During January, its first month of operations, Carla Vista Company accumulated the following manufacturing costs: raw materials purchased $4,600 on account, factory labor incurred $7,300, and factory utilities payable $2,400. Prepare separate journal entries for each type of manufacturing cost. (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 Raw Materials Inventory 31 31 Accounts Payable (To record purchase of raw materials on account) Work in Process Inventory Manufacturing Overhead (To record factory labor costs) wage (To record entry for utilities payable) Debit Credit

During January, its first month of operations, Carla Vista Company accumulated the following manufacturing costs: raw materials purchased $4,600 on account, factory labor incurred $7,300, and factory utilities payable $2,400. Prepare separate journal entries for each type of manufacturing cost. (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 Raw Materials Inventory 31 31 Accounts Payable (To record purchase of raw materials on account) Work in Process Inventory Manufacturing Overhead (To record factory labor costs) wage (To record entry for utilities payable) Debit Credit

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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ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, 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 $ 90,900 Indirect materials issued to production 13,700 Total materials issued to production 129,000 Beginning materials inventory 51,800 The credit to the materials inventory account for materials used is: Multiple Choice $129,000. $13,700. $90,900. $115,300. $51,800.
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Prepare an income statement
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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).
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $151,500 $128,780 Work in process 101,510 86,280 Finished goods 77,270 86,280 Direct labor $272,700 Materials purchased during January 290,880 Factory overhead incurred during January: Indirect labor 29,090 Machinery depreciation 17,570 Heat, light, and power 6,060 Supplies 4,850 Property taxes 4,240 Miscellaneous costs 7,880 a. Prepare a cost of goods manufactured statement for January. Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 $fill in the blank 9dc536060f91fdb_2 Direct materials: $fill in the blank 9dc536060f91fdb_4 fill in the blank 9dc536060f91fdb_6 $fill in the blank 9dc536060f91fdb_8 fill in the blank…
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