Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetualinventory system.Purchased raw material on account, P56,700.b. Requisitioned raw materials for production as follows:а.Direct materials: 80 percent of purchases;Indirect materials: 15 percent of purchases.Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500.Overhead incurred and paid for is P66,900.Overhead is applied to production based on 110 percent of direct labor cost.f.С.d.е.Goods costing P97,600 were completed during the period.Goods costing P51,320 were sold on account.g.

Journal entries recording is the first step of accounting cycle process, in which atleast one…

Answered: Prepare the necessary journal entries…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The following information is available for ABC Company for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense What is the amount of direct materials used in production for the year? Multiple Choice $5,200. $7,500. $4,700. $8,900. $ 3,700 5,200 4,200 2,200
Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 39,000 13,400 Required 2 9,750 96,290 0 84,200 101,000 Finished Goods Inventory 90% 1. Complete the T-accounts for each of the three Inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. Costs incurred for the period Raw materials purchases Direct materials used Direct labor used. Factory overhead (actual) Required 1 Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. Raw Materials Inventory Indirect materials used Indirect labor used Other overhead costs Work in Process Inventory 0 $19,460 45,250 23,800 10,300 17,400 5,300
Information related to Scullio Manufacturing appears below. What is the ending balance in the work-in-process (WIP) inventory account? Cost of good manufactured 44,500 Beginning WIP inventory 32,000 Total current manufacturing costs 35,000 Manufacturing overhead applied 11,000 Direct labor cost 16,500
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The following balances are from the accounts of Crabtree Machining Company: Direct materials inventory Work-in-proceRs inventory Finished gooda inventory January 1 December 31 (Beginning) (Ending) $ 97,900 $ 111,600 109,900 43,100 104, 200 46,600 Direct materials purchased during the year amount to $517,200, and the cost of goods sold for the year was $1,890,000. Required: Prepare a cost of goods sold statement.
McGown Corp has the following information: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Raw materials purchases Direct labor Manufacturing overhead applied Indirect materials. Beginning Ending Inventory Inventory (1/1) (12/31) $28,200 $30,900 $16,800 $ 23, 100 $30,300 $ 27,900 Multiple Choice Compute the direct materials used in production. $110,600 $30.900 $107, 900 $ 84,300 $ 85,100 $ 0 Prex
Cullumber Company reported the following amounts for May: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Direct labor incurred Indirect materials requisitioned and used Actual manufacturing overhead costs Beginning work-in-process inventory Ending work-in-process inventory $257000 $257000. $256800. ◆ $259900. O $261100. 12300 8200 54000 4300 40000 15400 12300 How much is the cost of direct materials used in production?
3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…
10. A review of a company's Work-in-Process Inventory account found a debit for materials of P67,000. If all procedures were performed in the correct manner, this means that the firm: also recorded a credít to Manufacturing Supplies Inventory. a. b. was accounting for the usage of direct materials. was accounting for the usage of indirect materials. d. was accounting for the' usage of direct materials by also crediting the Raw-Material Inventory account. с.
The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory August 31 $? Materials Work in Process Finished Goods The cost of finished goods manufactured $ 66,000 $ 50,000 in August is: August 1 $ 20,000 $ 47,500 $ 43,300 $ 61,000 $ 40,000 $ 15,000 $ 35,000
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X

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