Carla Vista Manufacturing Company uses a job order cost system and keeps perpetual inventory records.June 1Purchased raw materials for $23,600 on account.8Raw materials requisitioned by production:$9,440DirectmaterialsIndirectmaterials1,180Paid factory utilities, $2,478 and repairs for factory equipment, $9,440.1525Incurred $122,000 of factory labor.25Time tickets indicated the following:Direct Labor(7,000 hrs x $14 perhr)$98,000Indirect Labor(3,000 hrs x $8 perhr)24,000$122,0004525Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct laborhour worked.2830Goods costing $18,020 were completed in the factory and were transferred to finished goods inventory.Goods costing $15,020 were sold for $20,020 on account.Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journalentries in the order presented in the problem.) June 28Finished Goods InventoryWork in Process InventoryJune 30 ✰Accounts ReceivableFinished Goods Inventory2002015020

Journal EntriesJune 1: Purchase of Raw Materials on AccountDr Raw Materials Inventory $23,600…

Answered: Carla Vista Manufacturing Company uses…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12EB: A company has the following transactions during the week. Purchase of $3,000 raw materials inventory...

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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?
Day June 30 has 4 lines, thank you
Cullumber Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $16,800 on account. 8 Raw materials requisitioned by production: Direct materials Indirect materials $6,720 840 Paid factory utilities, $1,764 and repairs for factory equipment, $6,720. 15 25 Incurred $128,000 of factory labor. 25 Time tickets indicated the following: Direct Labor (7,000 hrs x $14 per hr) $98,000 Indirect Labor (3,000 hrs x $10 per hr) 30,000 $128,000 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $9 per direct labor hour worked. 28 Goods costing $18,300 were completed in the factory and were transferred to finished goods inventory. 30 Goods costing $15,300 were sold for $20,300 on account. Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries…
Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 Purchased raw materials for $20,000 on account. 8 Raw materials requisitioned by production: Direct materials $8,000 Indirect materials 1,000 15 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 25 Incurred $108,000 of factory labor. 25 Time tickets indicated the following: Direct Labor (7,000 hrs × $12 per hr) = $84,000 Indirect Labor (3,000 hrs × $8 per hr) = 24,000 $108,000 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. 28 Goods costing $18,000 were completed in the factory and were transferred to finished goods. 30 Goods costing $15,000 were sold for $20,000 on account. Prepare journal entries to record…
Wildhorse Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $20,000 on account. 8 Raw materials requisitioned by production: Direct materials $8,000 Indirect 1,000 materials 15 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 25 Incurred $88,000 of factory labor. 25 Time tickets indicated the following: (7,000 hrs x $10 per Direct Labor $70,000 hr) (3,000 hrs x $6 per Indirect Labor 18,000 hr) $88,000 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $5 per direct labor hour worked. 28 Goods costing $18,150 were completed in the factory and were transferred to finished goods inventory. 30 Goods costing $15,150 were sold for $20,150 on account. Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries…
Crane Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 8 15 25 25 25 28 Purchased raw materials for $20.800 on account. Raw materials requisitioned by production: Direct materials Indirect materials Date Paid factory utilities, $2,104 and repairs for factory equipment, $8,320. Incurred $128,000 of factory labor. Time tickets indicated the following: Direct Labor Indirect Labor (7.000 hrs * $14 per (lv) (3,000 hrs $10 per hr) 01 $8,320 Account Titles and Explanation 1,040 $128.000 Applied manufacturing overhead to production based on a predetermined over head rate of $9 per direct labor hour worked. Goods costing $18.350 were completed in the factory and were transferred to finished goods inventory. Goods costing $15,350 were sold for $20.350 on account. Prepare journal entries to record the above transactions during the month of June. (Credit account tities are automatically indented when the amount is entered. Do not indent manually.…
Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 25 June 1 Purchased raw materials for $20,000 on account. Raw materials requisitioned by production: 25 25 28 30 30 8 8 15 25 Date Account Titles and Explanation 15 25 25 28 3 Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) 30 Direct materials Indirect materials Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. Incurred $108,000 of factory labor. Time tickets indicated the following: Direct Labor Indirect Labor (Purchase of raw materials on account) (To assign materials to jobs and overhead) Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. Goods costing $18,000 were completed in the factory and were transferred to finished goods. Goods costing…
Hooper Manufacturing Company employs a job-order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: 1. Direct materials requisitioned during the month: Job 56 $12,000 Job 57 6,000 Job 58 14,000 $32,000 2. Direct labour incurred and charged to jobs during the month was: Job 56 $20,000 Job 57 16,000 Job 58 10,000 $46,000 3. Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 80% of direct labour costs. 4. Actual manufacturing overhead costs incurred during the month amounted to $39,000. 5. Job 56 consisting of 2,000 units and Job 58 consisting of 400 units were completed during the month. Instructions a) Prepare journal entries to record the above transactions. b) Answer the following: i. How much manufacturing overhead was applied to Job 58 during the month? ii. Calculate the unit cost of Jobs 56 and 58. iii. What is the balance in Work in Process…
None
Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials Purchases of raw materials Raw materials issued Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 $ 11,100 112,000 1. Direct Materials 2. Indirect Materials 3. Ending Balance 48,500 For Job 101 34,000 For Job 102 11,000 Used on multiple jobs Required: 1. How much of the raw materials cost would be added to the Work in Process Inventory account during the period? 2. How much of the raw materials costs would be added to the Manufacturing Overhead account? 3. Compute the ending balance in the Raw Materials Inventory account.
Prepare for the jobs in process and determine the balances of three inventory accounts at the end of the year
Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at year-end: Job 1 Job 5 $1,000 $1,500 12,000 800 1,500 200 Jun 30 Not completed Jul 10 N/A $25,000 N/A What was the balance in Finished Goods Inventory at year-end? Direct Materials Direct Labor Allocated Mfg. Overhead Job completed: Job sold: Revenues: OA. $43,300 OB. $33,700 OC. $23,200 O D. $20,100 Job 2 $7,500 20,000 6,000 Sep 1 Sep 12 $39,000 Job 3 $4,200 13,600 2,300 Oct 15 Not sold N/A Job 4 $3,400 12,500 7,300 Nov 1 Not sold N/A

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