How do I prepare a journal entry for Materials requisitioned, $628,070, of which $74,070 was for general factory use.
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| Materials requisitioned, $628,070, of which $74,070 was for general factory use. |
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- Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000, What is the cost of direct materials used? Select one: O a. OMR211,000 Ob. OMR114,000 O c. None of the answers given O d. OMR186,000The following information is from the records of Stretch Limousines, Inc.: Net direct materials purchase cost $225,000 Total direct materials used 275,000 Beginning direct materials inventory 125,000 The ending direct materials inventory isournalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,610. b. Incurred manufacturing wages of $10,900, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $18,040. d. Used in production: direct materials, $7,970; indirect materials $3,630. e. Recorded manufacturing overhead: depreciation on plant, $14,190; plant insurance (previously paid), $1,440; plant property tax, $3,650 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,580. h. Sold inventory on account, $25,980; cost of goods sold, $12,650. i. Adjusted for overallocated or underallocated overhead.
- Umbria, Inc. has compiled the following data: View the data. Compute the amount of direct materials used. I = Direct Materials Used Data Purchases of Direct Materials Freight In Property Taxes Ending Direct Materials Beginning Direct Materials Print Done O $ 6,600 800 1,400 1,600 4,400 XThe following information is available for Shanika Company for 20Y6: Please see the attachment Instructions1. Prepare the statement of cost of goods manufactured.2. Prepare the income statement.The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) $ 892 ($000) $ 964 1,510 444 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). Manufacturing costs: Direct materials: Materials available Direct materials used Total manufacturing costs Total costs of work-in-process 1,334 319 Cost of goods manufactured BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)
- Solve and check answer twice before submit and add explanation and proper calculationABC 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 5000 Insurance expense-factory OMR 3000 Depreciation-factory builo OMR 6500 and equipment Purchase Expenses on raw material OMR 2000 Insurance expense-Office OMR 8000 Inventories,1 January 2020: Raw Materials OMR 600Q Direct labor OMR 600on Direct Expenses OMR 4000 Inventories, 31 December 2020: Raw Material OMR 8000 What is the Production Cost (Cost of production) for ABC Company?Hw.223.
- Fortune Company had beginning raw materials inventory of $9,900. During the period, the company purchased $55,500 of raw materials on account. If the ending balance in raw materials was $6,900, the amount of raw materials transferred to work in process is: Multiple Choice $52,500. $58,500. $55,500. $62,400.please answer correct with reason A manufacturer used $100,000 of direct materials in its Roasting department. The journal entry to record the use of direct materials consists of a: Debit Raw Materials Inventory for $100,000; credit Work in Process Inventory—Roasting for $100,000. Debit Work in Process Inventory—Roasting for $100,000; credit Raw Materials Inventory for $100,000. Debit Work in Process Inventory—Roasting for $100,000; credit Accounts Payable for $100,000. Debit Raw Materials Inventory for $100,000; credit Accounts Payable for $100,000. Debit Work in Process Inventory—Roasting for $100,000; credit Cash for $100,000.Uniq Works purchased raw materials amounting to $126,000 on account and $17,000 for cash, for a total purchase of $143,000. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? OA. Finished Goods Inventory Accounts Payable B. Raw Materials Inventory Cash Accounts Payable OC. Work-in-Process Inventory Accounts Payable OD. Accounts Payable Cash- Raw Materials Inventory 143,000 143,000 143,000 126,000 17,000 143,000 17,000 126,000 143,000 143,000 1e
