PA13. LO 5.5 Selected information from Skylar Studios shows the following:Raw materials purchasedDirect materialsDirect laborFactory depreclationTotal manufaturing overhead incurredMachine hours per monthUnit cost for materialUnit cost of conversionNumber units transferred$ 5.000$ 1,500$11,000$42,000$15,00028,000218.15,000Prepare journal entries to record the following:A.raw material purchasedB. direct labor incurredC depreciation expense (hint: this is part of manufacturing overhead)D. raw materials usedoverhead applied on the basis of $0.50 per machine hourF. the transfer from department 1 to department 2E.

Name: PA13. LO 5.5 Selected information from Skylar Studios shows the follo
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Description: PA13. LO 5.5 Selected information from Skylar Studios shows the following:Raw materials purchasedDirect materialsDirect laborFactory depreclationTotal manufaturing overhead incurredMachine hours per monthUnit cost for materialUnit cost of conversion

Raw materials: It is the basic input required to manufacture the finished products. The raw…

Business

Accounting

PA13. LO 5.5 Selected information from Skylar Studios shows the following: Raw materials purchased Direct materials Direct labor $ 5,000 $ 1,500 $11,000 $2,000 $15,000 28,000 Factory depreclation Total manufacturing overhead incurred Machine hours per month Unit cost for material Unit cost of conversion Number units transferred 15,000 Prepare journal entries to record the following: A. raw material purchased B. direct labor incurred C depreciation expense (hint: this is part of manufacturing overhead) D. raw materials used E. overhead applied on the basis of $0.50 per machine hour F. the transfer from department 1 to department 2

PA13. LO 5.5 Selected information from Skylar Studios shows the following: Raw materials purchased Direct materials Direct labor $ 5,000 $ 1,500 $11,000 $2,000 $15,000 28,000 Factory depreclation Total manufacturing overhead incurred Machine hours per month Unit cost for material Unit cost of conversion Number units transferred 15,000 Prepare journal entries to record the following: A. raw material purchased B. direct labor incurred C depreciation expense (hint: this is part of manufacturing overhead) D. raw materials used E. overhead applied on the basis of $0.50 per machine hour F. the transfer from department 1 to department 2

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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For each of the following independent cases (1 to 4), compute the missing values. (Enter all amounts as positive values.) Case 1 Case 2 Case 3 Case 4 Beginning raw material $7,000 $16,000 $55,000 Raw materials purchases Indirect materials issued Ending raw materials 63,000 24,500 33,312 1,400 2,000 1,200 1,000 2,800 4,500 46,750 Direct materials used 27,000 26,976 Direct labor 40,600 61,625 Manufacturing overhead applied 72,800 80,700 24,864 270,865 Total current manufacturing costs 151,200 74,320 Beginning work in process 57,400 65,200 51,260 Ending work in process 33,000 118,050 Cost of goods manufactured 194,600 159,600 71,380 412,950 Beginning finished goods 100,800 41,520 Ending finished goods 112,000 60.200 198,600 Cost of goods sold 142,000 90,700 419,700
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The Baker Company manufactures a product in a single process. The following information isavailable:Input material 5,000 kilos valued at $18,000Material added $4,000Direct labour cost incurred $14,000Manufacturing overhead incurred $20,500Normal losses 10% of inputScrap value of losses $5.00 per unitUnits completed and transferred out 4,300 unitsi) Calculate the cost per completed unitii) What is the value of the units completed and transferred to finished goods?iii) What is the value of the unexpected losses?iv) What is the manufacturer’s true loss?v) Prepare the journal entries necessary to record the assignment of direct materials anddirect labour and the allocation of manufacturing overhead to the process. Also, give thejournal entries for the transfer of units completed to Finished Goods Inventory.
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…
please explain in steps
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…
Journalize the following transactions: Purchased direct materials on account, $20,000 Recognized depreciation on production plant & equipment, $4,000 Direct materials used in production, $16,000 Recognized expired plant insurance, $6,000 Direct labor used: $30,000; and indirect labor used: $10,000 Allocated overhead at the rate of 60% of direct labor cost Cost of units completed, $50,000 Sales on account, $90,000 Cost of units sold, $65,000
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
Please introduction and correct and incorrect option explain!
Determine the missing amount for each letter. Total ifacturing Costs 431600 (a) 567,000 333,900 363,800 Tauthook and Media Work in Process Jan. 1 $40,200 541800 (d) 75,600 EA $ Work in Process Dec. 31 (b) 50,400 100,800 Cost of Goods Manufactured $453,600 592,200 176400 (f) 56,700 283500 (h) 340,200