During the month, Barrera Manufacturing incurred (not paid) $49,000 in direct labor costs in Department 1, $24,000 in direct labor costs in Department 2, and $3.500 of indirect labor costs. Which of the following s NOT part of the summary journal entry to record these transactions? Process costing is used. OA debit to Work-in-Process Inventory-Department 1 for $40,000 OB. credit to Wages Payable for $76,500 OC. debit to Work-in-Process Inventory for $76,500 OD. debit to Manufacturing Overhead for $3,500

During the month, Barrera Manufacturing incurred (not paid) $49,000 in direct labor costs in Department 1, $24,000 in direct labor costs in Department 2, and $3.500 of indirect labor costs. Which of the following s NOT part of the summary journal entry to record these transactions? Process costing is used. OA debit to Work-in-Process Inventory-Department 1 for $40,000 OB. credit to Wages Payable for $76,500 OC. debit to Work-in-Process Inventory for $76,500 OD. debit to Manufacturing Overhead for $3,500

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

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).
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $131.000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76.200 machine-hours were used in October. g. Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost. Required: 1. Prepare journal entries to record the transactions given…
Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance.
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,000 machine-hours were used in October. g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 36% above cost. Required: 1. Prepare journal entries to record the transactions given…
Jackson Company had the following information for the year Direct materials used $299,900 Direct labor incurred (9,000 hours) Actual manufacturing overhead incurred $246,500 $343,500 Jackson Company used a predetermined overhead rate using estimated overhead of $411,600 and 8,400 estimated diredt laber hours Assume the only Inventory balance Is an ending Finished Goods balance of $19,100. How much overhead was applied during the year?
[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. Job 306 eq 5A $ 34,200 25,200 15,200 148,000 90,200 ? Finished (sold) b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. Req 5B mpute gross profit for April. profit Job 307 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. Req 5A $ 40,200 23,200 14, 200 Compute…
The Work-in-Process Inventory account of a manufacturing firm has a balance of $3,600 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $490 and $290 for materials used, and charges of $550 and $650 for direct labor used. Overhead is applied as a percentage of direct labor costs. The predetermined rate is:
The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C Debit side : April1 Bal $15,000, Direct Material Used 123,000, Direct Labour Incurred ??, Manufacturing Overhead Applied ??, Credit Side: Finished Goods ??, Additional data: Manufacturing Labour Costs incurred..$163,500 (75% represents direct labour), Manufacturing Overhead Rate....120% of direct labour cost, Actual Manufacturing Overhead Costs for April...$165,150 Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After these transactions have been recorded, the balance in Cost of Goods sold account (after adjusting ffor the MOH variace )is: a. 288,000 b. 306,000 c. 270,000 d. 432,000
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…
On June 1, Westbrook Productions had beginning balances as shown in the T−accounts below. Raw Materials Inventory 10,000 Work−in−Process Inventory 20,000 Finished Goods Inventory 25,000 Manufacturing Overhead 41,000 During June, the following transactions took place: June 2: Issued $3,000 of direct materials and $800 of indirect materials to production. June 13: Incurred $6,700 of direct factory labor cost and $14,800 of indirect factory labor cost. What was the balance in the Manufacturing Overhead account following these transactions? A. $56,600 B. $55,800 C. $41,800 D. $58,800
Jay Jay Inc. worked on 4 jobs during the current accounting period. The beginning balance of work-in-process inventory was $28,600. The total manufacturing costs incurred during the period included direct material costs of $27,000, direct labor costs of $25,000 and applied manufacturing overhead of $35,000. Three jobs were completed during the period. The costs of the incomplete job remaining in the WIP inventory account at the end of the period was $25,800. The journal entry to record the completion of the three jobs include: Group of answer choices Debit $82,600 to Finished goods inventory and Credit $82,600 to Work-in-process inventory Debit $89,800 to Costs of goods sold and Credit $89,800 to Work-in-process inventory Debit $82,600 to Finished goods inventory and Credit $82,600 to Manufacturing costs Debit $89,800 to Finished goods inventory and Credit $89,800 to Work-in-process inventory
Superior Company provided the following data for the year ended December 31 (all raw materials areused in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 266,000 Direct labor ? question mark Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 376,000 Actual manufacturing overhead cost $ 358,000 Beginning and ending inventory balances were as follows: Beginning Ending Raw materials $ 53,000 $ 31,000 Work in process ? question mark $ 24, 000 Finished goods $ 32,000 ? question mark The total manufacturing costs added to production for the year were $675, 000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $667, 000, and the net operating income was $38,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the…