Account(s)Credited Cline Manufacturing Company uses a job order system and maintains perpetual inventory records.Indicate the the appropriate account(s) to be debited and credited for the transactions listed below. (On multiple entries enteranswers in alphabetical order.)Transactions1.Raw materials were purchased on account.2.Issued a check to Dixon Machine Shop for repairwork on factory equipment.3.Direct materials were requisitioned for Job 280.4.Factory labor was paid as incurred.5.Recognized direct labor and indirect labor used.6.The production department requisitioned7.indirect materials for use in the factory.Manufacturing overhead was applied toproduction based on a predetermined overheadrate of $8 per labor hour.8.Goods that were completed were transferred tofinished goods inventory.9.Goods costing $80,000 were sold for $105,000on account.10.Paid for raw materials purchased previously onaccount.Account(s)Debited

1. Raw Materials were purchased on account.Debit: Raw Materials Inventory increases because raw…

Answered: Account(s) Credited Cline Manufacturing…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 8P

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Terrills Transmissions uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of November 1, follows: The following transactions were completed during November: a. Materials purchases on account during the month, 74,000. b. Materials requisitioned during the month: 1. Direct materials, 57,000. 2. Indirect materials, 11,000. c. Direct materials returned by factory to storeroom during the month, 1,100. d. Materials returned to vendors during the month prior to payment, 2,500. e. Payments to vendors during the month, 68,500. Required: 1. Prepare general journal entries for each of the transactions. 2. Post the general journal entries to T-accounts. 3. Balance the accounts and report the balances of November 30 for the following: a. Cash b. Materials c. Accounts Payable
Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.
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Sunland Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 (a) $6,740 (b) 3,760 Job 202 Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) $8,460 No. Account Titles and Explanation (To assign labor to jobs) 7,520 (To assign materials to jobs) Debit Credit
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,500 $1,900 430 3,500 3,000 431 4,400 $10,400 7,600 $12,500 General use 800 1,200 $11,200 $13,700 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Prepare May 31 summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Please use dates and please make sure the t accounts are correct Kurtz Fencing Inc. uses a job order cost system A type of cost accounting system that provides for a separate record of the cost of each particular quantity of product that passes through the factory. . The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $30,100. b. Materials requisitioned The form or electronic transmission used by a manufacturing department to authorize materials issuances from the storeroom. and factory labor used: Job Materials Factory Labor 301 $3,110 $2,720 302 3,710 3,810 303 2,400 1,970 304 8,500 6,870 305 5,210 5,410 306 3,850 3,290 For general factory use 1,080 4,120 c. Factory overhead costs incurred on account, $5,440. d. Depreciation of machinery and equipment, $1,980. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job…
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…
In January, Sandhill Company requisitions raw materials for production as follows: Job 1 $1,120, Job 2 $1,360, Job 3 $760, and general factory use $680. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 Debit Credit
Kl company uses a job order costibg system. During the month of July, the following events occurred; A purchased raw materials on credit 32000 B raw materials used in production 25800 as direct materials and 10500 indirect materials C recorded the factory payroll totaling 37700 which includes 8200 indirect labor, to jobs and overhead. Make the necessary journal entries to record the above transactions and events
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Prepare journal entries for manufacturing costs. Job Number Materials Labor Requisition Slips Time Tickets 429 $2,500.00 $1,900 430 3,500 3,000 431 4,400 7,600 General use 800 1200 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Instructions a. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs,…
Sheridan Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,220 and two jobs in process: Job No. 429 $1,840, and Job No. 430 $1,380. During May, a summary of source documents reveals the following. Job Number 429 430 (a) 431 General use (1) Materials Requisition Slips (2) 31 $2,300 (3) 31 3,220 (4) 31 4,060 $9,580 760 $10.340 Labor Time Tickets $1,760 2,760 Sheridan Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. No. Date Account Titles and Explanation May 31 7,000 Prepare May 31 summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) $11,520 1,080 $12,600 Debit Credit
Milner Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals the following. Job Number 429 430 431 General use Assignment 3 ACCT 232 Materials Requisition Slips $2,500 3,500 4,400 $10,400 800 $11,200 Labor Time Tickets $1,900 3,000 7,600 $12,500 1,200 $13,700 Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 429 is completed during the month. Instructions (a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple- tion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets of the unfinished jobs.

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