Concord Company purchases $54,600 of raw materials on account, and it incurs $63,000 of the factory labor costs. Supportingrecords show that (a) the Assembly Department used $30,100 of raw materials and $40,100 of the factory labor, and (b) the FinishinDepartment used the remainder.Journalize the assignment of the costs to the processing departments on March 31. (Credit account titles are automatically indented whamount is entered. Do not indent manually.)DateAccount Titles and ExplanationMar. 3131(To record materials used)DebitCredit

Raw Materials used by Finishing Department=$54,600-$30,100=$24,500Factory Labor used by FInishing…

Answered: Concord Company purchases $54,600 of…

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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Frontier Incorporated has provided the following information for the year ended 20x8: a. Purchased raw materials on account for $240,400. b. Issued $230,400 in raw materials to production ($32,400 were not traceable to specific jobs). c. Incurred $242,400 in direct labor costs (24,520 hours) and $92,900 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory utilities $24,400 (paid in cash); depreciation on equipment $45,400; indirect supplies $17,900 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $75,400; sales salaries $88,400. f. Applied manufacturing overhead to jobs in process at a rate of $9 per direct labor hour. g. Completed jobs costing a total of $644,400. h. Sold jobs for $856,400 on account. The cost of the jobs was $642,400. i. Closed the manufacturing overhead account balance. Required: Prepare the journal entries to record these transactions. Note: If no entry is…
Uhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing. Journal Date Description Debit Credit 1 1 2 2 2 2 3 3 3 3 4 4 4
Journalize the following transactions for Sheridan Company. (a) Purchased 5,900 units of raw materials on account for $16.930. The standard cost was $17,700. (b) Issued 5,800 units of raw materials for production. The standard units were 5.890. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation (a) (b) Debit Credit
In January, Wildhorse Tool & Die requisitions raw materials for production as follows: Job 1 $910, Job 2 $1,500, Job 3 $810, and general factory use $710. 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
Record the following journal entries for Brown Company: A (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) 6. Purchased raw materials on account, $8,000. Date Accounts Debit Credit 7. Used $4,000 in direct materials and 600 in indirect materials in production. Date Accounts Debit Credit 7. 000 bich 700/ Iabor 6.
Blossom Company purchases $50,300 of direct raw materials and it incurs $65,400 of direct factory labor costs. Supporting records show that (a) the Assembly Department used $25,800 of direct raw materials and $38,000 of direct factory labor, and (b) the Finishing Department used the remainder. Record the assignment of the costs to the processing departments using the following format. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Direct materials used Assign direct factory labor Raw Materials Inventory $ $ Manufacturing Costs Factory Labor Manufacturing Overhead $ $ Assembly Work in Process $ Finishing
oriole company purchases $44, 000 of raw materials on account, and it incurs $52, 800 of factory labor costsOriole Company purchases $44,000 of raw materials on account, and it incurs $52, 800 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (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 Debit Credit Mar. 31 (To record raw materials purchased ) 31 (To record factory labor costs)
Ivanhoe Company purchases $54,000 of raw materials on account, and it incurs $64,800 of factory labor costs. Supporting records show that (a) the Assembly Department used $25,920 of direct materials and $37,800 of direct labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (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 Mar. 31 31 (To record materials used) (To assign factory labor to production) Debit Credit
Sunland Corporation incurred the following transactions. Purchased raw materials on account $43,550. Raw Materials of $33,840 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,420 was classified as indirect materials. Factory labor costs incurred were $56,320. Time tickets indicated that $50,760 was direct labor and $5,560 was indirect labor. Manufacturing overhead costs incurred on account were $75,670. Depreciation on the company's office building was $7,600. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 1. 2. 3. 4. 5. 6. 8. 9. Goods costing $82,720 were completed and transferred to finished goods. Finished goods costing $70,500 to manufacture were sold on account for $96,820. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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