Journalize the following transactions for Coronado, Inc.(a)Incurred direct labor costs of $23,680 for 3,200 hours. The standard labor cost was $24,800.(b) Assigned 3,200 direct labor hours costing $23,680 to production. Standard hours were 3,320.(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.)No. Account Titles and Explanation(a)(b)DebitCredit

Here is how you can fill out the journal entry forms:For transaction (a):(a)Account Titles and…

Answered: Journalize the following transactions…

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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At the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 The following additional details are provided for the year: Direct materials placed in production $80,000 Direct labor incurred 190,000 Manufacturing overhead incurred 300,000 Manufacturing overhead allocated to production 295,000 Cost of jobs completed 500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).
Journalize the following transactions for Malone Custom Furniture Manufacturing (omit explanations): a. Incurred and paid advertising expenses, $3,500. b. Incurred manufacturing wages of $30,000, 60% of which was direct labor and 40% of which was indirect labor. Wages will be paid at a later date. c. Purchased raw materials on account, $27,000. d. Used in production: direct materials, $12,000; indirect materials, $5,500 e. Recorded manufacturing overhead: depreciation on plant, $14,000; plant insurance (previously paid), $1,800; plant property tax, $4,500 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 150% of direct labor costs. g. Completed production on jobs with costs of $55,000. h. Sold inventory on account, $64,000; cost of goods sold, $35,000. The company uses the perpetual inventory system. i. Adjusted for overallocated or underallocated overhead.
Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance.
The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c. Click the icon to view the monthly data. a. Develop a sim Overhead Costs (Round the const Monthly Overhead Costs and Billable Hours Data Overhead Costs Billable Hours $385,000 2,000 $425,000 3,000 $445,000 4,000 $496,000 5,000 $560,000 6,000 $580,000 7,000 - clude the $ symbol in your answers.)
The following accounts are from last year's books at Sharp Manufacturing: Balance (a) (b) (c) (d) Debit Debit Raw Materials Multiple Choice e (b) 174,000 16,000 Manufacturing Overhead 24,000 (e) 28,000 160,000 $8,000 underapplied $8,000 overapplied $28,000 underapplied Credit $28,000 overapplied Credit 158,000 Balance (b) (c) (e) 220,000 (g) 8,000 Debit Debit Work In Process 0 (f) 134,000 172,000 220,000 0 Cost of Goods Sold 480,000 Credit Credit 526,000 Balance (f) Debit Finished Goods Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overhead overapplied or underapplied for the year? 526,000 46,000 (g) Credit 480,000
At December 31, Ding Company reported the following balances in its accounts: Cost of Goods Sold Finished Goods Inventory $210,000 30,000 The company's balance in its Manufacturing Overhead account at the same date was a debit of $2,800. Prepare the entry to adjust the over- or underapplied overhead amount at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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During the month, Barrera Manufacturing incurred (not paid) $49,000 in direct labor costs in Department 1, $24,000 in direct labor costs in Department 2, and $3,500 of indirect laber costs. Which of the following is NOT part of the summary journal entry to record these transactions? Process costing is used. OA. debit to Work-in-Process Inventory Department 1 for $40,000 OB. credit to Wages Payable for $76,500 OC. debit to Work-in-Process Inventory for $76,500 OD. debit to Manufacturing Overhead for $3,500 CHIC
Current Attempt in Progress Total factory labor costs related to factory workers for Cullumber Company during the month of January are $115,200. Of the total accumulated cost of factory labor, 85% is related to direct labor and 15% is attributable to indirect labor. (a) (b) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. (a) Prepare the January 31 entry to record the factory labor costs for the month of January. Prepare the January 31 entry to assign factory labor to production. (b) Date Account Titles and Explanation Jan. 31 Jan. 31 Debit Credit
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The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C Debit side : April1 Bal $15,000, Direct Material Used 123,000, Direct Labour Incurred ??, Manufacturing Overhead Applied ??, Credit Side: Finished Goods ??, Additional data: Manufacturing Labour Costs incurred..$163,500 (75% represents direct labour), Manufacturing Overhead Rate....120% of direct labour cost, Actual Manufacturing Overhead Costs for April...$165,150 Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After these transactions have been recorded, the balance in Cost of Goods sold account (after adjusting ffor the MOH variace )is: a. 288,000 b. 306,000 c. 270,000 d. 432,000
The company purchases raw materials for $20,000 on account, the entry is: A debit to Raw Material Inventory $20,000 and a credit to Cash $20,000 A debit to Direct Material $20,000 and a credit to Accounts Payable $20,000 A debit to Raw Materials Inventory O $20,000 and a credit to Accounts Payable $20,000 None of the above

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