10.Record the journal entries for Holley Company for August.11.Post appropriate entries to the Conversion Costs T-account to determine the amount of underallocated or overallocated overhead. Record the adjusting entry.10. Record the journal entries for Holley Company for August. (Record debits first, then credits. Exclude explanations from journal entries)Journalize the purchase of raw materials.Date5a.AccountsDebitCreditAccounts PayableAccounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In-Process InventorySales RevenueWages Payable, Accumulated Depreciation, etc.More infoa.Purchased raw materials on account, $30,000.bIncurred labor and overhead costs, $65,000.Cd.Completed 900 units with standard costs of $75 for direct materials and $180 for conversion costs.Sold on account 600 units for $400 each.PrintDone- X

b. Incurred labor and overhead costs, $65,000DateAccountsDebitCredit Conversion Costs65,000 Wages…

Answered: 10. Record the journal entries for…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 16Q

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Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
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Required: 1. Enter the balance as of April 1 in a four-column account for Work in Process-Filling. Record the debits and credits in the account for April. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion; (b) cost per equivalent unit; (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in April; and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Filling Department DATE ITEM Apr. 1 Bal., 600 units, 80% completed 30 Cooking Dept., 14,340 units at $7.30 30 Direct labor 30 Factory overhead 30 Finished goods 30 Bal., 1,400 units, 30% completed ACCOUNT NO. BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 5,760 14,682 27,162 14,626 If an amount box does not require an entry, leave it blank. Round cost per unit answers to the nearest cent.
1 Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential clients. An inventory of materials and equipment is on hand at all times so that work can start as quickly as possible. Special equipment is ordered as required. On May 1, the Materials and Equipment Inventory account had a balance of $44.000. The Work-in-Process Inventory account is maintained to record costs of work not yet complete. There were two such jobs on May 1 with the following costs. Job 27 Job 33 Highlands Mal1 $16,575 14,300 4,290 Pine Ridge Estates $ 53,300 26,658 7,995 Materials and equipment Direct labor Overhead (applied) Overhead has been applied at 30 percent of the costs of direct labor. During May, Kim's Asphalt started two new jobs. Additional work was carried out on Jobs 27 and 33. with the latter completed and billed to Pine Ridge Estates. Details on the costs incurred on jobs during May follow. Job Materials and equipment Direct labor (wages…
Please see the attachment for data Question : Prove the agreement fo Work in Process Inventory with job cost sheets pertaining unfinished work. (hint: use a single T-account for Work In Process Inventory). Calculate each of the following, then post each to the T-account : (1) Beginning Balance, (2) Direct Material, (3) Direct Labor, (4) Manufacturing Overhead, and (5) Completed Jobs Thanks in advance
1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Sept. 1 Bal., 1,200 units, 60% completed Sept. 30 Smelting Dept., 27,000 units at $3.7 Sept. 30 Direct labor Sept. 30 Factory overhead Sept. 30 Finished goods Sept. 30 Bal., 3,500 units, 20% completed
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
Sabre Corporation is a manufacturing outfit that uses job-order costing. The beginning inventory balances for direct materials, work-in-process inventory, and finished goods inventory was $20,000, $15,000, and $30,000 respectively. The company applies overhead cost to jobs based on machine-hours worked. For the current year, the company estimated that it would work 75,000 machine-hours and incur $450,000 in manufacturing overhead cost. The following transactions were recorded during the year: 1. 2. 3. 4. 4567 5. 8. 9. 10. 11. Raw materials were purchased on account: $410,000. Raw materials were requisitioned for use in production: $380,000 ($360,000 direct materials and $20,000 indirect materials) The following costs were incurred for employee services: direct labour, $75,000; indirect labour, $110,000; sales commissions, $90,000; and administrative salaries, $200,000. Sales travel costs were incurred: $17,000. Utility costs were incurred in the factory: $43,000. Advertising costs were…
Tonbridge Corporation makes a health beverage named Tonbridge that is manufactured in a two-stage production process. The drink is first created in the Conversion Department where material ingredients (natural juices, supplements, preservatives, etc.) are combined. On July 1, Year 2, the company had a sufficient quantity of partially completed beverage mix in the Conversion Department to make 50,000 containers of Tonbridge. This beginning inventory had a cost of $80,000. During July, the company added ingredients necessary to make 190,000 containers of Tonbridge. The cost of these ingredients was $400,000. During July, liquid mix representing 180,000 containers of the beverage was transferred to the Finishing Department. The beverage mix is poured into containers and packaged for shipment in the Finishing Department. Beverage that remained in the Conversion Department at the end of July was 20 percent complete. At the beginning of July the Finishing Department had 10,000 containers of…
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
Hello Please provide the journal enty for H.
The journal entry to record $1,500 of direct labor and $250 of indirect labor incurred will include debit(s) to the ________. A. Work−in−Process Inventory account for $1,500 and Manufacturing Overhead account for $250 B. Manufacturing Overhead account for $1,750 C. Finished Goods Inventory account for $1,750 D. Work−in−Process Inventory account for $1,500 and Finished Goods Inventory account for

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