1. Purchased $75,180 in materials on account. Check my work 2. Issued $2,100 in supplies from the materials inventory to the production department. 3. Paid for the materials purchased in transaction (1) 4. Issued $35,700 in direct materials to the production department. 5. Incurred wage costs of $58,800, which were debited to Payroll, a temporary account. Of this amount, $18,900 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $39,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. 5. Recognized $29,400 in fringe benefit costs, incurred as a result of the wages paid in (5). This $29,400 was debited to Payroll and credited to Fringe Benefits Payable 7. Analyzed the Payroll account and determined that 60 percent represented direct labor; 30 percent, indirect manufacturing labor, and 10 percent, administrative and marketing costs. 8. Paid for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant totaling $45,360. 9. Applied overhead on the basis of 175 percent of direct labor costs. 3. Recognized depreciation of $24,150 on manufacturing property, plant, and equipment. Required: a. Prepare journal entries to record these transactions. b. The balances that appeared in the accounts of Apex Manufacturing are shown as follows. Beginning Ending Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold $77,805 17,325 87,150 $ 69,728 138,285 Prepare T-accounts to show the flow of costs during the period. Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period. Beg. Bal. Materials Inventory 77,805 Beg. Bal
1. Purchased $75,180 in materials on account. Check my work 2. Issued $2,100 in supplies from the materials inventory to the production department. 3. Paid for the materials purchased in transaction (1) 4. Issued $35,700 in direct materials to the production department. 5. Incurred wage costs of $58,800, which were debited to Payroll, a temporary account. Of this amount, $18,900 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $39,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. 5. Recognized $29,400 in fringe benefit costs, incurred as a result of the wages paid in (5). This $29,400 was debited to Payroll and credited to Fringe Benefits Payable 7. Analyzed the Payroll account and determined that 60 percent represented direct labor; 30 percent, indirect manufacturing labor, and 10 percent, administrative and marketing costs. 8. Paid for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant totaling $45,360. 9. Applied overhead on the basis of 175 percent of direct labor costs. 3. Recognized depreciation of $24,150 on manufacturing property, plant, and equipment. Required: a. Prepare journal entries to record these transactions. b. The balances that appeared in the accounts of Apex Manufacturing are shown as follows. Beginning Ending Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold $77,805 17,325 87,150 $ 69,728 138,285 Prepare T-accounts to show the flow of costs during the period. Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period. Beg. Bal. Materials Inventory 77,805 Beg. Bal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:1. Purchased $75,180 in materials on account.
Check my work
2. Issued $2,100 in supplies from the materials inventory to the production
department.
3. Paid for the materials purchased in transaction (1)
4. Issued $35,700 in direct materials to the production department.
5. Incurred wage costs of $58,800, which were debited to Payroll, a temporary
account. Of this amount, $18,900 was withheld for payroll taxes and credited to
Payroll Taxes Payable. The remaining $39,900 was paid in cash to the employees.
See transactions (6) and (7) for additional information about Payroll.
5. Recognized $29,400 in fringe benefit costs, incurred as a result of the wages paid
in (5). This $29,400 was debited to Payroll and credited to Fringe Benefits Payable
7. Analyzed the Payroll account and determined that 60 percent represented direct
labor; 30 percent, indirect manufacturing labor, and 10 percent, administrative and
marketing costs.
8. Paid for utilities, power, equipment maintenance, and other miscellaneous items for
the manufacturing plant totaling $45,360.
9. Applied overhead on the basis of 175 percent of direct labor costs.
3. Recognized depreciation of $24,150 on manufacturing property, plant, and
equipment.
Required:
a. Prepare journal entries to record these transactions.
b. The balances that appeared in the accounts of Apex Manufacturing are shown as
follows.
Beginning Ending
Materials Inventory
Work-in-Process Inventory
Finished Goods Inventory
Cost of Goods Sold
$77,805
17,325
87,150
$ 69,728
138,285
Prepare T-accounts to show the flow of costs during the period.
Complete this question by entering your answers in the tabs below.
Required A Required B
Prepare T-accounts to show the flow of costs during the period.
Beg. Bal.
Materials Inventory
77,805
Beg. Bal
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