The following transactions were incurred by Mooney Fabricators during January, the first month of its fiscal year.(Click the icon to view the transactions.)Requirements1. Record the proper journal entry for each transaction.2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much?DateTWITb. $178,000 of materials was used in production; of this amount, $146,000Journal Entryuyumivera bolnAccountsb. Work in Process InventoryManufacturing OverheadRaw Materials InventoryDebitMore infoa. $205,000 of materials was purchased on account.b. $178,000 of materials was used in production; of this amount, $146,000 wasused on specific jobs.C. Manufacturing labor and salaries for the month totaled $225,000. A total of$215,000 of manufacturing labor and salaries was traced to specific jobs, andthe remainder was indirect labor used in the factory.d.e.f.The company recorded $24,000 of depreciation on the plant and plantequipment. The company also received a plant utility bill for $5,000 which willbe paid at a later date.$64,000 of manufacturing overhead was allocated to specific jobs.The company received a bill for CAD design services for $5,000.

Inventory -Inventory management involves keeping track of all the goods, parts, and raw materials…

(Click the icon to view the transactions.) equirements Record the proper journal entry for each transaction. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? MERVE Myuviv . $178,000 of materials was used in production; of this amount, $146,000 Journal Entry Date Accounts b. Work in Process Inventory Manufacturing Overhead Debit More info a. $205,000 of materials was purchased on account. $178,000 of materials was used in production; of th used on specific jobs. b. c. Manufacturing labor and salaries for the month tota $215,000 of manufacturing labor and salaries was the remainder was indirect labor used in the factory d. The company recorded $24,000 of depreciation on equipment. The company also received a plant utilit be paid at a later date.

(Click the icon to view the transactions.) equirements Record the proper journal entry for each transaction. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? MERVE Myuviv . $178,000 of materials was used in production; of this amount, $146,000 Journal Entry Date Accounts b. Work in Process Inventory Manufacturing Overhead Debit More info a. $205,000 of materials was purchased on account. $178,000 of materials was used in production; of th used on specific jobs. b. c. Manufacturing labor and salaries for the month tota $215,000 of manufacturing labor and salaries was the remainder was indirect labor used in the factory d. The company recorded $24,000 of depreciation on equipment. The company also received a plant utilit be paid at a later date.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

At the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 The following additional details are provided for the year: Direct materials placed in production $80,000 Direct labor incurred 190,000 Manufacturing overhead incurred 300,000 Manufacturing overhead allocated to production 295,000 Cost of jobs completed 500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).
Journalize the entries for the following transactions: March 10: 600 units of raw materials were purchased on account at $6.00 per unit. March 15: 500 units of raw materials were requisitioned at $6.50 per unit for production, Job 872. March 25: 400 units of raw materials were requisitioned at $6.00 per unit for production, Job 879. If an amount box does not require an entry, leave it blank. Date Account Debit Credit March 10 March 15 March 25
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).
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to Work In Process, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 90,000 Indirect materials issued to production 30,000 Total materials issued to production 110,000 Beginning materials inventory 50,000 The debit to Work-in-Process Inventory account for materials is: Multiple Choice $110,000. $30,000. $90,000. $80,000. $50,000.
Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 b. Determine the inventory balances at the end of the first mon operations. Round your answers to the nearest dollar. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31 : Materials Work in process Finished goods $ $ $ The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digita video monitors: a. Purchased $236, 000 of materials. b. Used $169, 920 of direct materials in production. c. Incurred $424, 800 of direct labor wages. d. Incurred $169,900 of factory overhead. e. Transferred $ 717,400 of work in process to finished goods. f. Sold goods for $1,132,800. g. Sold goods with a cost of $637,200. h.…
Journalize the entries for the following transactions: March 10: 500 units of raw materials were purchased on account at $4.00 per unit. March 15: 250 units of raw materials were requisitioned at $ 4.50 per unit for production, Job 872. March 25: 215 units of raw materials were requisitioned at $5.00 per unit for production, Job 879. If an amount box does not require an entry, leave it blank. Date AccountDebitCredit March 10 March 15 March 25
[The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $534,300.
The accounts of Delphinia Dreams, Inc. showed the following balances at the beginning of October: Account Debit Raw Materials Inventory $32,000 Work−in−Process Inventory 41,000 Finished Goods Inventory 52,000 Manufacturing Overhead 24,000 During the month, direct materials amounting to $22,000 and indirect materials amounting to $7,000 were issued to production. What is the ending balance in the Work−in−Process Inventory account following these two transactions? A. $41,000 B. $11,000 C. $63,000 D. $31,000
Required information Skip to question [The following information applies to the questions displayed below.] Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $100,100 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 48,300 Job 202 23,700 Total direct materials 72,000 Indirect materials 8,720 Total materials used $ 80,720 Time tickets show the following labor used for the month. Job 201 $ 39,300 Job 202 12,700 Total direct labor 52,000 Indirect labor 24,300 Total labor used $ 76,300 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 $164,060 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 $ 32,100 Rent on factory building (payable) 510 Factory…
Help
Give me answer
Book Hint Larned Corporation recorded the following transactions for the just completed month. a. $79,000 in raw materials were purchased on account. b. $77,000 in raw materials were used in production. Of this amount, $63,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $111,000 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $191,000 was incurred on factory equipment.