor rate per hour Factory overhead rate per direct labor hour SAR 12 Factory overhead incurred SAR 8 SAR 160 000 Assuming underapplied or overapplied overhead is transferred to cost of goods sold at the end of the period, how much would be the entry (debit or credit) to the cost of goods sold account? I Question 2: Write your answer below (show calculations):
Lutz Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. (a) Purchased raw materials for $50,000 on account. (b) Raw materials requisitioned for production were: Direct materials Mixing department $20,000 Finishing department 14,000 (c) Incurred labor costs of $74,000. (d) Factory labor used: Mixing department $44,000 Finishing department 30,000 (e) Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-400 machine hours at $30 per machine hour. Finishing department-500 machine hours at $20 per machine hour. in Units costing $56,000 were completed in the Mixing Department and were transferred to the Finishing Department. (g) Units costing $70,000 were completed in the Finishing Department and were transferred to finished goods. Finished goods costing $40,000 were sold on account for $55,000,