In January, Dieker Companyrequisitions raw materials forproduction as follows: Job 1$910, Job 2 $1, 500, Job 3 $810,and general factory use $610.Prepare a summary journal entryto record raw materials used.

To record the use of raw materials in production for Dieker Company, we need to make a summary…

Answered: In January, Dieker Company requisitions…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, thefollowing information was supplied by its accountant: Direct materials inventory $62,400Work-in-process inventory 33,900Finished goods inventory 55,600 During June, direct labor cost was $143,000, direct materials purchases were $346,000, and thetotal overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory $63,000Work-in-process inventory 37,500Finished goods inventory 50,800 Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.
During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $8,800; indirect labor, $6,600; utilities cost, $4,800; and factory depreciation, $9,000.Journalize the entry to record the factory overhead incurred during May.
In January, Reyes Tool & Die Company requisitions raw materials for production as follows: Job 1 $970, Job 2 $1,120, Job 3 $810, and general factory use $910. During January, time tickets show that the factory labor of $7,200 was used as follows: Job 1 $2,320, Job 2 $1,790, Job 3 $1,580, and general factory use $1,510. Prepare the job cost sheets for each of the three jobs.
on August 4, Carrothers Company purchased on account 31,000 units of materials at $16 per unit. During August, raw materials were requisitioned for production as follows: 7,900 units for Job 50 at $11 per unit and 6,100 units for Job 56 at $16 per unit. Journalize the entry on August 4 to record the purchase. If an amount box does not require an entry, leave it blank. Journalize the entry on August 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank.
Company XYZ applies overhead cost to jobs on the basis of direct labor cost. Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet. Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24,000 for applied overhead. Direct labor cost of Job B at year-end is: Select one: a. $12,000 b. None of the answers given c. $36,400 d. $11,000 e. $13,000
On May 7, Lockmiller Company purchased on account 12,000 units of materials at $6 per unit. During May, raw materials were requisitioned for production as follows: 8,400 units for Job 275 at $6 per unit and 2,150 units for Job 310 at $4 per unit. Required: Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS Lockmiller 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…
Letena Company had only one job in process on July 1. The job had been charged with $1,000 of direct materials, $3,302 of direct labor and $5,382 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $23.10 per labor-hour. During July, the following information on Letena's activities was recorded: Raw Materials: Beginning Balance $6,100 Purchased $70,000 Used in Production $69,600 Labor: Direct labor-hours worked during July 1,160 Direct labor cost incurred $15,400 Other information: Actual Manufacturing overhead incurred: $29,002 Work-in-Process Inventory, July 31: $13,200 Work-in-Process inventory on July 31 contains $2,921 of direct labor cost. The entry to dispose of the underapplied or overapplied manufacturing overhead for July would include a debit or credit of BLANK to the account Manufacturing Overhead.
Factory labour data for Reyes Tool & Die are given in BE3.3. During January, time tickets show that the factory labour of $6,000 was used as follows: Job 1 $2,200, Job 2 $1,600, Job 3 $1,400, and general factory use $800. Prepare a summary journal entry to record factory labour used. Prepare an entry for the assignment of factory labour costs.
Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations:a. Materials purchased on account, $29,800.b. Materials requisitioned and factory labor used: See attachment c. Factory overhead costs incurred on account, $5,500.d. Depreciation of machinery and equipment, $1,980.e. The factory overhead rate is $54 per machine hour. Machine hours used:Job Machine Hours301 25302 36303 30304 72305 40306 25Total 228f. Jobs completed: 301, 302, 303, and 305.g. Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302, $11,200; Job 303, $15,000.Instructions1. Journalize the entries to record the summarized operations.2. Post the appropriate entries to T accounts for Work in Process and Finished Goods,…
Prepare journal entry
Sheridan Manufacturing uses a job order cost system. On April 1, the company has Work in Process Inventory of $8,630 and two jobs in process: Job No. 221, $4,070, and Job No. 222, $4,560. During April, a summary of source documents reveals the following: For Job No. 221 Totals 222 223 General use (a) 224 Materials Requisition Slips $1,300 1,870 2,770 2,930 650 $9,520 Labor Time Tickets $2,360 2,440 3,340 3,260 490 $11,890 Sheridan applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month. Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Puddleby Company had the following transactions in October: (Click the icon to view the transactions.) Prepare the journal entries for Puddleby Company. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Purchased raw materials on account, $75,000 Used materials in production: $28,000 in the Mixing Department; $7,000 in the Packaging 2. Department; $1,100 in indirect materials Incurred labor costs: $8,500 in the Mixing Department; $5,600 in the Packaging 3. Department; $2,400 in indirect labor Incurred manufacturing overhead costs: $5,500 in machinery depreciation; paid $3,000 for 4. rent and $1,750 for utilities 1. Purchased raw materials on account, $75,000 Date Accounts Debit Credit

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In January, Dieker Company requisitions raw materials for production as follows: Job 1 $910, Job 2 $1, 500, Job 3 $810, and general factory use $610. Prepare a summary journal entry to record raw materials used.