Exercise 3-1 (Algo) Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. a. $75,000 in raw materials were purchased on account. b. $73,000 in raw materials were used in production. Of this amount, $58,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $104,300 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (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 3 4 $75,000 in raw materials were purchased on account.

Exercise 3-1 (Algo) Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. a. $75,000 in raw materials were purchased on account. b. $73,000 in raw materials were used in production. Of this amount, $58,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $104,300 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (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 3 4 $75,000 in raw materials were purchased on account.

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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- Online i A manufacturing corporation provided data concerning its operations for August. The beginning balance in the raw materials account was $21,000 and the ending balance was $39,000. Raw materials purchases during the month totaled $65,000. Manufacturing overhead cost incurred during the month was $100,000, of which $3,000 consisted of raw materials classified as indirect materials. The direct materials cost for August was:
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Financial Statements of a Manufacturing Firm The following events took place for Focault Inc. during July 20Y2, the first month of operations as a producer of road bikes: • Purchased $517,700 of materials Used $445,200 of direct materials in production • Incurred $384,000 of direct labor wages • Applied factory overhead at a rate of 80% of direct labor cost • Transferred $1,090,900 of work in process to finished goods • Sold goods with a cost of $1,035,400 • Sold goods for $1,853,400 • Incurred $445,200 of selling expenses • Incurred $165,700 of administrative expenses a. Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory method. Focault Inc. Income Statement For the Month Ended July 31, 20Y2 Revenues Cost of goods sold Gross profit Selling and administrative expenses: Selling expenses 5,200 Administrative expenses 165,700 Total selling and administrative expenses 610,900 Income from operations
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[The following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520 Time tickets show the following labor used for the month. Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…
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ok ht D ences Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,000 in raw materials were purchased for cash. b. $71,700 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,900 were incurred and paid. Of this amount, $134,900 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,400 were incurred and paid. e. Manufacturing overhead of $127,100 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2.…
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