a. $82,000 in raw materials were purchased on account.b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was forindirect materials.c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirectlabor.d. Depreciation of $190,000 was incurred on factory equipment.Required:Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" inthe first account field.)View transaction listJournal entry worksheet1 2 3 4$82,000 in raw materials were purchased on account.Note: Enter debits before creditsTransactionGeneral JournalDobitCredit a. $82,000 in raw materials were purchased on account.b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was forindirect materials.c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirectlabor.d. Depreciation of $190,000 was incurred on factory equipment.Required:Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" inthe first account field.)View transaction listJournal entry worksheet< 1$80,000 in raw materials were used in production. Of this amount, $73,000was for direct materials and the remainder was for indirect materials.Note: Enter debits before credits.TransactionbView transaction lista. $82,000 in raw materials were purchased on account.b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was forindirect materials.c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirectlabor.d. Depreciation of $190,000 was incurred on factory equipment.Required:Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" inthe first account field.)< 1Journal entry worksheet4<General JournalNote: Enter debits before credits.TransactionView transaction listTotal labor wages of $119,000 were paid in cash. Of this amount, $102,700was for direct labor and the remainder was for indirect labor.243Journal entry worksheetDebitGeneral Journala. $82,000 in raw materials were purchased on account.b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was forindirect materials.c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirectlabor.d. Depreciation of $190,000 was incurred on factory equipment.Note: Enter debits before credits.Transactiond.Required:Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" inthe first account field.)CreditDepreciation of $190,000 was incurred on factory equipment.DebitGeneral JournalCreditDebitCredit

Answer:- Journal entry meaning:- Direct entries into the main diary are referred to as journal…

a. $82,000 in raw materials were purchased on account. b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $190,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (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 $82,000 in raw materials were purchased on account. Transaction a. 3 4 Note: Enter debits before credits General Journal Debit Credit

a. $82,000 in raw materials were purchased on account. b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $190,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (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 $82,000 in raw materials were purchased on account. Transaction a. 3 4 Note: Enter debits before credits 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

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Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.a. $94,000 in raw materials were purchased for cashb. $89,000 in raw materials were requisitioned for use in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.d. Additional manufacturing overhead costs of $143,000 were incurred and paid.e. Manufacturing overhead costs of $142,000 were applied to jobs using the company's predetermined overhead rate.f. All of the jobs in progress at the end of the month were completed and shipped to customers.g. Any underpaid or over applied overhead for the period was closed out to Cost of Goods Sold.1. Post the above transactions to T-accounts2. Determine the cost of goods sold for the period
Book Hint Larned Corporation recorded the following transactions for the just completed month. a. $79,000 in raw materials were purchased on account. b. $77,000 in raw materials were used in production. Of this amount, $63,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $111,000 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $191,000 was incurred on factory equipment.
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ces The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,870. (b) Requisitioned materials at a cost of $111,500, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,900 24,600 50,750 11,700 20,600 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (f) Completed jobs costing $262,350. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $513,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) 3-b. If the balance in the Manufacturing Overhead account is closed…
Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product RM 125,000 Advertising expense RM45,000 Depreciation on plant 60,000 Property taxes on plant 19,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,000 Salaries paid to sales clerks 50,000 Work-in-process inventory was RM27,000 at January 1 and RM15,500 at December 31. Finished goods inventory was RM65,000 at January 1 and RM50,600 at December 31. Required: a) Compute cost of goods manufactured. b) Compute cost of goods sold.
Wildhorse Corporation incurred the following costs while manufacturing its product. Materials used in product $127,700 Advertising expense $48,000 Depreciation on plant 63,100 Property taxes on plant 15,000 Property taxes on store 7,740 Delivery expense 25,000 Labor costs of assembly-line workers 116,700 Sales commissions 36,000 Factory supplies used 29,600 Salaries paid to sales clerks 58,100 Work in process inventory was $14,700 at January 1 and $17,400 at December 31. Finished goods inventory was $63,200 at January 1 and $45,900 at December 31. (a) Compute cost of goods manufactured. Cost of goods manufactured $
Larned Corporation recorded the following transactions for the just completed month. Purchased $89,000 of raw materials on account. $87,000 in raw materials were used in production. Of this amount, $74, 000 was direct materials and the remainder was indirect materials. Paid employees $127,500 cash. Of this amount, $104, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries.
b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Entry Description Debit Credit b. Work in Process fill in the blank 6 fill in the blank 7 Factory Overhead fill in the blank 9 fill in the blank 10 Materials fill in the blank 12 fill in the blank 13 c. Factory labor used, $756,000, of which $182,000 was indirect. Entry Description Debit Credit c. Work in Process fill in the blank 15 fill in the blank 16 Factory Overhead fill in the blank 18 fill in the blank 19 Wages Payable fill in the blank 21 fill in the blank 22
Larned Corporation recorded the following transactions for the just completed month. Purchased $73, 000 of raw materials on account. $71,000 in raw materials were used in production. Of this amount, $58,000 was direct materials and the remainder was indirect materials. Paid employees $130,000 cash. Of this amount, $102, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to…
1. 2. 3. 4. 5. 6. Purchased $4,000 of raw materials on account. Accrued $2,000 of factory labor. Incurred and paid $3,000 of manufacturing overhead. Requisitioned direct materials for mixing, $10,000 and finishing, $15,000. Used factory labor for mixing, $60,000 and finishing, $15,000. Assigned $1,500 of overhead to mixing and $1,000 to finishing. Debit Raw Materials Inventory Factory Labor Manufacturing Overhead Y V V > V Credit Accounts Payable Factory Wages Payable Cash
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