1. Record the proper journal entry for each transaction.a. $215,000 of materials was purchased on account.b. $190,000 of materials was used in production; of this amount, $164,000 was usedon specific jobs.Manufacturing labor and salaries for the month totaled $210,000. A total of$180,000 of manufacturing labor and salaries was traced to specific jobs, and theremainder was indirect labor used in the factory.000,0ASC.d. The company recorded $15,000 of depreciation on the plant and plant equip-ment. The company also received a plant utility bill for $8,000 which will be paidat a later date.e. $70,000 of manufacturing overhead was allocated to specific jobs.f. The company received a bill for CAD design services for $9,000.2. By the end of January, was manufacturing overhead overallocated or underallocated?By how much?

Journal is the book of original entry in which all the transactions of the business are recorded…

Answered: 1. Record the proper journal entry for…

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 data on materials purchased and issued during the month of June were shown: the cost of materials issued to production (under FIFO method) should be: 2.Of the following costs, how much is the total product/manufacturing costs? Direct Labor> P 50,000. Factory Rent >P 10,000. Indirect Labor >P10,000 . Salaries of Factory Supervisor >P35,000. Factory supplies used >P 5,000. Indirect Materials >P15,000. Direct Materials >P45,000. Salary of sales >P35,000. Insurance of Machineries >P 12,000. 3. Of the following costs, how much is the prime cost? Direct Labor> P 50,000. Factory Rent >P 10,000. Indirect Labor >P10,000 . Salaries of Factory Supervisor >P35,000. Factory supplies used >P 5,000. Indirect Materials >P15,000. Direct Materials >P45,000. Salary of sales >P35,000. Insurance of Machineries >P 12,000.
The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $450 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $50 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $200 H. Manufacturing overhead applied as % of direct labor. 150% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $3,100 K. Manufacturing overhead is overapplied. $100 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 B. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 C. fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 D. fill in the…
Problem GRP1 Basic Cost System: Journal Entries: Financial Statements ABC Manufacturing Co. The post-closing trial balance of ABC Manufacturing Co. at September 30 is reproduced as follows. ABC Star Manufacturing Co. Post-Closing Trial Balance September 30, 2011 Cash. Accounts Receivable Finished Goods. Work in Process Materials. Building Accumulated DepreciationBuilding Factory Equipment Accumulated Depreciation-Factory Equipment Office Equipment. Accumulated Depreciation Office Equipment Accounts Payable Capital Stock Retained Earnings 14,000 17,000 24,000 4,000 8,000 156.000 23,400 108,000 54,000 12,000 2.000 30,000 172.000 61.600 Total $343,000 $343,000 During the month of October, the following transactions took place: a. Raw materials at a cost of $60,000 and general factory supplies costing $8.000 were purchased on account. (Materials and supplies are recorded in the materials account.) b. Raw materials to be used in production costing $41,000 and miscellaneous factory supplies…
Jiminez Company engaged in the following transactions during May: a. Purchased raw materials for cash, $570 b. Used raw materials to begin jobs, $454 c. Paid wages of production employees, $350 d. Applied overhead at rate of $1.25 per direct labor dollar e. Completed job that had cost $490 f. Sold for $610 cash goods that had cost $465 to complete Required: Use the horizontal statements model provided to indicate how each of these events affected Jiminez's financial statements. Show dollar amounts of increases and decreases. Note: Round final answers to the nearest whole dollar. Enter decreases with a minus sign. Leave answer cells blank for any item not affected by the transaction. Event a. b. C. d. e. f. Cash + Raw Materials + + + + + + + + + + + BALANCE SHEET Assets Work in Process + + + + + Finished Goods + + + + + Manufacturing Overhead Stockholders' Equity = = Net Income
Direct materials used in production totaled $280,000. Direct labor was $375,000, and $180,000 of manufacturing overhead was added to production for the month. What were total manufacturing costs incurred for the month? a. $555,000 b. $835,000 c. $655,000 d. Cannot be determined.
Marie Corporation hast the following transactions: 1. Purchased raw materials from supplier amounting to P 40,000 on account. 2. During the month, raw materials costing P 30,000 were issued to production. (P 10,000 pertains to indirect materials and the remaining balance are direct materials) 3. Payroll of production personnel totaled P 50,000 (gross of taxes) 4. Payroll of selling and admin personnel is P 10,000 5. Applied all the labor cost to production. 6. Incurred other overhead cost of P 15,000. 7. Applied all overhead cost to production at the end of the month. 8. Ending Work in Process is P 1,000; NO beginning Work in process. 9. Ending finished goods inventories; costing P 45,000. NO beginning finished goods. 10. Sales on account is P 70,000 11. Cash sales is P 20,000. What is the net income?
7. Al Saffwa Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900, Work in Process- Assembly $10,600, and Finished Goods $31,000. During July, the following transactions occurred. A. Purchased $62,500 of raw materials for cash. B. Incurred $56,000 of factory labor (Credit Wages Payable 50%, rest paid in cash.) C. Incurred $70,000 of manufacturing overhead; $30,000 was paid and the remainder is unpaid. D. Used factory labor for Cutting $29,000 and Assembly $27,000. E. Applied overhead at the rate of $15 per machine hour. Machine hours were Cutting 1,720 and Assembly 1,680. F. Transferred goods costing $139,400 from Assembly to Finished Goods. G. Sold goods costing $180,000 for $220,000 on account. Instructions Journalize the transactions in proper journal format.
Q.1.(b) For Karim Company, the predetermined overhead rate is 145% of direct labor cost. During the month, Karim incurred OMR90,000 of factory labor costs, of which OMR82,000 is direct labor and OMR8,000 is indirect labor. Actual overhead incurred was OMR109,000. (i) Compute the amount of manufacturing overhead applied during the month. (ii) Determine the amount of under- or overapplied manufacturing overhead. (iii) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.
b. Incurred manufacturing wages of $11,000, 75% of which was direct labor and 25% of which was indirect labor. Date Accounts Debit Credit b. c. Purchased raw materials on account, $23,000. Date Accounts Debit Credit c. d. Used in production: direct materials, $7,500; indirect materials, $2,000. Date Accounts Debit Credit d. e. Recorded manufacturing overhead: depreciation on plant, $18,000; plant insurance (previously paid), $1,900; plant property tax, $4,200 (credit Property Tax Payable). Date Accounts Debit Credit e.…
Please answer this question
The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,100 B. Raw materials used by Job 1. $500 C. Raw materials used as indirect materials. $100 D. Direct labor for Job 1. $250 E. Indirect labor incurred. $40 F. Factory utilities incurred on account. $700 G. Adjusting entry for factory depreciation. $300 H. Manufacturing overhead applied as % of direct labor. 250% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank.
The cost of employee training program Manufacturing overhead was estimated to be OMR 400,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was OMR 415,000, and actual labor hours were 21,000. The amount credited to the Manufacturing Overhead account would be: OMR 420,000. O b. None of the given answer is correct O c. OMR435,750. O d. OMR 400,000. O e OMR415,000. ows bu lac Jail ENG G 4) 021 hp

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS