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.က3.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 tofinished goods.8.Finished goods costing $124,000 to manufacture were sold.Using the grid below, record the above transactions for Blossom Corporation. (Enter negative amounts using either a negative signpreceding the number e.g. -45 or parentheses e.g. (45).)SWork in Process InventoryFinished Goods InventoryCost of Goods SoldManufacturing OverheadSSA$SA

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Answered: Blossom Corporation had the following…

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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Kilt Company had the following information for the year: direct materials used: $1131,000 direct labor incurred: (5,350 hours) $158,000 actual manufacturing overhead incurred: $175,400 Kilt Company used a predetermined overhead rate of $44 per direct labor hour for the year and estimated that direct labor hours would total 5,885 hours. Assume the only inventory balance is an ending Work in Process balance of $17,400. How much overhead was applied during the year?
Jungpal Corporation had the following transactions during its first month of operations: Purchased raw materials on account, $85,000. Raw Materials of $30,000 were transfered to the factory (work in process inventory). Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor. Overhead costs incurred on account were $198,000. Finished goods costing $100,000 to manufacture were sold on account for $130,000. Instructions Journalize the above transactions for Jungpal Corporation.
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Prepare journal entries to record the following production activities for Hotwax. Incurred $95,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department (credit Factory Wages Payable). Incurred indirect labor of $20,500 (credit Factory Wages Payable). Total factory payroll of $205,500 was paid in cash.
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Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,890 of materials on account. 2. Issued $16,790 in direct materials to the production department 3. Issued $1,300 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,090 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees earned $32,900, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,260 on account. 8. Recognized depreciation on manufacturing plant of $36,800. 9. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,800. Estimated overhead for the year was $421,756. The following balances appeared in the inventory…
During the current month, Sheridan Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,700 on account. (b) Incurred factory labor of $38,400. (c) Factory utilities of $3,200 are payable, prepaid factory property taxes of $2,660 have expired, and depreciation on the factory building is $9,600. Record the company's manufacturing costs in its job order costing system. Purchased raw materials Incurred factory labor Factory utilities Factory property taxes Factory depreciation Balance $ LA $ Raw Materials Inventory $ $ Manufacturing Costs Factory Labor Manufacturing Overhead $
Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,880 of materials on account. Issued $16,900 in direct materials to the production department. Issued $1,310 of supplies from the materials inventory. Paid for the materials purchased in transaction (1) using cash. Returned $2,160 of the materials issued to production in (2) to the materials inventory. Direct labor employees earned $31,100, which was paid in cash. Purchased miscellaneous items for the manufacturing plant for $17,290 on account. Recognized depreciation on manufacturing plant of $36,600. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,600. Estimated overhead for the year was $430,254. The following balances appeared in the inventory…
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 212,000 Purchases of raw materials $ 270,000 Direct labor ? Administrative expenses $ 152,000 Manufacturing overhead applied to work in process $ 376,000 Actual manufacturing overhead cost $ 358,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 51,000 $ 32,000 Work in process ? $ 32,000 Finished goods $ 31,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $39,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.
Prepare summary journal entries to record the following transactions for a company in its first month of operations. Raw materials purchased on account, $90,000. Direct materials used in production, $36,500. Indirect materials used in production, $19,200. Paid cash for factory payroll, $50,000. Of this total, $38,000 is for direct labor and $12,000 is for indirect labor. Paid cash for other actual overhead costs, $11,475. Applied overhead at the rate of 125% of direct labor cost. Transferred cost of jobs completed to finished goods, $56,800. Sold jobs on account for $82,000 g(2). The jobs had a cost of $56,800 g(1).
Boeing Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $17,000 of materials on account. 2. Issued $16,810 in direct materials to the production department. 3. Issued $1,270 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2.150 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $32,800, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,200 on account. 8. Recognized depreciation on manufacturing plant of $36,400. 9. Applied manufacturing overhead for the month. Boeing uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,900. Estimated overhead for the year was $409,746. The following balances appeared in the inventory…
Franklin, Inc. estimates manufacturing overhead costs for the Year 3 accounting period as follows. Equipment depreciation. Supplies Materials handling Property taxes Production setup Rent Maintenance Supervisory salaries $190,100. 20,000 33,200 a. Predetermined overhead rate b. Applied manufacturing overhead 13,300 20,100 43,000 39,000 281,300 The company uses a predetermined overhead rate based on machine hours. Estimated hours for labor in Year 3 were 201,000 and for machines were 128,000. Required a. Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) b. Determine the amount of manufacturing overhead applied to Work in Process Inventory during the Year 3 period if actual machine hours were 143,000. (Do not round intermediate calculations.) per machine hour

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