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
The following data are taken from the general ledger and other records of Black Hills Manufacturing Co. on January 31, the end of the first month of operations in the current fiscal year: Sales 75,000 Materials Inventory Jan 1 25,000 Work in Process Inventory Jan 1 24,000 Finished goods inventory Jan 1 32,000 Materials Purchased 21,000 Direct Labor 18,000 Factory overhead (including 1,000 of indirect materials used and 3,000 indirect labor) 12,000 Selling and Admin expense 10,000 Inventories Jan 31: Materials 22,000 22,000 Work in Process 20,000 Finished Goods 30,000 Prepare a statement of the cost of goods manufactured and sold.
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…
On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials $4,560 3,460 Direct Labor $ 1,960 6,160 The Materials Inventory account on April 1 totaled $8,260. Materials purchased during the month totaled $18,000. Indirect materials of $1,900 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $7,140, and HC- 35, with a cost of $3,960. Costs for both jobs were transferred to Cost of Services Billed during the month. Also during April, Jobs HC-34 and HC-37 were completed. Completing Job HC-34 required an additional $5,260 in direct labor. The completion costs for Job HC-37 included $3,560 in direct materials and $10,860 in direct labor. Hartwell Contracting used a total of $9,260 of direct materials (excluding the $1,900 indirect materials) during the month and $25,960 in total direct labor costs. Overhead has been estimated at 75 percent of direct labor…
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 $ 90,000 Indirect materials issued to production 30,000 Total materials issued to production 110,000 Beginning materials inventory 50,000 The debit to Work-in-Process Inventory account for materials is: Multiple Choice $110,000. $30,000. $90,000. $80,000. $50,000.
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Cost of Goods Manufactured and Sold LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant: Direct materials inventory Work-in-process inventory Finished goods inventory 56,500 During June, direct labor cost was $145,500, direct materials purchases were $339,500, and the total overhead cost was $367,800. The inventories at the end of June were: Direct materials inventory Work-in-process inventory Finished goods inventory Required: Direct materials: 1. Prepare a cost of goods manufactured statement for June. LeMans Company Statement of Cost of Goods Manufactured For the Month of June Beginning inventory Materials available Total manufacturing costs added Direct materials used in production Cost of goods manufactured $62,800 31,700 $63,400 35,300 51,900 Sold For the Month of June 2. Prepare a cost of goods sold schedule for June. LeMans Company Statement of Cost of Goods Cost of goods sold
[The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $534,300.
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