The following data summarize the operations during the year.A. Purchase of raw materials on account.$3,000B. Raw materials used by Job 1.$500C. Raw materials used as indirect materials.$100D. Direct labor for Job 1.$300E. Indirect labor incurred.$60F. Factory utilities incurred on account.$750G. Adjusting entry for factory depreciation.$200H. Manufacturing overhead applied as % of direct labor.200%I. Job 1 is transferred to finished goods.J. Job 1 is sold.$2,900K. Manufacturing overhead is overapplied.$120Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank.А.В.С.B. Е.F.G.Н.I.J.К.D.

Journal entry A journal entry is the act of maintaining or producing records of any economic or…

The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $500 C. Raw materials used as indirect materials. $100 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $750

The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $500 C. Raw materials used as indirect materials. $100 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $750

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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A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $353,700 and direct labor hours would be 47,300. Actual manufacturing overhead costs incurred were $319,500, and actual direct labor hours were 52,400. The journal entry to apply the factory overhead costs for the year would include a Oa. debit to Factory Overhead for $391,952 Ob. credit to Factory Overhead for $391,952 Oc. debit to Factory Overhead for $319,500 Od. credit to Factory Overhead for $353,700
a Correct Materials Correct Accounts Payable b Wrong Wrong Wrong Wrong Wrong Wrong d Wrong Wrong e Wrong Wrong Wrong Wrong g1 Wrong Wrong g2 Wrong Wrong
Check my work The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,500 machine-hours were used in October. g. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 40% above cost. Required: 1. Prepare journal entries to record the…
Rundle Company and Rooney Company assign manufacturing overhead to Work in Process Inventory using direct labor cost. The following information is available for the companies for the year. Actual direct labor cost Estimated direct labor cost. Actual manufacturing overhead cost Estimated manufacturing overhead cost Rundle Company $ 148,000 153,000 Rundle Company Rooney Company 55,600 74,970 Required a. Compute the predetermined overhead rate for each company. b. Determine the amount of overhead cost that would be applied to Work in Process Inventory for each company. c. Compute the amount of overapplied or underapplied manufacturing overhead cost for each company. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Predetermined Overhead direct labor dollar direct labor dollar Rooney Company $ 173,000 105,000 91,100 90,300
Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $96,000. b. Direct materials used, $41,000. Indirect materials used, $18,600. c. Direct labor used, $32,000. Indirect labor used, $8,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $8,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $60,000. g. Sales of jobs on credit was $85,000. h. Cost of jobs sold was $60,000. View transaction list Journal entry worksheet
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The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $500 C. Raw materials used as indirect materials. $100 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $750 G. Adjusting entry for factory depreciation. $200 H. Manufacturing overhead applied as % of direct labor. 200% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $120 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory 3,000 Accounts Payable 3,000 B. Work in Process Inventory 500 Raw Materials Inventory 500 C. Manufacturing Overhead 100 Raw Materials Inventory 100
During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $47,300; indirect labor, $84,300; utilities cost, $13,000; and factory depreciation, $51,800. Journalize the entry on May 30 to record the factory overhead incurred during May. Refer to the Chart of Accounts for exact wording of account titles.
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $770,000. b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect. d. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. e. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. f. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900. g. Factory overhead costs applied to jobs, $568,500. h. Jobs completed, $1,500,000. i. Cost of goods sold, $1,375,000. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it…
A Corporation uses a job costing system and had the following data available for the current period. Purchased materials on account $70,000 Materials requisitioned ( includes $6,500 of indirect material) $54,500 Manufacturing wages incurred $75,000 Assigned manufacturing wages, 85% direct labour, 15% indirect labour Depreciation of factory equipment $13,500 Other manufacturing overhead incurred $45,900 Manufacturing overhead applied (as a % of direct labour cost) 130% Cost of goods completed $165,000 Cost of goods sold (on account) at a mark-up of 45% $130,000 State the…
Franklin, Inc. estimates manufacturing overhead costs for the Year 3 accounting period as follows. Equipment depreciation. Supplies Materials handling Property taxes Production setup Rent Maintenance Supervisory salaries $190,100. 20,000 33,200 a. Predetermined overhead rate b. Applied manufacturing overhead 13,300 20,100 43,000 39,000 281,300 The company uses a predetermined overhead rate based on machine hours. Estimated hours for labor in Year 3 were 201,000 and for machines were 128,000. Required a. Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) b. Determine the amount of manufacturing overhead applied to Work in Process Inventory during the Year 3 period if actual machine hours were 143,000. (Do not round intermediate calculations.) per machine hour
Jiminez Company engaged in the following transactions during May: a. Purchased raw materials for cash, $570 b. Used raw materials to begin jobs, $454 c. Paid wages of production employees, $350 d. Applied overhead at rate of $1.25 per direct labor dollar e. Completed job that had cost $490 f. Sold for $610 cash goods that had cost $465 to complete Required: Use the horizontal statements model provided to indicate how each of these events affected Jiminez's financial statements. Show dollar amounts of increases and decreases. Note: Round final answers to the nearest whole dollar. Enter decreases with a minus sign. Leave answer cells blank for any item not affected by the transaction. Event a. b. C. d. e. f. Cash + Raw Materials + + + + + + + + + + + BALANCE SHEET Assets Work in Process + + + + + Finished Goods + + + + + Manufacturing Overhead Stockholders' Equity = = Net Income