(i) Purchased raw materials on account OMR86,300.(ii) Raw materials of OMR73,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated thatOMR6,800 was classified as indirect materials.(iii) Factory labor costs incurred were OMR53,900, of which OMR51,000 pertained to factory wages payable and OMR2,900pertained to employer payroll taxes payable.Instructions:Journalize the transactions. (Omit explanations.)

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Description: (i) Purchased raw materials on account OMR86,300.(ii) Raw materials of OMR73,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated thatOMR6,800 was classified as indirect materials.(iii) Factory labor costs

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(i) Purchased raw materials on account OMR86,300. (ii) Raw materials of OMR73,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that OMR6,800 was classified as indirect materials. (ii) Factory labor costs incurred were OMR53,900, of which OMR51,000 pertained to factory wages payable and OMR2,900 pertained to employer payroll taxes payable. Instructions: Journalize the transactions. (Omit explanations.)

(i) Purchased raw materials on account OMR86,300. (ii) Raw materials of OMR73,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that OMR6,800 was classified as indirect materials. (ii) Factory labor costs incurred were OMR53,900, of which OMR51,000 pertained to factory wages payable and OMR2,900 pertained to employer payroll taxes payable. Instructions: Journalize the transactions. (Omit explanations.)

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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a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 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. Determine the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to…
5. Ehrlich Corporation incurred the following transactions. 1. Purchased raw materials on account $48,000. 2. Raw Materials of $43,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,000 was classified as indirect materials. 3. Factory labor costs incurred were $87,000. Time tickets indicated that $82,000 was direct labor and the rest was indirect labor. Direct laborers were paid at a rate of $20 per hour. 4. Rent incurred was $79,500. 70% was for the factory and 30% was for the corporate offices. 5. Factory depreciation was $13,000. 6. Administrative salaries accrued were $25,000. 7. Advertising costs of $10,000 were incurred on account. 8. Manufacturing overhead was applied at the rate of $16 per direct labor hour. 9. Goods costing $90,000 were completed and transferred to finished goods. 10. Finished goods costing $80,000 to manufacture were sold at a profit of $40,000. Instructions: Journalize the transactions.
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