Sheffield Corporation incurred the following transactions. 1. Purchased raw materials on account $ 53,800. 2. Raw Materials of $ 36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 8,500 was classified as indirect materials. 3. Factory labor costs incurred were $ 61,900. 4. Time tickets indicated that $ 54,900 was direct labor and $ 7,000 was indirect labor. 5. Manufacturing overhead costs incurred on account were $ 82,300. 6. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 7. Goods costing $ 96,600 were completed and transferred to finished goods. 8. Finished goods costing $ 79,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory Cost of Goods Sold 1. Purchased raw materials $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount 2. Direct materials enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 2. Indirect materials enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 3. Incurred factory labor enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 4. Direct labor enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 4. Indirect labor enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 5. Overhead costs incurred enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 6. Assigned overhead enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 7. Completed goods enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 8. Goods sold enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a

Sheffield Corporation incurred the following transactions. 1. Purchased raw materials on account $ 53,800. 2. Raw Materials of $ 36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 8,500 was classified as indirect materials. 3. Factory labor costs incurred were $ 61,900. 4. Time tickets indicated that $ 54,900 was direct labor and $ 7,000 was indirect labor. 5. Manufacturing overhead costs incurred on account were $ 82,300. 6. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 7. Goods costing $ 96,600 were completed and transferred to finished goods. 8. Finished goods costing $ 79,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory Cost of Goods Sold 1. Purchased raw materials $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount $ enter a dollar amountenter a dollar amount 2. Direct materials enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 2. Indirect materials enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 3. Incurred factory labor enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 4. Direct labor enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 4. Indirect labor enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 5. Overhead costs incurred enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 6. Assigned overhead enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 7. Completed goods enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount 8. Goods sold enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a dollar amount enter a dollar amountenter a

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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Question

Sheffield Corporation incurred the following transactions.

1.		Purchased raw materials on account $ 53,800.
2.		Raw Materials of $ 36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 8,500 was classified as indirect materials.
3.		Factory labor costs incurred were $ 61,900.
4.		Time tickets indicated that $ 54,900 was direct labor and $ 7,000 was indirect labor.
5.		Manufacturing overhead costs incurred on account were $ 82,300.
6.		Manufacturing overhead was applied at the rate of 160% of direct labor cost.
7.		Goods costing $ 96,600 were completed and transferred to finished goods.
8.		Finished goods costing $ 79,400 to manufacture were sold.

Record the transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

		Manufacturing Costs
		Raw Materials Inventory	Factory Labor	Manufacturing Overhead	Work in Process Inventory	Finished Goods Inventory	Cost of Goods Sold
1.	Purchased raw materials	$ enter a dollar amountenter a dollar amount	$ enter a dollar amountenter a dollar amount	$ enter a dollar amountenter a dollar amount	$ enter a dollar amountenter a dollar amount	$ enter a dollar amountenter a dollar amount	$ enter a dollar amountenter a dollar amount
2.	Direct materials	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount
2.	Indirect materials	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount
3.	Incurred factory labor	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount
4.	Direct labor	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount
4.	Indirect labor	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount
5.	Overhead costs incurred	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount
6.	Assigned overhead	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount
7.	Completed goods	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount
8.	Goods sold	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount	enter a dollar amountenter a dollar amount

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