Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces orjournal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automaticallyindent a credit entry when a credit amount is entered.DATEDESCRIPTIONJOURNALPOST. REF.DEBITCREDITACCOUNTING EQUATIONASSETSPAGE 10LIABILITIESEQUITY Barnes Company uses a job order cost system. The following data summarize the operations related to production for October:October1 Materials purchased on account, $663,320.Materials requisitioned, $618,780, of which $71,310 was for general factory use.Factory labor used, $640,350, of which $88,200 was indirect.Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; andadministrative expenses, $145,440.231313131313131Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and foradministrative expenses, $18,590.Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment,$30,880.Factory overhead costs applied to jobs, $365,760.Jobs completed, $1,017,410.Cost of goods sold, $911,220.

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Description: Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces orjournal explanations. Every line on a journal page is used for debit

The overhead is applied to the production on the basis of a pre-determined overhead rate. The…

Business

Accounting

October 1 Materials purchased on account, $663,320. Materials requisitioned, $618,780, of which $71,310 was for general factory use. Factory labor used, $640,350, of which $88,200 was indirect. Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; and administrative expenses, $145,440. Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590. Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment, $30,880. Factory overhead costs applied to jobs, $365,760. Jobs completed, $1,017,410. Cost of goods sold, $911,220. 2 31 31 31 31 31 31 31

October 1 Materials purchased on account, $663,320. Materials requisitioned, $618,780, of which $71,310 was for general factory use. Factory labor used, $640,350, of which $88,200 was indirect. Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; and administrative expenses, $145,440. Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590. Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment, $30,880. Factory overhead costs applied to jobs, $365,760. Jobs completed, $1,017,410. Cost of goods sold, $911,220. 2 31 31 31 31 31 31 31

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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The raw materials purchased during May totaled:
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At the beginning of the current year, Grant Company’s work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in work in process inventory on December 31 is a.$66,000 b.$24,000 c.$44,000 d.$36,000
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Q. 8. Dula Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900, Work in Process-Assembly S10,600, and Finished Goods $31,000. During July, the following transactions occurred. (a) Purchased $85,200 of raw materials on account. (b) Incurred $60,000 of factory labor. (Credit Wages Payable.) (c) Incurred $60,000 of manufacturing overhead; $34,000 was paid and the remainder is unpaid. (d) Requisitioned materials for Cutting $15,500 and Assembly $9,200. (e) Used factory labor for Cutting $38,000 and Assembly $22,000. (f) Applied overhead at the rate of S16 per machine hour. Machine hours were Cutting 1,870 and Assembly 1,260. (g) Transferred goods costing $87,800 from the Cutting Department to the Assembly Department. (h) Transferred goods costing $120,700 from Assembly to Finished Goods. (i) Sold goods costing $190,000 for $205,000 on account. Instructions Journalize the transactions. (Omit…
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