Conway Manufacturing Company was started on January 1, 2014. The company wasaffected by the following events during its first year of operation.1. Acquired $2,500 cash from the issue of common stock.2. Paid $580 cash for direct raw materials.3. Transferred $410 of direct raw materials to work in process.4. Paid production employees $640 cash.5. Paid $380 cash for manufacturing overhead costs.6. Applied $230 of manufacturing overhead costs to work in process.7. Completed work on products that cost $1,050.8. Sold products that cost $890 for $1,640 cash.9. Paid $330 cash for selling and administrative expenses.10. Made a $80 cash distribution to the owners.11. Closed the Manufacturing Overhead account.Required:a. Record these events in a horizontal statements model. The first event is shown as anexample. (Enter decreases to account balances with a minus sign.)AssetsEquityManufacturingOverheadWork inFinishedGoodsCommonEventRawRetainedNetCashRevenueExpense%3DStockNo.MaterialsProcessEarningsIncome$ 2,500 +$2,500 +1.2.3.%3D4.%3D5.%3D6.7.%3D8a.%3D8b.9.%3D10.%3D11.%3DTotalIIIL||II+ ++|+ + + + + +II|+ +| ++ + + | ++|+ +| ++ + + + +++ + + + + ++| + + +

Horizontal statements model: The model that represents all the financial statements, balance sheet,…

Answered: Conway Manufacturing Company was…

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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Larned Corporation recorded the following transactions for the just completed month. Purchased $89,000 of raw materials on account. $87,000 in raw materials were used in production. Of this amount, $74, 000 was direct materials and the remainder was indirect materials. Paid employees $127,500 cash. Of this amount, $104, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries.
Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below. a. Purchased $75,700 in raw materials for cash. b. $72,800 in raw materials were used in production. Of this amount, $65,500 was direct materials and the remainder was indirect materials. c. Paid employees $150,500 cash. Of this amount, $133,400 was direct labor and the remainder was indirect labor. d. Paid $126,100 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $122,500 to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Calculate the adjusted cost of goods sold for the period. Post the above transactions to T-accounts. Ending…
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Tamarisk Corporation incurred the following costs during 2022. Direct materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) * Your answer is incorrect. Compute cost of goods manufactured. $115,200 Cost of goods manufactured 57,600 7,200 105,600 22,400 Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks Work in process inventory was $11,600 at January 1 and $14,800 at December 31. Finished goods inventory was $57,600 at January 1 and $43,700 at December 31. $43,200 314400 13,600 20,000 33,600 48,000
Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Direct Raw Materials Used $2,800 Job 1 Job 2 4,000 Job 3 6,000 Total $12,800 Direct Labor $ 6,000 8,000 4,000 $18,000 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $20,000 cash. Lehigh paid $800 for selling and administrative expenses. Actual factory overhead was $11,300. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods…
Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below. a. Purchased $75,700 in raw materials for cash. b. $71,700 in raw materials were used in production. Of this amount, $65,200 was direct materials and the remainder was indirect materials. c. Paid employees $152,700 cash. Of this amount, $133,700 was direct labor and the remainder was indirect labor. d. Paid $126,000 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $130,500 to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Calculate the adjusted cost of goods sold for the period.
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Newcomb Manufacturing Company was started on January 1, Year 1, when it acquired $3,900 cash from the issue of common stock. During the first year of operation, $2,700 of direct raw materials was purchased with cash, and $1,550 of the materials was used to make products. Direct labor costs of $2,900 were paid in cash. Newcomb applied $830 of overhead cost to the Work in Process account. Cash payments of $830 were were made for actual overhead costs. The company completed products that cost $3,500 and sold goods that had cost $2,720 for $3,900 cash. Selling and administrative expenses of $670 were paid in cash. Required a. Prepare T - accounts and record the events affecting Newcomb Manufacturing. Include closing entries. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement. b3. Prepare a balance sheet.

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