93pointseBookPrepare journal entries to record transactions a through h.a. Raw materials purchased on credit, $106,000.b. Direct materials used, $43,500. Indirect materials used, $19,600.c. Direct labor used, $43,000. Indirect labor used, $22,000. (Record using Factory Wages Payable.)d. Paid cash for other actual overhead costs, $8,625.e. Applied overhead at the rate of 125% of direct labor cost.f. Transferred cost of jobs completed to finished goods, $82,000.g. Sales of jobs on credit was $118,000.h. Cost of jobs sold was $82,000.HintView transaction listPrintခReferencesJournal entry worksheet1 2 3 4 4 5 6 7 8 9 10Record raw materials purchased on account.Note: Enter debits before credits.Transactiona.General JournalDebitCreditRecord entryClear entryView general journal

Before we make the journal entries, it is important for us to understand first the concepts to…

Answered: 9 3 points eBook Prepare journal…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question Content Area Journalize the entries to record the following transactions: Mar. 10: 600 units of raw materials were purchased on account at $5.50 per unit. Mar. 15: 500 units of raw materials were requisitioned at $6.00 per unit for production, Job 872. Mar. 25: 400 units of raw materials were requisitioned at $5.50 per unit for production, Job 879. If an amount box does not require an entry, leave it blank.
Please explain how you get the answer. Thanks
fill in missing t account
Journalize the following transactions for Becah's Bakery:Becah's Bakery a. Incurred and paid Website expenses, $2,790. b. Incurred manufacturing wages of $10,600, of which 60% was for direct labor and 40% of which was for indirect labor. c. Purchased raw materials on account, $18,370. d. Used in production: direct materials, $8,040; indirect materials $3,650. e. Recorded manufacturing overhead: depreciation on plant, $14,410; plant insurance (previously paid), $1,370; plant property tax, $3,750 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,960. h. Sold inventory on account, $25,690; cost of goods sold, $11,380. i. Adjusted for overallocated or underallocated overhead. Journal Date Description Debit Credit a. a. b. b. b. c. c. d. d. d. e. e.…
eBook Show Me How E Print Item Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity. Round your answers to two decimal places. Overhead Overhead Annual Rate per Activity per Activity Usage Activity Machine Setups $162,750 4,200 Machine Hours 381,051 14,113 Inspections 110,550 3,300
eBook Print Item Question Content Area A company has the following transactions during the week. Purchase of $1,100 raw materials inventory Assignment of $400 of raw materials inventory to Job 5 Payroll for 25 hours with $1,250 assigned to Job 5 Factory utility bills of $760 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week? $fill in the blank 1
tab es lock esc QUESTION 8 Deja Brew Company reported the following for the most recently completed fiscal year: Raw Materials Purchased Direct Labor Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Calculate cost of goods sold for the year. ! Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A @ 2 W S # M $63,500 58,200 31,600 31,500 3 E Manufacturing Overhead Cost of Goods Manufactured $ 4 R % 07 dº 5 MacBook Pro D F $109,600 180,800 95,900 391,200 T 6 G 7 Y * 00 O H 8 U
How to find cost of materials purchased See attached
a3
eBook Print Item Steeler Towel Company estimates its overhead to be $490,000. It expects to have 140,000 direct labor hours costing $6,125,000 in labor and utilizing 14,000 machine hours. Calculate the predetermined overhead rate using: Round your answers to two decimal places. A. Direct labor hours $ per direct labor hour B. Direct labor dollars $ per direct labor dollar C. Machine hours per machine hour
Answer: 2. Multiple Choice Question 55 Vaughn Company assigns overhead based on machine hours. The Milling Department logs 2390 machine hours and Cutting Department shows 3990 machine hours for the period. If the overhead rate is $6 per machine hour, the entry to assign overhead will show a credit to Manufacturing Overhead for $38280. a. debit to Work in Process for $23940, b. debit to Manufacturing Overhead for $38280. C. credit to Work in Process-Cutting Department for $23940. d. D Answer: 3. Exercise 16-13 The Welding Department of Healthy Company has the following production and manufacturing cost data for February 2017. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Beginning work in process 14,800 units, 1/10 complete Materials $18,300 Units transferred out 55,400 Conversion costs 15,160 $33,460 Units started 50,900 Materials 230,046 Ending work in process 10,300 units, 1/5 complete Labor 67,200 Overhead…
eBook Print Item Question Content Area During the year, a company purchased raw materials of $77,323, and incurred direct labor costs of $125,800. Overhead is applied at the rate of 70% of the direct labor cost. These are the inventory balances: Beginning Ending Raw materials inventory $17,433 $16,426 Work in process inventory 241,439 234,425 Finished goods inventory 312,840 342,384 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $fill in the blank 1 Cost of goods manufactured $fill in the blank 2 Cost of goods sold $fill in the blank 3

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