Rite Packs manufactures backpacks. Its plant records include the following materials-related data:(Click the icon to view the transactions.)Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.Data tableRaw Materials Inventory, beginning balancePurchases of canvas, on accountPurchases of sewing machine lubricating oil, on accountMaterial requisitions:CanvasSewing machine lubricating oilPrintDone- X-$ 34,00065,0001,60064,000500FEEDredits. Select the explanation on the last line of the journal entry table.)CreditDebit

Rite Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Data table 4 Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done - X - $ 34,000 65,000 1,600 64,000 500 FEED redits. Select the explanation on the last line of the journal entry table.) Debit Credit

Rite Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Data table 4 Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done - X - $ 34,000 65,000 1,600 64,000 500 FEED redits. Select the explanation on the last line of the journal entry table.) Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help me with show all calculation thanku
Lean Mfg: Westgate Inc
es ! Required information [The following information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching The following additional information describes the company's production activities for May. Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 17,600 70,400 Beginning Inventory $ 26,000 83,500 103,300 28,100 (a) Transferred to work in process-Stitching (b) Transferred to…
6.
Please do not give solution in image format thanku
Whiffle Company produces children's whiffle ball sets using a three-step sequential process that includes molding, coloring and finishing. When the sets are completely finished, out of which account should the cost be transferred? OA. WIP Inventory- Coloring OB. WIP Inventory-Molding OC. WIP Inventory - Finishing (...)
(a) Complete All Things Brass Work-In-Process Inventory – Polishing Process T-account, clearly showing the ending balance. (b) Prepare the journal entries for the:▪assignment of direct materials, direct labour incurred, and the manufacturing overhead applied to the Polishing Process▪cost of the units completed and transferred out to the Packaging Process
Question 2, Part 2
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Pro-Weave manufactures stadium blankets by passing the products through a weaving department and then a sewing department. The following information is available regarding its June inventories: Raw materials inventory Beginning Inventory $ 154,000 450,000 640,000 Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory 1,396,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Other actual overhead cost (paid in cash) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) $ 625,000 200,000 $ 288,000 81,000 166,000 $ 1,325,000 405,000 1,775,000 (a) Transferred from Weaving to Sewing (b) Transferred…
R.p
Entry for Issuing Materials Materials issued are as follows: Requisition No. Material Job No. Amount 201 Aluminum 500 $89,380 202 Plastic 503 25,330 203 Rubber 504 3,950 204 Glue Indirect 2,400 205 Steel 510 36,960 Journalize the entry to record the issuance of materials. If an amount box does not require an entry, leave it blank. Work in Process Materials Finished Goods Factory Overhead Cash
Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Beginning Inventory Ending Inventory Raw materials inventory $ 81,000 $ 97,900 Work in process inventory—Cutting 193,500 135,500 Work in process inventory—Stitching 213,300 107,000 Finished goods inventory 50,100 38,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 100,000 Direct materials used—Cutting 25,500 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 23,100 Direct labor—Stitching 92,400 Factory Overhead (Actual costs) Indirect materials used $ 57,600 Indirect labor used 58,000 Other overhead costs 62,000 Factory Overhead Rates Cutting 150% of direct…