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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: In addition, the following transactions occurred in 2022: 1. 2. 3. 4. 5. Raw materials purchased on…

A: Lets understand the basics.Manufacturing overhead consists of indirect factory expenses incurred in…

Q: The following data were taken from the records of Best Company: 08/31/2021 09/30/2021 Inventories:…

A: The cost of goods sold is calculated as difference between cost of goods available for sale and…

Q: Use the following selected information for Jim Beam Company For the year ended 31st December 2020…

A: Factory overhead is indirect labor and indirect cost involved in operating manufacturing business.…

Q: nformation from the records of the Abel Corporation for July 2018 was as follows: Sales $1,230,000…

A: Prime cost means the addition of direct material and direct labor. Conversion cost means the…

Q: Waterway Industries provided the following information from its accounting records for 2019:…

A: Given that Estimated production 50000 labor hour Actual production 46000 labor hours Actual…

Q: Barker projects the following transactions for 2019:

A: Prepare a budgeted balance sheet for Barker, Inc.

Q: Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit,…

A: Journal entries are used to record accounting transaction in books under double entry accounting…

Q: Enter the following entries for the month of August 2021. Purchased raw materials on…

A: Journal entry: It is the activity of the accountant to record and summarize business economic…

Q: 5. A company applies manufacturing overhead costs to production at a budgeted indirect-cost rate of…

A: Manufacturing overhead includes all the indirect expenses related to the production such as indirect…

Q: The following is information provided from the records of Kuhio Company for August 31, 2022: -PL…

A: The cost of goods manufactured includes all costs related to manufacturing. It includes direct as…

Q: Grant's Ironhorse Company manufactures model railroad cars. At the end of October, 2019 the…

A: Income statement also know as profit and loss statement is one of the financial statements. It is…

Q: United Corporation recorded the following transactions for February 2019: a February 1: $74,000 in…

A: The journal entries are prepared to record the transactions on regular basis. The direct costs are…

Q: Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit,…

A: The direct costs incurred are debited to work in process account. The indirect costs are debited to…

Q: Can you please give answer

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.

Question

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.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction:

VIEW

Journal entries:

VIEW

Work-in-Process Inventory A/C

VIEW

Journal entry to dispose off the overhead difference:

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

In respect of a factory the following figures have been obtained for the year 2018: Particulars Rs. Cost of Materials 12,00,000 Factory Overheads 6,00,000 Selling Overheads 4,48,000 Distribution Overheads 2,80,000 Direct Wages 10,00,000 Administrative Overheads 6,72,000 Profit 8,40,000 A work order has been executed in 2019 and the following expenses have been incurred: Materials Rs. 16,000 and Wages Rs.10,000 Assuming that on 2019 the rate of factory overheads increased by 20%, distribution overheads have gone down by 10% and selling and administrative overheads have each gone up by 12.5%. At what price should the product be sold as to earn the same rate of profit on the selling price as in 2018? Factory overheads are based on direct wages while all other overheads are based on factory cost.
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: a. Prepare a cost of goods manufactured schedule for FAN Company for 2021! %24
From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2019. Account Balances Finished Goods Inventory, December 31 $42,000 Factory Supervisory Salaries 12,000 Income Tax Expense 18,000 Raw Materials Inventory, December 1 12,000 Work In Process Inventory, December 31 15,000 Sales Salaries Expense 14,000 Factory Depreciation Expense 8,000 Finished Goods Inventory, December 1 35,000 Raw Materials Purchases 105,000 Work In Process Inventory, December 1 25,000 Factory Utilities Expense 6,000 Direct Labor 70,000 Raw Materials Inventory, December 31 19,000 Sales Returns and Allowances 5,000 Indirect Labor 21,000
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $4 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: c. Assume that FAN Company's accounting records show the balance of the following current asset accounts on December 31, 2021 (in thousand): Cash $110,250 Accounts Receivable $ 12,440 Prepaid Expenses $9,250 Supplies $ 500 Short-Term Investment $ 550 Prepare the current…
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: b. Prepare an Income Statement for the year ended 2021! %24
The accounting department at Mansbridge Inc. prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (25 % for manufacturing) Office utilities Management salaries (5) Net income Notes: (1) 70% of the materials were direct (2) 60% direct labour, 40% indirect labour (3) 90% related to manufacturing (4) 70% related to manufacturing (5) 40% related to manufacturing Direct materials Work in process Finished goods Required: The department also compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Direct materials: Direct materials used Overhead 1. Prepare a cost of goods manufactured statement for the quarter. Direct materials available for use Total manufacturing costs Beginning. Ending $…
The following information is available for the Turner Manufacturing company for 2020. E (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales Data table Accounts receivable, January 1, 2020 $ 160,000 Accounts payable, January 1, 2020 Accounts receivable, January 1, 2020 160,000 Raw materials, January 1, 2020 12,000 Accounts payable, January 1, 2020 104,000 Work in process, January 1, 2020 20,000 Raw materials, January 1, 2020 12,000 Finished goods, January 1, 2020 70,000 Work in process, January 1, 2020 20,000 Accounts receivable, December 31, 2020 90,000 Finished goods, January 1, 2020 70,000 Accounts payable, December 31, 2020 240,000 Accounts receivable, December 31, 2020 90,000 Raw materials, December 31, 2020 ? Accounts payable, December 31, 2020 240,000 Work in process, December 31, 2020 57,000 Raw materials, December 31, 2020 72,000 Finished goods, December 31, 2020 54,000 Work in process, December 31, 2020…
During the month of May 2021, what was the aggregate cost of materials purchases?
Gensource Company provided the following information from its accounting records for 2021: Estimated production 60,000 labor hours Actual production 56,000 labor hours Estimated overhead $1,800,000 Actual overhead $1,740,000 How much is the predetermined overhead rate if the Company bases it on direct labor hours? Select one: O a. $29.00 per hour b. $32.14 per hour c. $30.00 per hour d. $31.07 per hour
Information from the records of the Sally Ann Company for the month of May 2019 is as follows: Purchases of direct materials $54,000 Indirect labor 15,000 Direct labor 31,200 Depreciation on factory machinery 9,000 Sales 165,900 Selling and administrative expenses 18,900 Rent on factory building 21,000 Inventories May 1, 2019 May 31, 2019 Direct materials $24,000 $26,100 Work in process 6,300 9,600 Finished goods 15,000 17,100 Required: Prepare a statement of cost of goods manufactured for the month of Prepare an income statement for the month of
From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales $ 870,000 Direct Materials used 170,000 Direct Labor costs 90,000 Total Overhead costs Work-in-Process inventory, 12-31-2019 Finished Goods inventory, 12-31-2019 Work-in-Process inventory, 12-31-2020 Finished Goods inventory, 12-31-2020 60,000 $ 35,000 $ 40,000 30,000 25,000 Rent, utilities for corporate headquarters building 70,000 A) $315,000 B) $325,000 C) $330,000 D) $340,000
Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2018 Dec. 31, 2019 Raw materials inventory $120,000 $ 96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve) Group of answer choices $1,397,000 $1,229,000 $1,391,000 $1,385,000