During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw materials $5,500 on account, factory labor $6,400 of which $5,800 relates to factory wages payable and $600 relates to payroll taxes payable, and utilities payable $3,100. Prepare separate journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw materials $5,500 on account, factory labor $6,400 of which $5,800 relates to factory wages payable and $600 relates to payroll taxes payable, and utilities payable $3,100. Prepare separate journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Name: During January, its first month of operations, Dieker Company accumul
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw materials $5,500 on account, factory labor $6,400 ofwhich $5,800 relates to factory wages payable and $600 relates to payroll taxes paya

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Provide the journal entry of each transactions.
During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $47,300; indirect labor, $84,300; utilities cost, $13,000; and factory depreciation, $51,800. Journalize the entry on May 30 to record the factory overhead incurred during May. Refer to the Chart of Accounts for exact wording of account titles.
Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance.
Nizar Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was Rs. 50,000 and at the end of the month was Rs. 40,000. The cost of goods manufactured for the month was Rs. 220,000. The actual manufacturing overhead cost incurred was 75,000 and the manufacturing overhead cost applied to Work in Process was Rs. 70,000. The adjusted cost of goods sold that would appear on the income statement for July is?
A company's Factory Overhead account shows total debits of $675,000 and total credits of $698,700 at the end of the year. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Total actual overhead cost Total applied overhead cost
Factory Overhead Costs During May, Salinger Company incurred factory overhead costs as follows: indirect materials, $2,810; indirect labor, $5,530; utilities cost, $1,360; and factory depreciation, $4,030. Journalize the entry to record the factory overhead incurred during May. If an amount box does not require an entry, leave it blank.
Edwin Parts, a job shop, recorded the following transactions in May: Purchased $87,200 in materials on account. Issued $3,650 in supplies from the materials inventory to the production department. Issued $43,600 in direct materials to the production department. Paid for the materials purchased in transaction (1). Incurred wage costs of $67,200, which were debited to Payroll, a temporary account. Of this amount, $22,300 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $44,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. Recognized $34,700 in fringe benefit costs, incurred as a result of the wages paid in (5). This $34,700 was debited to Payroll and credited to Fringe Benefits Payable. Analyzed the Payroll account and determined that 65 percent represented direct labor; 15 percent, indirect manufacturing labor; and 20 percent, administrative and marketing costs. Applied overhead on the basis…
The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July 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: Materials inventory Work-in-process inventory Finished goods inventory $ 44,500 ? 42,000 • Manufacturing overhead incurred through July was $233,900. Cost of goods sold through July 31 was $417,800. Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $54,600. • The company paid suppliers $40,800 cash during July. Plant payroll during July…
During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $39,000; indirect labor, $89,200; utilities cost, $18,400; and factory depreciation, $50,800. Journalize the entry on May 30 to record the factory overhead incurred during May. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Bergan Company General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary…
Morton Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $50,500 and at the end of the month was $46,500. The cost of goods manufactured for the month was $241,000. The actual manufacturing overhead cost incurred was $89,000 and the manufacturing overhead cost allocated to Work in Process was $85,000. The adjusted cost of goods sold that would appear on the income statement for November is: $241,000 $245,000 $237,000 $249,000
Weat
Cerrone Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was S76,500 and at the end of the month was $69,750. The cost of goods manufactured for the month was $350,300. The actual manufacturing overhead cost incurred was $114,700 and the manufacturing overhead cost applied to jobs was $108,500. The adjusted cost of goods sold that would appear on the income statement for July is: A. S350,300 B. $363,250 C. S356,500 D. $344,100