Q3. A summary of Turtle Company's transactions for March 2019 are as followings.1) Purchases of materials on credit, $89,0002) Usage of direct materials, $81,000 and indirect materials $4,000.3) Manufacturing payroll for March direct labor, $39,000 and indirect labor $15,000paid in cash.4) Other manufacturing overhead costs incurred during March $75,000 consisting ofsupervision salary $44,000, plant utilities $13,000 and plant depreciation S18,000.5) Allocation of factory overhead to jobs $80,0006) Completion and transfer of individual jobs to finished goods, $188,800.7) Cost of goods sold, $180,000.8) Marketing cost $45,000, customer service cost $15,000 paid in cash9) Sales Revenues, all on credit $270,000.(Instructions)1. Make journal entries2. Make Work in Process Account by using T-account form.3. Make journal entry to dispose of overhead difference.

What are Journal Entries? It is the first step to record the financial transactions in the books of…

Q3. A summary of Turtle Company's transactions for March 2019 are as followings. 1) Purchases of materials on credit, $89,000 2) Usage of direct materials, $81,000 and indirect materials $4,000. 3) Manufacturing payroll for March direct labor, $39,000 and indirect labor $15,000 paid in cash. 4) Other manufacturing overhead costs incurred during March $75,000 consisting of supervision salary $44,000, plant utilities $13,000 and plant depreciation $18,000. 5) Allocation of factory overhead to jobs $80,000 6) Completion and transfer of individual jobs to finished goods, $188,800. 7) Cost of goods sold, $180,000. 8) Marketing cost $45,000, customer service cost $15,000 paid in cash 9) Sales Revenues, all on credit $270,000. (Instructions) 1. Make journal entries 2. Make Work in Process Account by using T-account form. 3. Make journal entry to dispose of overhead difference.

Q3. A summary of Turtle Company's transactions for March 2019 are as followings. 1) Purchases of materials on credit, $89,000 2) Usage of direct materials, $81,000 and indirect materials $4,000. 3) Manufacturing payroll for March direct labor, $39,000 and indirect labor $15,000 paid in cash. 4) Other manufacturing overhead costs incurred during March $75,000 consisting of supervision salary $44,000, plant utilities $13,000 and plant depreciation $18,000. 5) Allocation of factory overhead to jobs $80,000 6) Completion and transfer of individual jobs to finished goods, $188,800. 7) Cost of goods sold, $180,000. 8) Marketing cost $45,000, customer service cost $15,000 paid in cash 9) Sales Revenues, all on credit $270,000. (Instructions) 1. Make journal entries 2. Make Work in Process Account by using T-account form. 3. Make journal entry to dispose of overhead difference.

Cornerstones of Cost Management (Cornerstones Series)

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ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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Q3. A summary of Turtle Company's transactions for March 2019 are as followings.
1) Purchases of materials on credit, $89,000
2) Usage of direct materials, $81,000 and indirect materials $4,000.
3) Manufacturing payroll for March direct labor, $39,000 and indirect labor $15,000
paid in cash.
4) Other manufacturing overhead costs incurred during March $75,000 consisting of
supervision salary $44,000, plant utilities $13,000 and plant depreciation S18,000.
5) Allocation of factory overhead to jobs $80,000
6) Completion and transfer of individual jobs to finished goods, $188,800.
7) Cost of goods sold, $180,000.
8) Marketing cost $45,000, customer service cost $15,000 paid in cash
9) Sales Revenues, all on credit $270,000.
(Instructions)
1. Make journal entries
2. Make Work in Process Account by using T-account form.
3. Make journal entry to dispose of overhead difference.

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