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PAI2. LO 47 The following data uammariae the operations during the year. Prepare a journal entry for cach transaction A. Purchase of raw materials en account B. Raw materials used by Jobi C. Raw materials used as indirect materials D. Direct labor for Jobi E Indirect labor incuned F. Factory utilities incumed on account G. Adjusting enty for factory depreciatioon H. Manuflacturing overhead applied as % of dicecet labor L leb i is transkemed to finished goods 1. Job 1 is seld K. Manufacturing overhead is overapplicd 3000 500 L00 300 50 700 250 200% 3,000 L00 ANSWER

PAI2. LO 47 The following data uammariae the operations during the year. Prepare a journal entry for cach transaction A. Purchase of raw materials en account B. Raw materials used by Jobi C. Raw materials used as indirect materials D. Direct labor for Jobi E Indirect labor incuned F. Factory utilities incumed on account G. Adjusting enty for factory depreciatioon H. Manuflacturing overhead applied as % of dicecet labor L leb i is transkemed to finished goods 1. Job 1 is seld K. Manufacturing overhead is overapplicd 3000 500 L00 300 50 700 250 200% 3,000 L00 ANSWER

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Understanding Job Costing

PA12. LO 4.7 The following data samarize the operations during the year. Prepare a jouraal entry for each transaction. A. Purchase of raw materials on account B. Raw materials used by Job I C. Raw materials used as indirect materials D. Direct labor for Job I E Indirect labor incurred F. Factory utilities incurred on acoount G. Adjusting entry for factory depreciation H. Manufacturing overhead applied as % of direct labor 1. Job I is transfemed to finished goods J. Joh I is sold K. Manufacturing averhead is overapplied 3.000 500 100 300 50 700 250 Te tranafer Job I ie finished geeds invenior I 200% 3.000 Te recerd sale of Jeb I 100 ANSWER A. To recerd sale of Job I K. Te recerd qurchase of melerials B. Te eliminate the oierennlied matecterine overhead Te recerd assigaeant of material te Jeb 1 C. Te recerd the assigement of indirect maieriais to manufacturing overhead D. Te assign tke factors labor te Jeb Te assign tke indireet iaber to manufacturing overhead Te recerd utilities for the sear G. To recerd depreciation for the pidar Н. Te aniu overhead at 20036 ofdirect laber ceat
Transcribed Image Text:PA12. LO 4.7 The following data samarize the operations during the year. Prepare a jouraal entry for each transaction. A. Purchase of raw materials on account B. Raw materials used by Job I C. Raw materials used as indirect materials D. Direct labor for Job I E Indirect labor incurred F. Factory utilities incurred on acoount G. Adjusting entry for factory depreciation H. Manufacturing overhead applied as % of direct labor 1. Job I is transfemed to finished goods J. Joh I is sold K. Manufacturing averhead is overapplied 3.000 500 100 300 50 700 250 Te tranafer Job I ie finished geeds invenior I 200% 3.000 Te recerd sale of Jeb I 100 ANSWER A. To recerd sale of Job I K. Te recerd qurchase of melerials B. Te eliminate the oierennlied matecterine overhead Te recerd assigaeant of material te Jeb 1 C. Te recerd the assigement of indirect maieriais to manufacturing overhead D. Te assign tke factors labor te Jeb Te assign tke indireet iaber to manufacturing overhead Te recerd utilities for the sear G. To recerd depreciation for the pidar Н. Te aniu overhead at 20036 ofdirect laber ceat
PB6. LO 4.5 During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Process Inventory $ 342 1,533 $ 932 Beginning inventory Purchases Beginning inventory Materials used in production Direct labor Overhead applied Beginning Ending 1,535 Raw materials inventory Work in process inventory Finished goods inventory $ 15,394 57,304 120,432 $ 17,432 53,721 132,432 Materials available for use Ending inventory Materials used in production 321 Manufacturing costs incurred Ending inventory Cost of Goods Manufactured 22,441 935 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Finished Goods Inventory Beginning inventory Cost of Goods Manufactured Goods Available for Sale Ending inventory Answer Raw Materials $25,002 Beginning inventory Рuchases Cost of Goods Sold 21,788 Material available for use Ending inventory Materials used in production ANSWER Work in Process Inventory Raw Materials Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Beginning inventory Purchases Material available for use Ending inventory Materials used in production Work in Process Inventory Beginning inventory Materials used in production Finished Goods Inventory Direct labor Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished Goods Inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold
Transcribed Image Text:PB6. LO 4.5 During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Process Inventory $ 342 1,533 $ 932 Beginning inventory Purchases Beginning inventory Materials used in production Direct labor Overhead applied Beginning Ending 1,535 Raw materials inventory Work in process inventory Finished goods inventory $ 15,394 57,304 120,432 $ 17,432 53,721 132,432 Materials available for use Ending inventory Materials used in production 321 Manufacturing costs incurred Ending inventory Cost of Goods Manufactured 22,441 935 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Finished Goods Inventory Beginning inventory Cost of Goods Manufactured Goods Available for Sale Ending inventory Answer Raw Materials $25,002 Beginning inventory Рuchases Cost of Goods Sold 21,788 Material available for use Ending inventory Materials used in production ANSWER Work in Process Inventory Raw Materials Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Beginning inventory Purchases Material available for use Ending inventory Materials used in production Work in Process Inventory Beginning inventory Materials used in production Finished Goods Inventory Direct labor Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished Goods Inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold
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