Question 24 If you purchase $100,000 in direct materials on credit, how do you journalize this transaction? OA) Direct materials debit and cash credit OB) Direct materials debit and accounts payable credit OC) Manufacturing costs debit and accounts receivable credit OD) Direct materials debit and manufacturing overhead credit

Question 24 If you purchase $100,000 in direct materials on credit, how do you journalize this transaction? OA) Direct materials debit and cash credit OB) Direct materials debit and accounts payable credit OC) Manufacturing costs debit and accounts receivable credit OD) Direct materials debit and manufacturing overhead credit

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter10: Accounting For Sales And Cash Receipts

Section10.2: Posting From A Sales Journal

Problem 1OYO

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Question 2 (* The following information relates to Wells Fargo for July 2021: Actual direct labor costs SAR 80 000 Actual direct labor rate per hour Factory overhead rate per direct labor hour SAR 12 Factory overhead incurred SAR 8 SAR 160 000 Assuming underapplied or overapplied overhead is transferred to cost of goods sold at the end of the period, how much would be the entry (debit or credit) to the cost of goods sold account? I Question 2: Write your answer below (show calculations):
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View Policies Current Attempt in Progress Using the following information: beginning materials inventory = $50,000; raw materials purchased on account = $20,000; material issued out to the shop floor = $45,000, what is the ending balance of materials inventory? O $45,000 O $95,000 O $65,000 O $25,000 eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
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QUESTION 4 P19.4A (Pg. 19-36) P19.4A (LO 3) The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet. $ 4,600 Factory Insurance Factory Machinery Raw Materials Inventory 7/1/19 48,000 Depreciation Factory Utilities Raw Materials 16,000 27,600 Inventory 6/30/20 39,600 Finished Goods Office Utilities Expense 8,650 Inventory 7/1/19 96,000 Sales Revenue 534,000 Finished Goods Sales Discounts 4,200 Inventory 6/30/20 Plant Manager's Salary 58,000 75,900 Factory Property Taxes Factory Repairs Work in Process 9,600 Inventory 7/1/19 19,800 1,400 Work in Process Raw Materials 96.400 Purchases Inventory 6/30/20 18,600 Cash 32,000 Direct Labor 139,250 Indirect Labor Accounts Receivable 24,460 27,000 Instructions •a. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) •b. Prepare an income…