Required: Journalize the transactions for August.Post transactions to the general ledger accounts fort Finished Goods, and Cost of good solds. Prepare a schedule of cost of goods manufactured t August using actual costing. Prepare an income statement, including a detailed schedule of of goods sold. 1.Purchased $164,000 of raw material on account. 2.Issued $180,000 of raw material of which $134,000 was direct to the produc 3.Accrued factory payroll of $88,000; $62,000 was for direct labor and the res was for supervisors' salaries. 4.Accrued utility cost of $7,000; of these costs $1600 were fixed. 5.Accrued property taxes on the factory in the amount of $2,000. 6.Had prepaid insurance of $1,600 on factory equipment that expired in Augu 7.Had straight line depreciation on factory equipment of $40,000. 8.Applied actual overhead to Work Process Inventory. 9 Transferred goods costing $320 000 to Finished Goods Inventory

Required: Journalize the transactions for August.Post transactions to the general ledger accounts fort Finished Goods, and Cost of good solds. Prepare a schedule of cost of goods manufactured t August using actual costing. Prepare an income statement, including a detailed schedule of of goods sold. 1.Purchased $164,000 of raw material on account. 2.Issued $180,000 of raw material of which $134,000 was direct to the produc 3.Accrued factory payroll of $88,000; $62,000 was for direct labor and the res was for supervisors' salaries. 4.Accrued utility cost of $7,000; of these costs $1600 were fixed. 5.Accrued property taxes on the factory in the amount of $2,000. 6.Had prepaid insurance of $1,600 on factory equipment that expired in Augu 7.Had straight line depreciation on factory equipment of $40,000. 8.Applied actual overhead to Work Process Inventory. 9 Transferred goods costing $320 000 to Finished Goods Inventory

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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Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare its schedule of cost of goods manufactured for the year ended December 31.
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Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,500 16,100 7,400 34,750 19,800 21,800 26,200 7,200 12,600 27,000 14,750 4,940 41,500 58,000 296,220 26,000 13,600 Pepper Company $ 17,350 22,050 9,450 25,150 39,400 14,600 20, 200 8,000 15,750 43,000 14,320 3,750 60,500 46,000 388,450 18,700 21,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of…
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Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. . Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses. Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,200,000 52,000 68,000 88,000 239,000 287,000 43,000 34,000 68,000 109,000 174,000 62,000 82,000 106,000
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,700 16,800 8,700 30,250 24,600 20,600 24,100 Required 1 5,800 12,600 24,500 14,900 5,660 40,000 Required 2 59, 200 283,890 34,000 14,200 Pepper Company $ 19,300 22,800 12,600 23,500 43,800 13,600 16,400 7,600 14,750 53,000 14,400 2,250 67,500 48,700 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion…
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Prepare journal entries to record the production activities. Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $135,600.