plete this question by entering your answers in the tabs below. Req D CGM Sched Req D Inc Req D Bal Sheet and C Stmt e a schedule of cost of goods manufactured and sold for Year 1. LEHIGH MANUFACTURING CORPORATION ost of Goods Manufactured and Sold for Year 1 terials available terials used
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- Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Direct Raw Materials Used $2,800 Job 1 Job 2 4,000 Job 3 6,000 Total $12,800 Direct Labor $ 6,000 8,000 4,000 $18,000 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $20,000 cash. Lehigh paid $800 for selling and administrative expenses. Actual factory overhead was $11,300. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods…please help me fill out this chart!Benson Manufacturing started In Year 2 with the following account balances. Cash Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (320 units @ $6.10 each) Transactions during Year 2 1. Purchased $2,920 of raw materials with cash. 2. Transferred $3,850 of raw materials to the production department. 3. Incurred and paid cash for 230 hours of direct labor @ $15.70 per hour. 4. Applied overhead costs to the Work In Process Inventory account. The predetermined overhead rate is $16.50 per direct labor hour. 5. Incurred actual overhead costs of $3,900 cash. 6. Completed work on 1,300 units for $5.70 per unit. 7. Pald $1,040 In selling and administrative expenses in cash. 8. Sold 1,300 units for $10,400 cash revenue (assume FIFO cost flow). 9. Benson charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required a. Record the preceding events in a horizontal statements model. The beginning balances are shown as an…
- Walton Manufacturing started in Year 2 with the following account balances. Cash $ 5,800 Common stock 4,630 Retained earnings 5,800 Raw materials inventory 1,300 Work in process inventory 810 Finished goods inventory (420 units @ $6.00 each) 2,520 Transactions during Year 2 Purchased $2,950 of raw materials with cash. Transferred $3,780 of raw materials to the production department. Incurred and paid cash for 200 hours of direct labor @ $15.50 per hour. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $16.40 per direct labor hour. Incurred actual overhead costs of $3,400 cash. Completed work on 1,300 units for $5.50 per unit. Paid $1,130 in selling and administrative expenses in cash. Sold 1,300 units for $9,800 cash revenue (assume FIFO cost flow). Walton charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required Record the preceding…Vernon Manufacturing started in Year 2 with the following account balances. Cash Common stock Retained earnings $6,000 5,151 5,400 1,400 890 2,261 Raw materials inventory Work in process inventory Finished goods inventory (380 units @ $5.95 each) Transactions during Year 2 1. Purchased $2,890 of raw materials with cash. 2. Transferred $3,770 of raw materials to the production department. 3. Incurred and paid cash for 240 hours of direct labor @ $15.30 per hour. 4. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $16.00 per direct labor hour. 5. Incurred actual overhead costs of $4,000 cash. 6. Completed work on 1,250 units for $6.00 per unit. 7. Paid $1,160 in selling and administrative expenses in cash. 8. Sold 1,250 units for $10,600 cash revenue (assume FIFO cost flow). 9. Vernon charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required a. Record the preceding events in a horizontal statements model. The…prepare an income statement
- AnsdwePlease help me with all answers thankuThe following data refer to Quest Ltd for the current year:Sales Revenues $575 000Work in process inventory, 31December20 000Work in process inventory, 1 January 25 000Product promotion cost 30 000Rental of office space for salespersonnel20 000Cost of idle time: sales employees 20 000Income tax expense 60 000Purchase of raw materials 95 000Raw materials inventory, 31 December 17 500Raw material inventory. 1 January 25 000Direct labour 105 000Electricity: plant 25 000Depreciation plant and equipment 35 000Finished goods inventory, 31December30 000Finished goods inventory, 1 January 15 000Indirect material 5 000Indirect labour 7 500Production supervisor’s salary 40 000Required:a) Prepare the schedule of cost of goods manufactured for Quest Ltd.b) Prepare the schedule of cost of goods sold for Quest Ltd.c) Prepare an income statement for Quest Ltd for the current year.
- 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 taken from Jejai Limited: Particulars DebitRM CreditRMPurchase of raw materials 258,000Fuel and light 21,000Administration salaries 17,000Factory wages 59,000Carriage outwards 4,000Rent and business rates 21,000Sales 482,000Return inward 7,000General office expenses 9,000Repairs to plant and machinery 9,000Inventory at 1 January 2020:Raw materialsWork in processFinished goods 21,00014,00023,000 Sundry accounts payable 37,000Capital 457,000Freehold premises 410,000Plant and machinery 80,000Accounts receivable 20,000Accumulated provision for depreciation on plant andmachinery 8,000 Cost in hand 11,000 TOTAL 984,000 984,000 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory in hand at 31 December 2020:a. Raw materials RM25,000b. Work in process RM11,000c. Finished goods RM26,000ii. Depreciation of 10% on plant and machinery using the straight-line methodiii. 80% of fuel and light and 75% of rent and rates to be charged to…1