Prepare journal entries to record the following production activities. 1. Incurred $45,000 of direct labor in the Roasting department and $35,000 of direct labor in the Blending department of direct labor in production (credit Factory Wages Payable). 2. Incurred $25,000 of indirect labor in production (credit Factory Wages Payable). 3. Paid factory payroll. View transaction list Journal entry worksheet < 1 2 3 Record direct labor incurred, but not yet paid. Note: Enter debits before credits. Transaction General Journal Credit 1 2 of 5 E < Prev Deb Next >

Prepare journal entries to record the following production activities. 1. Incurred $45,000 of direct labor in the Roasting department and $35,000 of direct labor in the Blending department of direct labor in production (credit Factory Wages Payable). 2. Incurred $25,000 of indirect labor in production (credit Factory Wages Payable). 3. Paid factory payroll. View transaction list Journal entry worksheet < 1 2 3 Record direct labor incurred, but not yet paid. Note: Enter debits before credits. Transaction General Journal Credit 1 2 of 5 E < Prev Deb Next >

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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Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $96,000. b. Direct materials used, $41,000. Indirect materials used, $18,600. c. Direct labor used, $32,000. Indirect labor used, $8,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $8,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $60,000. g. Sales of jobs on credit was $85,000. h. Cost of jobs sold was $60,000. View transaction list Journal entry worksheet
Show the solution in excel Required: - Schedule of labor hours and schedule of labor costs (Factory payroll distribution sheet)
The work in process account in the general ledger of Multan Manufacturing Company appears as follows: Work in Process Account Material Payroll Applied FOH Rs. 15,900 8,000 6,000 Job Completed Rs. 21,000 There was only one job in process. The material charged to this job amounted to Rs. 1,900. Calculate amount of labor to this incomplete job.
The following information pertains to Thornton Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues Required A Required B Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. $ 124,100 118,300 76,300 Complete this question by entering your answers in the tabs below. $ 85,400 145,700 80,500 Raw materials available for use $ 118,500 100,800 61, 600 356,000 Prepare a schedule of cost of goods manufactured and sold. Direct raw materials used THORNTON MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March Year 3 Total manufacturing costs 0 0 0
The journal entry to record the Labor Time Tickets includes a debit to the Manufacturing Overhead account of what dollar amount? Materials Labor Requisition Time For Slips Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000 Sub-Total 12,500 16,000 General Use 1,000 1,500 Total Cost $ 13,500 17,500 $17,500 $1,500 $16,000 $13,500
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Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance 264,800 Aug. 31 Goods finished 129,400 31 Direct materials X 31 Direct labor 43,700 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 95,600 Aug. 1 Balance 12,800 31 Applied X If the balance of Work in Process on August 31 is $218,800, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $13,110 b. $95,600 c. $129,400 d. $12,800
A company's Factory Overhead account shows total debits of $675,000 and total credits of $698,700 at the end of the year. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Total actual overhead cost Total applied overhead cost
Penn Company uses a job order cost accounting system. In the last month, the system accumulated labor time tickets totaling $32,000 for direct labor and $6,400 for indirect labor. These costs were accumulated in Factory Payroll as they were paid. Which entry should Penn make to assign the Factory Payroll? General Journal Debit Credit (A) Payroll Expense 38,400 Cash 38,400 (B) Payroll Expense 32,000 Factory Overhead 6,400 Factory Payroll 38,400 Goods in Process Inventory 32,000 Factory Overhead 6,400 Factory Payroll 38,400 32,000 Goods in Process Inventory Factory Overhead 6,400 Accrued Wages Payable 38,400 38,400 Goods in Process Inventory Factory Payroll 38,400 F6 (C) (D) E) Option A F2 F3 :0+ F4 63 F5 N % F7 다 F8 F9 El ★
Jiminez Company engaged in the following transactions during May: a. Purchased raw materials for cash, $570 b. Used raw materials to begin jobs, $454 c. Paid wages of production employees, $350 d. Applied overhead at rate of $1.25 per direct labor dollar e. Completed job that had cost $490 f. Sold for $610 cash goods that had cost $465 to complete Required: Use the horizontal statements model provided to indicate how each of these events affected Jiminez's financial statements. Show dollar amounts of increases and decreases. Note: Round final answers to the nearest whole dollar. Enter decreases with a minus sign. Leave answer cells blank for any item not affected by the transaction. Event a. b. C. d. e. f. Cash + Raw Materials + + + + + + + + + + + BALANCE SHEET Assets Work in Process + + + + + Finished Goods + + + + + Manufacturing Overhead Stockholders' Equity = = Net Income
Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 251,200 Aug. 31 Goods finished 191,300 31 Direct materials 31 Direct labor 43,900 31 Factory overhead Factory Overhead Aug. 1 - 31 Costs incurred 106,500 Aug. 1 Balance 13,600 31 Applied X If the balance of Work in Process on August 31 is $200,100, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? Oa. $13,600 b. $106,500 Oc. $13,170 d. $191,300
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