Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order.On March 1, OCFF had two jobs in process with the following costs:Balance on3/1$ 7,5006,000$ 13,500Source documents revealed the following during March:MaterialsRequisitionsForms$ 3,5006,0004,2001,300$ 15,000Work in ProcessJob 33Job 34Labor TimeTickets$ 6,5007,8003,2502,140$ 19,690The company applies overhead to products at a rate of 150 percent of direct labor cost.Job 33Job 34Job 35IndirectRequired:Prepare journal entries to record the materials requisitions, labor costs, and applied overhead.Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.View transaction listJournal entry worksheet12TransactionaRecord the issuance of raw materials to production.Note: Enter debits before credits.3Record entryStatus of Job at Month-EndCompleted and soldCompleted, but not soldIn processGeneral JournalClear entryDebitCreditView general journal> Journal entry worksheet<1Record Oak Creek Furniture Factory's payroll costs. Assume the direct labor isowed but not paid.TransactionbNote: Enter debits before credits.2Record entry3TransactionCJournal entry worksheet< 1 2 3Note: Enter debits before credits.Record entryGeneral JournalRecord the application of manufacturing overhead to production.Clear entryGeneral JournalDebitClear entryDebitCreditView general journalCreditView general journal

JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Journal entry worksheet < 1 Record Oak Creek Furniture Factory's payroll costs. Assume the direct labor is owed but not paid. Transaction b Note: Enter debits before credits. 2 Record entry 3 Transaction C Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Record entry General Journal Record the application of manufacturing overhead to production. Clear entry General Journal Debit Clear entry Debit Credit View general journal Credit View general journal

Journal entry worksheet < 1 Record Oak Creek Furniture Factory's payroll costs. Assume the direct labor is owed but not paid. Transaction b Note: Enter debits before credits. 2 Record entry 3 Transaction C Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Record entry General Journal Record the application of manufacturing overhead to production. Clear entry General Journal Debit Clear entry Debit Credit View general journal Credit View general journal

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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Prepare journal entries to record the following production activities. 1. Incurred $53,000 of direct labor in the Roasting department and $29,000 of direct labor in the Blending department. Credit Factory Wages Payable. 2. Incurred $19,000 of indirect labor in production. Credit Factory Wages Payable. View transaction list Journal entry worksheet < A B Record direct labor incurred, but not yet paid. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
Journalize the entries for the following summarized operations related to production for a company using job order costing: a. Materials purchased on account b. Prepaid expenses incurred on account c. Materials requisitioned: For production orders For general factory use d. Factory labor used: On production orders For general factory purposes e. Depreciation on factory equipment f. Expiration of prepaid expenses, chargeable to factory g. Factory overhead costs incurred on account ) h. Factory overhead applied, based on machine hours i. Jobs finished j. Jobs shipped to customers: Cost Selling price (assume all sold on account) If an amount box does not require an entry, leave it blank. Show Transcribed Text a. C. f. b. d. 9. i. h. j. Show Transcribed Text Sale 3 00 00 00 00 00 000 000 00 00 - 00 00 00 00 00 Ć $176,000 12,200 153,700 2,700 141,300 12,000 37,000 6,100 76,000 105,300 415,300 412,000 638,000
Hello Please provide the journal enty for H.
Oberti Guitar Company makes high-quality customized guitars. Oberti uses a job order costing system. Because the guitars are handmade, the company applies overhead based on direct labor hours. At the beginning of the year, the company estimated that total manufacturing overhead costs would be $300,000 and that 20,000 direct labor hours would be worked. At year-end, Anthony, the company's founder and CEO, gives you the following information regarding Oberti's operations. 1. The beginning balances in the inventory accounts were: Raw Materials Inventory $8,000 Work in Process Inventory $26,000 Finished Goods Inventory $32,000 2. During the year, the company purchased raw materials costing $97,000. All purchases were made on account. 3. The production department requisitioned $100,000 of raw materials for use in production. Of those, 70% were direct materials and 30% were indirect materials. 4. The company used 21,000 direct labor hours at a cost of $14 per hour during the year (credit…
What is the journal entry to record the cost of goods sold using a job order cost accounting system? The job was listed as finished goods but has now been sold. Group of answer choices debit finished goods, credit cost of goods sold debit finished goods, credit work in process debit cost of goods sold, credit finished goods debit work in process, credit cost of goods sold
The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 41,000 9,800 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 37,000 19,700 35,000 $ 197,000 100,000 10,000 23,000 109,000
Prepare journal entries for each type of manufacturing cost. (Use a summary entry to record manufacturing overhead.) (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Raw Materials Inventory (b) Accounts Payable (Purchases of raw materials on account) Work in Process Inventory Manufacturing Overhead (To record factory labor costs) (c) Utilities Payable Debit 19600 42400 Credit 1
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.
3. Prepare journal entries for the month of April to record the above transactions. View transaction list View journal entry worksheet No 2 3 4 5 6 7 Transaction b. C. d. e. 1. 9. Direct materials used Direct labor used Cash Indirect labor Indirect labor Cash Factory overhead Overapplied overhead Underapplied overhead Factory building Cash Utilities expense Utilities payable General Journal Debit Credit
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