During December, Moulding Corporation incurred $86,000 of actual Manufacturing Ooverhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $84,000. Required: Prepare journal entries to record the incurrence of manufacturing overhead and the application of manufacturing overhead to Work in Process. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 > Record the entry for incurrence of manufacturing overhead using various accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1

During December, Moulding Corporation incurred $86,000 of actual Manufacturing Ooverhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $84,000. Required: Prepare journal entries to record the incurrence of manufacturing overhead and the application of manufacturing overhead to Work in Process. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 > Record the entry for incurrence of manufacturing overhead using various accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1

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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Prepare journal entries to record the following production activities. 1. Paid other actual overhead costs of $38,000 in cash. 2. Applied overhead at 100% of direct labor costs. Direct labor costs were $42,000 in the Roasting department Blending department. View transaction list Journal entry worksheet A B Record overhead costs paid. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Swifty Company purchases $50,700 of raw materials on account, and it incurs $64,000 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Mar. 31 31 Account Titles and Explanation (To record raw materials purchased) (To record factory labor costs) Debit Credit
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appears on the company's records. Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: $ 42,900 ? 40,400 ● Manufacturing overhead incurred through July was $225,900. • Cost of goods sold through July 31 was $408,200. • Indirect materials cost during July was $3,300. • Overhead during July was underapplied by $2,500. Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $53,000. • The company paid suppliers $39,200 cash during July. ● Plant payroll during July totaled $82,900, of which…
The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) March 31 (Ending) Direct materials inventory $ 37,000 $ 42,000 Work-in-process inventory 63,000 67,200 Finished goods inventory 43,500 39,200 Direct materials used during the month amount to $526,000 and the cost of goods sold for the month was $1,446,000. Required: Prepare a cost of goods sold statement.
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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 $ 93,200 Indirect materials issued to production 27,100 Total materials issued to production 119,000 Beginning materials inventory 52,900 The credit to the materials inventory account for materials used is: Multiple Choice $119,000. $27,100. $93,200. $91,900. $52,900.
Current Attempt in Progress Your answer is partially correct. In January, Sunland Tool & Die requisitions raw materials for production as follows: Job 1 $930, Job 2 $1,200, Job 3 $720, and general factory use $610. 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.)
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Please help with this question that is attached Required: a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
Enter the following entries for the month of August 2021. Purchased raw materials on account, $3,100. Selling and Administrative expenses incurred and paid, $1,200. Used direct materials, $3,900. Used indirect materials, $300. Manufacturing wages incurred totaled $4,000, of which 90% was direct labor and 10% was indirect labor. Incurred other actual factory overhead on account, $1,300. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of 60% of Direct Labor costs incurred during August. The cost of product completed, $10,000. Sales on account, $17,500. The cost of the units sold was $9,500. Prepare and enter the necessary adjusting entry to correct for the overallocated or underallocated Factory Overhead.
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