On November 1, Arvelo Corporation had $36,500 of raw materials on hand. During the month, the company purchased an additional $73,500 of raw materials. During November, $86,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,900. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Raw Materials account for the month of November total: Multiple Choice $86,000 $73,500 $36.500

On November 1, Arvelo Corporation had $36,500 of raw materials on hand. During the month, the company purchased an additional $73,500 of raw materials. During November, $86,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,900. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Raw Materials account for the month of November total: Multiple Choice $86,000 $73,500 $36.500

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Description: Please do not Give image format On November 1, ArveloCorporation had $36,500 of rawmaterials on hand. During themonth, the company purchasedan additional $73,500 of rawmaterials. During November,$86,000 of raw materials wererequisitioned from the sto

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 1BE: Issuance of materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at...

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On May 7, Bergan Company purchased on account 59,000 units of raw materials at $12.00 per unit. During May, raw materials were requisitioned for production as follows: 23,300 units for Job 200 at $7.00 per unit and 29,000 units for Job 305 at $12.00 per unit. Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Bergan Company General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees…
During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The direct materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would include a: O a. debit to Raw Materials of OMR 85,000 O b. debit to Work in Process of OMR 85,000 O c. debit to Work in Process of OMR 78,000 O d. debit to Manufacturing Overhead of OMR 78,000 e. None of the given answer is correct NEXT PAGE
M&M Company had raw materials on hand on January 1 of the current year of P540,000 and on June 30 of P570,000. Work in process inventory was P600,000 on January 1 and P440,000 on June 30. The balance of finished goods inventory was P580,000 on January 1 and P400,000 on June 30. The company purchased materials for the period amounting to P1,640,000. Of the raw materials issued, 20% are indirect materials. The labor charges for the period were: direct labor, P840,000; indirect labor, P180,000; office salaries, P140,000, and sales salaries of P80,000. The total factory utilities expense incurred for the period was P360,000, repair and maintenance of factory equipment, P20,000 and depreciation on factory equipment was reported to be P120,000. The company uses the actual costing method of accumulating costs and it maintains a 35% mark up on costs for establishing its selling price. Compute for: a) The total factory costs for the period. b) The cost of goods sold for the period. c)…
During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would include a: a. debit to Raw Materials of OMR 85,000 O b. debit to Work in Process of OMR 85.000 debit to Work in Process of OMR 78,000 O d. creditto Manufacturing Overhead of OMR 7,000 e. None of the given answer is correct
46) During July at Loeb Corporation, $83,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. The journal entry to record the requisition from the storeroom would include a: A) debit to Work in Process of $79,000 B) debit to Work in Process of $83,000 C) credit to Manufacturing Overhead of $4,000 D) debit to Raw Materials of $83,000
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During July at Loeb Corporation, $83,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. The journal entry to record the requisition from the storeroom would include a: O debit to Work in Process of $79,000 O debit to Work in Process of $83,000 credit to Manufacturing Overhead of $4,000 debit to Raw Materials of $83,000
During June, the following transactions took place at the Inoue Corp. June 3 Purchased materials, P30,000. 5 Requisitioned materials from inventory, P20,000 (75% of these were direct; 25% were indirect). Direct materials of P3,000 and indirect materials of P1,000 were for Job 00‑1. The remainders were for Job 00‑2. 7 For Job 00‑2, returned P150 of direct materials and P200 of indirect materials. 8 Recorded liabilities for payroll: direct labor, P15,000 and indirect labor, P5,000. Of the direct labor cost, 60% was for Job 00‑1; the remainder was for Job 00‑2. 10 Incurred other factory overhead costs, P20,000 (all applicable to Jobs 00‑1 and 00‑2). 14 Applied overhead at the rate of 200% of direct labor cost to Jobs 00‑1 and 00‑2, which were completed and transferred to finished goods account today. Required: Assuming that Jobs 00‑1 and 00‑2 were the only jobs during the period and that all overhead…
In October, the cost of materials transferred into the Rolling Department from the Casting Department of Jabari Steel Company is $6,000,000. The conversion cost for the period in the Rolling Department is $925,200 ($725,200 factory overhead applied and $200,000 direct labor). The total cost transferred to Finished Goods for the period was $6,775,760. The Rolling Department had a beginning inventory of $318,560. Question Content Area a1. Journalize the cost of transferred-in materials for the Rolling Department. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Question Content Area a2. Journalize the conversion costs for the Rolling Department. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Question Content Area a3. Journalize the costs transferred out to Finished Goods for the Rolling…
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At the beginning of December, Altro Corporation had $26,000 of raw materials on hand. During the month, the Corporation purchased an additional $76,000 of raw materials. During December, $72,000 of raw materials were requisitioned from the storeroom for use in production. The credits entered in the Raw Materials account during the month of December total: Multiple Choice O $76.000 $72,000 $102,000 $26,000