C. What was the total cost of jobs completed in May?16. LO.4 (Journal entries; cost accumulation) The following costs were incurred inFebruary 2010 by Container Corp., which produces customized steel storage bins:Direct material purchased on account$ 76,000Direct material used for jobs:Job #217$44,800Job #2187,200Other jobs53,600105,600 Direct labor costs for month:Job #217$10,400Job #21814,000Other jobs19,60044,000220,000Actual overhead costs for FebruaryThe balance in Work in Process Inventory on February 1 was $16,800, which consistedof $11,200 for Job # 217 and $5,600 for Job # 218. The February beginning balance inDirect Material Inventory was $44,600. Actual overhead is applied to jobs at a rate of$4.95 per dollar of direct labor cost. Job #217 was completed and transferred to Fin-ished Goods Inventory during February. Job #217 was delivered to the customer at theagreed-upon price of cost plus 35 percent.a. Prepare journal entries to record the preceding information.b. Determine the February ending balance in WIP Inventory. How much of this bal-ance relates to Job #218?

Name: C. What was the total cost of jobs completed in May?16. LO.4 (Journal
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: C. What was the total cost of jobs completed in May?16. LO.4 (Journal entries; cost accumulation) The following costs were incurred inFebruary 2010 by Container Corp., which produces customized steel storage bins:Direct material purchased on account

S. No. Particulars Debit ($) Credit ($) 1. Raw Material Inventory Accounts Payable To…

Answered: a. Prepare journal entries to record…

Business

Accounting

a. Prepare journal entries to record the preceding information. b. Determine the February ending balance in WIP Inventory. How much of this bal- ance relates to Job #218?

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

3. Prepare journal entries for the month of April to record the above transactions. View transaction list View journal entry worksheet No 2 3 4 5 6 7 Transaction b. C. d. e. 1. 9. Direct materials used Direct labor used Cash Indirect labor Indirect labor Cash Factory overhead Overapplied overhead Underapplied overhead Factory building Cash Utilities expense Utilities payable General Journal Debit Credit
3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…
Please do not give solution in image format thanku
Determine specific amounts for the following items this month: Cost of Direct Materials used Cost of Direct Labor Manufacturing Overhead Cost Please don't provide answer in image format thank you
Job order cost; journal entries; ending work in process;inventory analysisHidalgo Company manufactures goods to special order and usesa job order cost system. During its first month of operations, thefollowing selected transactions took place:a. Materials purchased on account ................................. $37,000b. Materials issued to the factory:Job 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,200Job 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,700Job 103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,100Job 104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700For general use in the factory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,350c. Factory wages and salaries…
Please do not give solution in image format thanku
The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: K Work in process inventory $0 Raw materials inventory Finished goods inventory $28,800 $40,200 (Click the icon to view additional data.) What is the work in process inventory balance on January 31? OA. $27,280 OB. $98,031 OC. $69,231 OD. $7280 CO
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
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…
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,700 16,800 8,700 30,250 24,600 20,600 24,100 Required 1 5,800 12,600 24,500 14,900 5,660 40,000 Required 2 59, 200 283,890 34,000 14,200 Pepper Company $ 19,300 22,800 12,600 23,500 43,800 13,600 16,400 7,600 14,750 53,000 14,400 2,250 67,500 48,700 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion…
Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?