In January, Crane Company requisitions raw materials for production as follows: Job 1 $1,180, Job 2 $1,420, Job 3 $790, and general factory use $710. 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.) Date Account Titles and Explanation Jan. 31 Debit Credit

In January, Crane Company requisitions raw materials for production as follows: Job 1 $1,180, Job 2 $1,420, Job 3 $790, and general factory use $710. 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.) Date Account Titles and Explanation Jan. 31 Debit Credit

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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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.)
The following account appears in the ledger prior to recognizing the jobs completed in August: Work in Process Balance, August 1 $ 59,050 Direct materials 335,000 Direct labor 494,700 Factory overhead 226,200 Jobs finished during August are summarized as follows: Job 210 $178,300 Job 216 232,250 Job 224 149,500 Job 230 328,250 Required: a. Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles. b. Determine the cost of the unfinished jobs at August 31.
Azzarelli, Corp makes picture frames and reports the following for the month of May: Description Amount Purchases of materials on account 53,330 Subcategory,Materials requisitions: Direct Materials 49,730 Indirect Materials 1,280 Subcategory,Labor costs incurred (not yet paid): Direct Materials 24,520 Indirect Materials 1,920 Journalize the entries at the end of the month to record the transactions relating to materials and labor.Journal Date Description Debit Credit May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $12,780 Direct materials 103,900 Direct labor 112,080 Factory overhead 58,920 Jobs finished during January are summarized as follows: Job 210 $51,780 Job 216 31,640 Job 224 60,410 Job 230 106,440 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. b. Determine the cost of the unfinished jobs at January 31.
Johnson Incorporated is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 93,000 and estimated factory overhead is $511,500. The following information is for September of the current year. Job A was completed during September, and Job B was started but not finished. September 1, inventories Materials inventory Work-in-process inventory (All Job A) Finished goods inventory Material purchases Direct materials requisitioned Job A Job B Direct labor hours Job A Job B Labor costs incurred Direct labor ($7.50/hour) Indirect labor Supervisory salaries Rental costs Factory Administrative offices Total equipment depreciation costs Factory Administrative offices Indirect materials used Required: 1. What is the total cost of Job A? Required 1 $ 8,400 33,000 71,500 117,500 Required 2 74,000 38,000 Required 3 5,100 4,400 71,250 14,400 6,900 2. What is the…
View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. In January, Oriole Tool & Die requisitions raw materials for production as follows: Job 1 $970, Job 2 $1,700, Job 3 $730, and general factory use $620. 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.) Date Jan. 31 Account Titles and Explanation Work in Process Inventory Manufacturing Overhead Raw Materials Inventory Debit $3,040 $630 Credit
The journal entry to record the Labor Time Tickets includes a debit to the Manufacturing Overhead account of what dollar amount? Materials Labor Requisition Time For Slips Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000 Sub-Total 12,500 16,000 General Use 1,000 1,500 Total Cost $ 13,500 17,500 $17,500 $1,500 $16,000 $13,500
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were PROBLEMS selected from their chart of accounts: Code A Account Name Cash Accounts receivable C Raw materials inventory Work in process inventory E Finished goods inventory F ccounts payable G Direct labor Factory overhead Cost of goods sold Sales K Operating expense Credit for each transaction: Debit 1 Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on factory equipment 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized Raw materials previously purchased on account were paid 6 7 The production department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse Goods costing P100,000 were sold for P135,000 on 10 account.