Prepare the journals for all transactions
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Prepare the journals for all transactions
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- A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
- Comacho Chemical Co. recorded costs for the month of 18,900 for materials, 44,100 for labor, and 26,250 for factory overhead. There was no beginning work in process, 8,000 units were finished, and 3,000 units were in process at the end of the period, two-thirds completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)Crane Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $69,700. 2. Raw materials of $24,600 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $4,920 was classified as indirect materials. 3. Factory labor costs incurred were $143,500 of which $118,900 pertained to factory wages payable and $24,600 pertained to employer payroll taxes payable. 4. Time tickets indicated that $118,900 was direct labor and $24,600 was indirect labor. 5. Overhead costs incurred on account were $162,360. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $94,300 are still incomplete at the end of the month; the other goods were completed and transferred to finished Goods Inventory. 8. Finished Goods Inventory with a cost of $82,000 was sold on account for $106,600. Journalize the above transactions for Crane Corporation. (Credit account titles are…XYZ Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. 3. Factory labor costs incurred were $100,000 of which time tickets indicated that $84,000 was direct labor and $16,000 was indirect labor. 5. Other overhead costs incurred on account were $112,000. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $100,000 to manufacture were sold on account for $130,000 Required: Note, 1) what was the overapplied or underapplied overhead for the year. 2) Calculate the costs on the job cost sheets for finished ending inventory.
- Blossom Corporation had the following transactions during its first month of operations: 1. Raw materials were purchased for $105,400. 2. Raw Materials of $37,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,440 was classified as indirect materials. က 3. Factory labor costs incurred were $217,000. 4. 5. 6. 7. Time tickets indicated that $179,800 was direct labor and $37,200 was indirect labor. Manufacturing overhead costs incurred were $245,520. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $142,600 were still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $124,000 to manufacture were sold. Using the grid below, record the above transactions for Blossom Corporation. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) S Work in Process Inventory…Ahmad's Corporation had the following transactions during its first month of operations: Purchased raw materials on account, $85,000. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. Factory labor costs incurred were $100,000 of which time tickets indicated that $84,000 was direct labor and $16,000 was indirect labor. Other overhead costs incurred on account were $112,000. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. Finished goods costing $100,000 to manufacture were sold on account for $130,000 Required: Note, 1) what was the overapplied or underapplied overhead for the year. 2) Calculate the costs on the job cost sheets for finished ending inventory.Sheridan Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account. $96,900. Raw materials of $34,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,840 was classified as indirect materials. Factory labor costs incurred were $199,500 of which $165,300 pertained to factory wages payable and $34,200 pertained to employer payroll taxes payable. Time tickets indicated that $165,300 was direct labor and $34,200 was indirect labor. 2. 3 4, 5. 6. 7. 8. Overhead costs incurred on account were $225,720. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $131,100 are still incomplete at the end of the month; the other goods were completed and transferred to finished Goods Inventory. Finished Goods Inventory with a cost of $114,000 was sold on account for $148,200. Journalize the above transactions for Sheridan Corporation. (Credit account…
- 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 periodJurvin Enterprises recorded the following transactions for the past month. The company had no beginning inventories. $114.000 In raw materials were purchased for cash. b. $102.000 In raw materlals were requisitioned for use in production. Of this amount, $88000 was for direct materlals, and the c. Total labour wages of $146.000 were Incurred and pald. Of this amount, S132,000 was for direct labour, and the remainder was for remalnder was for Indirect materlals. Indirect labour. d. Other manufacturing overhead costs of $18,000 were Incurred and paid. e. Manufacturing overhead costs of $112.000 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 shlpped to customers. g. The underapplied or overapplied overhead for the perlod was closed out to cost of goods sold. Required: 1. Post the preceding transactions to T-accounts. Cash Raw Materials End. bal. Work in Process Finished Goods Manufacturing…Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was fordirect materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and theremainder was for indirect labor.d. Additional manufacturing overhead costs of $175,000 were incurred.Required:Record the above transactions in journal entries.