any uses a job-order costing system and applies manufacturing overhead cost cost of direct materials used in production. Its predetermined overhead rate w that estimated $221,200 of manufacturing overhead for an estimated allo act material dollars. transactions took place during the year (all purchases and services wer rials purchased, $145,000. rials requisitioned for use in production (all direct materials), $141,000. incurred in the factory, $24,000. salaries and wages were incurred as follows:
any uses a job-order costing system and applies manufacturing overhead cost cost of direct materials used in production. Its predetermined overhead rate w that estimated $221,200 of manufacturing overhead for an estimated allo act material dollars. transactions took place during the year (all purchases and services wer rials purchased, $145,000. rials requisitioned for use in production (all direct materials), $141,000. incurred in the factory, $24,000. salaries and wages were incurred as follows:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 2-25B Journal Entries; T-Accounts; Financial Statements [LO2-1, LO2-2, LO2-3, LO2-4, LO2-5, LO2-6, LO2-7]
Mariya Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the
basis of the cost of direct materials used in production. Its predetermined overhead rate was based on a
cost formula that estimated $221,200 of manufacturing overhead for an estimated allocation base of
$158,000 direct material dollars.
The following transactions took place during the year (all purchases and services were acquired on
account):
a. Raw materials purchased, $145,000.
b. Raw materials requisitioned for use in production (all direct materials), $141,000.
c. Utility bills incurred in the factory, $24,000.
d. Costs for salaries and wages were incurred as follows:
Direct labor
Indirect labor
Selling and administrative salaries
$223,000
$ 61,700
$ 143,000
e. Maintenance costs incurred in the factory, $17,000.
f. Advertising costs incurred, $128,000.
g. Depreciation recorded for the year, $43,000 ( 70% relates to factory assets, and the remainder relates to
selling and administrative assets).
h. Rental cost incurred on buildings, $85,000 (80% of the space is occupied by the factory, and 20% is
occupied by sales and administration).
i. Miscellaneous selling and administrative costs incurred, $11,000.
j.
Manufacturing overhead cost was applied to jobs, $?:
k. Cost of goods manufactured for the year, $555,000.
1. Sales for the year (all on account) totaled $1,100,000. These goods cost $530,000 according to their job
cost sheets,
The balances the inventory accounts at the beginning of the year were as follows:
Raw materials
Work in process
Finished Goods
$ 23,000
$ 24,000
$ 34,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f2fac05-bac4-4133-acae-5b97f965cfbb%2F0b908caa-d016-4d06-8f81-63acc129389a%2Fu0m6lp9_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 2-25B Journal Entries; T-Accounts; Financial Statements [LO2-1, LO2-2, LO2-3, LO2-4, LO2-5, LO2-6, LO2-7]
Mariya Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the
basis of the cost of direct materials used in production. Its predetermined overhead rate was based on a
cost formula that estimated $221,200 of manufacturing overhead for an estimated allocation base of
$158,000 direct material dollars.
The following transactions took place during the year (all purchases and services were acquired on
account):
a. Raw materials purchased, $145,000.
b. Raw materials requisitioned for use in production (all direct materials), $141,000.
c. Utility bills incurred in the factory, $24,000.
d. Costs for salaries and wages were incurred as follows:
Direct labor
Indirect labor
Selling and administrative salaries
$223,000
$ 61,700
$ 143,000
e. Maintenance costs incurred in the factory, $17,000.
f. Advertising costs incurred, $128,000.
g. Depreciation recorded for the year, $43,000 ( 70% relates to factory assets, and the remainder relates to
selling and administrative assets).
h. Rental cost incurred on buildings, $85,000 (80% of the space is occupied by the factory, and 20% is
occupied by sales and administration).
i. Miscellaneous selling and administrative costs incurred, $11,000.
j.
Manufacturing overhead cost was applied to jobs, $?:
k. Cost of goods manufactured for the year, $555,000.
1. Sales for the year (all on account) totaled $1,100,000. These goods cost $530,000 according to their job
cost sheets,
The balances the inventory accounts at the beginning of the year were as follows:
Raw materials
Work in process
Finished Goods
$ 23,000
$ 24,000
$ 34,000
Transcribed Image Text:Journal entry worksheet
1
Record the entry to close any balance in the Manufacturing Overhead account
to Cost of Goods Sold.
Note: Enter debits before credits.
Transaction
1
Cost of goods sold
Record entry
General Journal
Manufacturing overhead
Schedule of Cost of Goods Sold:
Mariya Company
Schedule of Cost of Goods Sold
Adjusted cost of goods sold
Clear entry
$
Debit
3,400
0
Credit
View general journal
0
3,400
3,400
3,400
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