LUITIU CILLUTUL MIL TUTVing unsKLUVIS TV the just UMPRE Va. $79,000 in raw materials were purchased on account.b. $77,000 in raw materials were used in production. Of this amount, $64,000 was for direct materials and the remainder was forindirect materials.c. Total labor wages of $108,500 were paid in cash. Of this amount, $101,400 was for direct labor and the remainder was for indirectlabor.d. Depreciation of $191,000 was incurred on factory equipment.Required:Record the above transactions in journal entries. (If no entry is required for a transaction/event, selec "No journal entry required" inthe first account field.)View transaction listNo1View journal entry worksheetTransactiona.Raw materialsAccounts payableRaw materialsGeneral JournalDebit79,000Credit79,000.……....X

a. $79,000 in raw materials were purchased on account.Debit Raw Materials Inventory $79,000Credit…

Answered: LUITIU CILLUTUL MIL TUTVing unsKLUVIS…

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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1. 2. 3. 4. 5. 6. Purchased $4,000 of raw materials on account. Accrued $2,000 of factory labor. Incurred and paid $3,000 of manufacturing overhead. Requisitioned direct materials for mixing, $10,000 and finishing, $15,000. Used factory labor for mixing, $60,000 and finishing, $15,000. Assigned $1,500 of overhead to mixing and $1,000 to finishing. Debit Raw Materials Inventory Factory Labor Manufacturing Overhead Y V V > V Credit Accounts Payable Factory Wages Payable Cash
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Chapter 18 The following events took place for Billy Adams Manufacturing Company during January, the first month of its operations as a producer of thermometers: a. Purchased $73,000 of materials. b. Used $53,000 of direct materials in production. c. Incurred $96,000 of direct labor wages. d. Incurred $115,000 of factory overhead. e. Transferred $201,000 of work in process to finished goods. f. Sold goods with a cost of $193,000. g. Earned revenues of $450,000. h. Incurred $75,000 of selling expense i. Incurred $41,500 of administrative expense. Using the above information, complete the following: a. Prepare the January income statement for Billy Adams Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations.
ok ht D ences Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,000 in raw materials were purchased for cash. b. $71,700 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,900 were incurred and paid. Of this amount, $134,900 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,400 were incurred and paid. e. Manufacturing overhead of $127,100 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.…
H6
(3)
Compute Manufacturinh Overhead costs: Electricity for Factory- 15,800 Labor- 31,000 Rent for factory- 23,000 Insurance on factory- 1,400 glass for bulbs- 55,200 cardboard for packaging- 7,000 Is my cost driver Labor 31,000? Wha tare my units? Estimated total Manufacturing overhead?Estimated total hours?
Maryville Incorporated incurred the following costs during June: Raw materials used Direct labor Manufacturing overhead, actual Selling expenses Administrative expenses Interest expense $ 331,000 652,000 448,000 267,000 194,000 91,000 During the month, 53,000 units of product were manufactured and 48,000 units of product were sold. On June 1, Maryville carried no Inventories. On June 30, there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during June and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during June. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for Maryville for the month of June. Assume that sales for the month was $2,448,000 and the company's effective income tax rate was 30%. Complete this question by entering your…
Journalize the following transactions: Materials used in production, $40,000 Paid plant supervisor’s salary, $6,000 Plant depreciation, $10,000 Production labor costs incurred, $80,000 MOH is allocated at the rate of 120% of direct labor costs Cost of goods manufactured, $200,000 Revenue on account, $450,000 Cost of goods sold, $300,000 Paid advertising costs, $90,000

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