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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direct material in units 97,000 direct labor hourse 30,000 machine hours 26,000 number of set ups 300 number of devices produced 16,000 The 210,000 units of material had a total cost of 1,365,000. Direct labor is 17 per hour. The company has total overhead production cost of 1,850,000 Cost Pool 1. Equipment Maintenance 2. Production Set up 3. Material Handling 4. Transportation Cost Cost driver 1. # of machine hours 2. # of set ups 3. units of materials 4. # of devices produced Cost 1. 585,000 2. 125,000 3. 540,000 4. 600,000 Volume 1. 39,000 2. 900 3. 210,000 4. 24,000 Compute the unit cost.
The following information has been provided by Charity Company: Cost of goods manufactured P 7,500,000 Work-in-process, beginning 1,200,000 Work-in-process, ending 1,400,000 Direct labor 4,000,000 Materials used in production 1,500,000 What is the amount of Factory Overhead? Group of answer choices P 2,200,000 P 5,500,000 P 1,400.000 P 2,000,000
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.
The standard cost sheet for a product is shown.(Pleasee see attachment for original question overview) Manufacturing Costs Standard price Standard Quantity Standard Costper unit Direct materials $4.50 per pound 5.50 pounds $24.75 Direct labor $12.15 per hour 2.10 hours $25.52 Overhead $2.40 per hour 2.10 hours $5.04 $55.31 The company produced 3,000 units that required: • 17,000 pounds of material purchased at $4.35 per pound • 6,200 hours of labor at an hourly rate of $12.45 per hour • Actual overhead in the period was $15,560 Fill in the Budget Performance Report for the period. Some amounts are provided. Round your answers to the nearest dollar. However, do not round your intermediate calculations. Budget Performance Report Manufacturing Costs:3,000 units ActualCosts StandardCosts Variance(Favorable)/Unfavorable Direct materials $73,950 $(fill in the blank) $(fill in the blank) Direct labor (fill in the blank) 76,545 (fill in the blank) Overhead…
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.…
The following information pertains to Yuji Corporation: January 1, 20X1 December 31, 20X1 Raw materials inventory $ 34,000 $ 38,000 Work-in-process inventory 126,000 145,000 Finished goods inventory 76,000 68,000 Costs incurred during the year 20X1 were as follows: Raw material purchased $ 116,000 Wages to factory workers 55,000 Salary to factory supervisors 25,000 Salary to selling and administrative staff 40,000 Depreciation on factory building and equipment 10,000 Depreciation on office building 12,000 Utilities for factory building 5,000 Utilities for office building 7,500 Required: Sales revenue during 20X1 was $300,000. The income tax rate is 21%. Compute the following: 1. Cost of raw materials used 2. Cost of goods manufactured/completed 3. Cost of goods sold 4. Gross margin 5. Net income
H4. At Vol Corporation, production is started in the fab department. The work is then transferred to the finishing department, where goods are completed and then transferred to the finished goods storeroom. Data about the company’s costs during September 20X1 follows: Material costs placed into production Fab department $ 40,100.00 Finishing department 5,100.00 Direct labor costs Fab department 112,000.00 Finishing department 18,000.00 Taxes withheld from employees’ earnings Social security tax withheld 8,060.00 Medicare tax withheld 1,885.00 Federal income tax withheld 19,500.00 Overhead costs Fab department 44,800.00 Finishing department 7,200.00 During the month, products costing $167,000 were transferred from the fab department to the finishing department; goods costing $193,000 were transferred from the finishing department to finished goods inventory; and goods that cost $154,400 were sold on account for $201,000. Required: Give the journal entries on September 30 to summarize…
O a. O b. 8. 0 с. O d. Assume an assembly line worker records the following time for a normal 40-hour work week, and assume the worker is paid $20 per hour. 10 hours working on Product A 12 hours working on Product B 7 hours working on Product C 5 hours working on Product D 3 hours idle time due to a power outage 3 hours cleaning up the factory What amount of the assembly line worker's wages would be considered direct labor, overhead, and period costs? Direct Labor a. b. C. e. d. 740 740 680 680 680 Overhead 60 0 120 0 60 Period costs 0 60 0 120 60
Larned Corporation recorded the following transactions for the just completed month. a. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $120,500 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 23 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal a. Record entry Clear entry Debit Credit View general journal
Direct Material, Beginning $7,000 WIP, Beginning 7,500 Finished goods, Beginning 10,000 Raw Material purchased 46,800 Selling & general expenses 6,700 Direct Material, Ending 9,000 WIP, Ending 3,500 Finished goods, Ending 12,000 Direct Labor 8,000 Factory overhead is applied at the rate of 80% of direct labor cost. You are required to calculate: i) Cost of goods manufactured ii) Cost of goods sold
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…
Problem No. 3 Calculate the (1) Total Manufacturing Overhead, (2) Selling Expenses and (3) Administrative Expenses incurred by EFG Corp. Materials used (including Php70,000 of IM) Php 780,000.00 Labor Cost (including Php40,000 IL) 540,000.00 Supervisor Salary - plant Utilities - plant Salesperson's salaries Advertising Expenses Insurance & Property taxes - plant Insurance & Property taxes - central office 600,000.00 60,000.00 320,000.00 55,000.00 150,000.00 200,000.00

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