During the current month, a company that uses job order costing purchases $76,000 in raw materials for cash. It then uses $20,000 of raw materials indirectly as factory supplies and uses $45,800 of raw materials as direct materials. Prepare journal entries to record these three transactions View transaction list Journal entry worksheet < 2 3 1 Record the raw materials purchase for $76,000, paid in cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

During the current month, a company that uses job order costing purchases $76,000 in raw materials for cash. It then uses $20,000 of raw materials indirectly as factory supplies and uses $45,800 of raw materials as direct materials. Prepare journal entries to record these three transactions View transaction list Journal entry worksheet < 2 3 1 Record the raw materials purchase for $76,000, paid in cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

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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Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 25 June 1 Purchased raw materials for $20,000 on account. Raw materials requisitioned by production: 25 25 28 30 30 8 8 15 25 Date Account Titles and Explanation 15 25 25 28 3 Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) 30 Direct materials Indirect materials Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. Incurred $108,000 of factory labor. Time tickets indicated the following: Direct Labor Indirect Labor (Purchase of raw materials on account) (To assign materials to jobs and overhead) Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. Goods costing $18,000 were completed in the factory and were transferred to finished goods. Goods costing…
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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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Wildhorse Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $20,000 on account. 8 Raw materials requisitioned by production: Direct materials $8,000 Indirect 1,000 materials 15 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 25 Incurred $88,000 of factory labor. 25 Time tickets indicated the following: (7,000 hrs x $10 per Direct Labor $70,000 hr) (3,000 hrs x $6 per Indirect Labor 18,000 hr) $88,000 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $5 per direct labor hour worked. 28 Goods costing $18,150 were completed in the factory and were transferred to finished goods inventory. 30 Goods costing $15,150 were sold for $20,150 on account. Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries…
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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