During June, Briganti Corporation purchased $83,000 of raw materials on credit to add to its raw materials inventory. A total of 68,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $8,000 of indirect materials. Required: Prepare journal entries to record the purchase of materials and their use in production. (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 < 1 2 Record the purchase of materials. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

During June, Briganti Corporation purchased $83,000 of raw materials on credit to add to its raw materials inventory. A total of 68,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $8,000 of indirect materials. Required: Prepare journal entries to record the purchase of materials and their use in production. (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 < 1 2 Record the purchase of materials. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

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

ABC Company has the following records for the period ended 31 December 2020. Raw Material purchased OMR 125000 Purchase returns of raw materials OMR 5000 Factory maintenance OMR 3500 Salary of office staff OMR 22400 Power and heat-factory OMR 5000O Insurance expense-factory OMR 3000 Depreciation-factory building and equipment OMR 650O Purchase Expenses on raw material OMR 2000 Insurance expense-Office OMR 800O Inventories, 1 January 2020: Raw Materials OMR 600O Direct labor OMR 60000 Direct Expenses OMR 4000 Inventories, 31 December 2020: Raw Material OMR 8000 What is the Production Cost (Cost of production) for ABC Company?
Vaibh
s
You are reviewing the inventories of Sheep-Ahoy Company and found the following items: In the shipping room was a product costing P 264,000 marked "Hold for shipping instruction". This item was not included in the count although the purchased order of the customer was received on December 10, 2022. Actual shipment and billing happened on January 2, 2023. On December 28, goods costing P 232,960 were shipped to Holy Cow Company. The invoice accompanying the goods with selling price of P 300,000 was marked "on consignment". These goods were excluded from the inventory at year end. The company received merchandise costing P 92,500 on January 3, 2023. The invoice was received and recorded on January 4, 2023 with FOB shipping point ter. Shipment was made on December 31. The goods were included in the year-end inventory although these were not yet received when the physical count was taken. A customized product of a VIP customer was completed and in the shipping room at year-end. Actual…
Trial Balance as at 31 December 2022 of Kamagong Enterprise. wwwwwwvervo Inventory of raw materials 01/01/2022 Inventory of finished goods 01/01/2022 Work in progress 01/01/2022 Wages (direct P180, 000; factory indirect P145, 000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost P280,000) Administration computers (cost P20,000) General factory expenses Lighting Factory power Administration salaries Sales reps' salaries Commission on sales Rent Insurance General administration expenses Bank charges Discounts allowed Carriage outwards Sales Trade receivables and trade payables Bank Cash Drawings Capital as at 01/01/2022 Debit 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 142,300 16,800 1,500 60,000 1,421,800 Notes at 31/12/2022: . Inventory of raw materials P 24,000; inventory of finished goods P 40,000; work in progress P 15,000. Lighting,…
Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,880 of materials on account. Issued $16,900 in direct materials to the production department. Issued $1,310 of supplies from the materials inventory. Paid for the materials purchased in transaction (1) using cash. Returned $2,160 of the materials issued to production in (2) to the materials inventory. Direct labor employees earned $31,100, which was paid in cash. Purchased miscellaneous items for the manufacturing plant for $17,290 on account. Recognized depreciation on manufacturing plant of $36,600. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,600. Estimated overhead for the year was $430,254. The following balances appeared in the inventory…
View Policies Current Attempt in Progress Using the following information: beginning materials inventory = $50,000; raw materials purchased on account = $20,000; material issued out to the shop floor = $45,000, what is the ending balance of materials inventory? O $45,000 O $95,000 O $65,000 O $25,000 eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
Issuance of Materials On May 7, Jernigan Company purchased on account 530 units of raw materials at $23 per unit. During May, raw materials were requisitioned for production as follows: 159 units for Job 200 at $21 per unit and 164 units for Job 305 at $23 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31
The following balances are from the accounts of Crabtree Machining Company: Direct materials inventory Work-in-proceRs inventory Finished gooda inventory January 1 December 31 (Beginning) (Ending) $ 97,900 $ 111,600 109,900 43,100 104, 200 46,600 Direct materials purchased during the year amount to $517,200, and the cost of goods sold for the year was $1,890,000. Required: Prepare a cost of goods sold statement.
Entries for Product Cost Flow The following transactions occurred during February 2016 for Thompson Manufacturing Company: Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale. 11 Requisitioned $6,000 of material for use as direct material in the factory. 16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouse. Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system. General Journal Date Feb. 10 # # + 0 # Please answer all parts of the question. Feb.11 Feb. 16 Description Previous Save Answers Debit 0 0 0 0 0 0 Credit 0 ooooo 0 0 0
answer in text form with all workings and steps , computation , explanation clearly and completely
karan subject-Accounting