Cop Journal Entries, Cost Flows, and Financial. ReportingBlue Plate Construction organized in December and recorded the following transactions during its firstmonth ofoperations:Dec. 2 Purchased materials onaccount for $ 400,000.Dec. 3 Used direct materials costing $ 100,000 on job no. 100.Dec. 9 Used direct materials costing $ 150,000 on jobno. 101.Dec. 15 Used direct materials costing $ 30,000 on job no. 102.Dec.28 Applied the following direct labor costs to jobs: job no. 100, $ 9,000; job no. 101,$ 11,000; job no.102, $ 5,000.Dec. 28 Applied manufacturing overhead to all jobs at a rate of 300% ofdirect labor dollars.Dec.29 Completed and transferred job no.100 and job no. 101 to the finished goods ware house.Dec. 30 Sold job no. 100 onaccount for $ 200,000.Dec. 31 Recorded and paid actual December manufacturing overhead costs of $ 78,000, cash.Dec. 31 Closed the Manufacturing Overhead account directly to Cost of Goods Sold.a. Record each of the above transactions asillustrated onpages 764-768.b. Compute the amount at which Cost of Goods Sold is reported in the company's income statement for themonth ended December 31.c. Determine the inventory balances reported in the company's balance sheet dated December 31.d. Was manufacturing overhead in December overapplied, or was it underapplied? Explain.

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Description: Cop Journal Entries, Cost Flows, and Financial. ReportingBlue Plate Construction organized in December and recorded the following transactions during its firstmonth ofoperations:Dec. 2 Purchased materials onaccount for $ 400,000.Dec. 3 Used direct ma

Journal entry records the accounting transactions of a business in a journal book. All the business…

Business

Accounting

Blue Plate Construction organized inDecember and recorded the following transactions during its first month ofoperations: Dec. 2 Purchased materials onaccount for $ 400,000. Dec. 3 Used direct materials costing $ 100,000 on job no. 100. Dec. 9 Used direct materials costing $ 150,000 on jobno. 101. Dec. 15 Used direct materials costing $ 30,000 on job no. 102. Dec.28 Applied the following direct labor costs to jobs: job no. 100, $ 9,000; job no. 101,$ 11,000; job no. 102, $ 5,000.

Blue Plate Construction organized inDecember and recorded the following transactions during its first month ofoperations: Dec. 2 Purchased materials onaccount for $ 400,000. Dec. 3 Used direct materials costing $ 100,000 on job no. 100. Dec. 9 Used direct materials costing $ 150,000 on jobno. 101. Dec. 15 Used direct materials costing $ 30,000 on job no. 102. Dec.28 Applied the following direct labor costs to jobs: job no. 100, $ 9,000; job no. 101,$ 11,000; job no. 102, $ 5,000.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 8SPB

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The following events occurred during March for Ajax Company. Prepare a journal entry for each transaction. Materials were purchased on account for $35,429. Materials were requisitioned to begin work on Job C1S In the amount of $25,259. Direct labor expense for Job C15 was $24,129. Actual overhead was incurred on account of $32,852. Factory overhead was charged to Job C15 at the rate of 200% of direct labor. Job C15 was transferred to finished goods at $97,646. Job C15 was sold on account for $401,000.
The Following events occurred during March for Ajax Company. Prepare a journal entry for each transaction. Materials were purchased on account for $5,429. Materials were requisitioned to begin work on Job C15 In the amount of $2,500. Direct labor expense for job C15 was $4,250. Actual overhead was incurred on account for $5,385. Factory overhead was charged w Job C15 at the rate of 200% direct labor. Job C15 was transferred to finished goods at $15,250. Job C15 was sold on account for $28,000.
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In March, Central& Die requisitions raw materials for production as follows: Job1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw materials used. *
Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $100,300 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 48,500 Job 202 23,900 Total direct materials 72,400 Indirect materials 8,920 Total materials used $ 81,320 Time tickets show the following labor used for the month. Job 201 $ 39,500 Job 202 12,900 Total direct labor 52,400 Indirect labor 24,500 Total labor used $ 76,900 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $164,660 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,300 Rent on factory building (payable) 530 Factory utilities (payable) 830 Expired factory insurance…
Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,900 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 50,100 Job 202 25,500 Total direct materials 75,600 Indirect materials 10,520 Total materials used $ 86,120 Time tickets show the following labor used for the month. Job 201 $ 41,100 Job 202 14,500 Total direct labor 55,600 Indirect labor 26,100 Total labor used $ 81,700 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. Sold Job 201 for $169,460 on credit. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,900 Rent on factory building (payable) 690 Factory utilities (payable) 990 Expired factory insurance 4,900 Total other factory overhead costs $ 40,480…
Required information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month. $ 48,700 24,100 72,800 9,120 Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 81,920 c. Time tickets show the following labor used for the month. $ 39,700 13,100 Job 201 Job 202 Total direct labor 52,800 24,700 $ 77,500 Indirect labor Total labor used d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $165,260 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. $ 32, 500 Depreciation of factory equipment Rent on factory building (payable) Factory…