Record the following journal entries for Allen Company: i (Click the icon to view the transactions.) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 6. Purchased raw materials on account, $5,000. Date 6. Accounts and Explanation 7. Used $2,000 in direct materials and $1,000 in indirect materials in production. Accounts and Explanation Date 7. Debit More info Credit 6. Purchased materials on account, $5.000. 7. Used $2,000 in direct materials and $1,000 in indirect materials in production. 8. Incurred $5,000 in labor costs, of which 80% was direct labor. X

Record the following journal entries for Allen Company: i (Click the icon to view the transactions.) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 6. Purchased raw materials on account, $5,000. Date 6. Accounts and Explanation 7. Used $2,000 in direct materials and $1,000 in indirect materials in production. Accounts and Explanation Date 7. Debit More info Credit 6. Purchased materials on account, $5.000. 7. Used $2,000 in direct materials and $1,000 in indirect materials in production. 8. Incurred $5,000 in labor costs, of which 80% was direct labor. X

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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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
Please help me with show all calculation thanku
IV. Given are the financial information of Bart Incorporated. Raw materials inventory 1/1/20 Raw materials inventory 12/31/20 Work in process inventory 1/1/20 Work in process inventory 12/31/20 Finished goods inventory 1/1/20 Finished goods inventory 12/31/20 Factory insurance Depreciation, factory machinery 8,000 5,000 2,000 3,000 15,000 16,000 2,000 2,000 Required: Answer the following questions. Show all your computations to support your answers. 1. Direct material used 2. Total manufacturing overhead 3. Total manufacturing costs 4. Cost of goods manufactured 5. Cost of goods sold 6. Operating expenses Net Income 7.
On ff Company Company Materials inventory, December 1 $81,110 $109,500 Materials inventory, December 31 (a) 123,730 Materials purchased 206,020 (a) Cost of direct materials used in production 217,370 (b) Direct labor 305,780 246,380 Factory overhead 94,900 122,640 Total manufacturing costs incurred in December (b) 708,470 Total manufacturing costs 773,780 773,780 Work in process inventory, December 1 155,730 263,900 Work in process inventory, December 31 131,400 (c) Cost of goods manufactured (c) 701,900 Finished goods inventory, December 1 137,080 122,640 Finished goods inventory, December 31 143,560 (d) Sales 1,195,560 1,095,000 Cost of goods sold (d) 708,470 Gross profit (e) (e) Operating expenses 155,730 (f) Net income (f) 243,090