The following data summarize the operations during the year. Prepare a journal entry for each transaction.
Q: Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the…
A: Predetermined overhead rate = Budgeted overhaed / Budgeted machine hours= $267,900/14,100= $19 per…
Q: During the current month, Carla Vista Company incurs the following manufacturing costs. (a)…
A: Production cost is the cost incurred in a factory for the production of goods and hence includes…
Q: Solomon Manufacturing Company began operations on January 1. During the year, it started and…
A: Product cost indicates the total cost incurred during the period of production of goods. It includes…
Q: Adams Manufacturing Company began operations on January 1. During the year, it started and completed…
A: Introduction:- Product costs: Product costs are those which are incurred in the production of…
Q: hornton Manufacturing Company began operations on January 1. During the year, it started and…
A: Product costs are all costs incurred to obtain a product or provide a service. These costs can be…
Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October:…
A: Introduction: Journal entries should not be used to record routine transactions such as customer…
Q: Adams Manufacturing Company began operations on January 1. During the year, It started and completed…
A: Lets understand the basics.Costs are divided into mainly two types which are,(1) Product cost(2)…
Q: transactions occurred in October: a. Raw materials purchased on account, $ 209,000. b. Raw materials…
A: Introduction:In Every type of Accounts the left side of T Account is the debit side and the right…
Q: During August, Darling Company incurred factory overhead costs as follows: indirect materials,…
A: Factory Overheads:- Expenses related to the manufacturing of products are includes in Factory…
Q: irect materials t materials aterials used $ 49,000 24,400 73,400 9,420 $82,820
A: Applied Overhead = 80% of direct material cost=73400*80%=58720Finsihed goods is the total of direct…
Q: (Click the icon to view the transactions.) equirements Record the proper journal entry for each…
A: Inventory -Inventory management involves keeping track of all the goods, parts, and raw materials…
Q: Required information [The following information applies to the questions displayed below.]…
A:
Q: The following financial information about the manufacturing plant of Continental Company for the…
A: Inventory refers to all the items, raw materials, and merchandise that are used by the business…
Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October:…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Rooney Manufacturi financial statements 1. Raw materials pur 2. Wages of product 3. Salaries of…
A: started and completed units = 1,620 units sales = 1,160 units total product cost = cost of raw…
Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October.…
A: Manufacturing Overhead -Expenses incurred indirectly during production are often referred to as…
Q: At the beginning of the year, Barrington Manufacturing had the following account balances:…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: A company compiled the following information for the current year. (Assume that all raw materials…
A: For computing the materials used in the process we use the following formula, material used is…
Q: During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $8,800;…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: During August, Carrothers Company incurred factory overhead costs as follows: indirect materials,…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit,…
A: Journal entries are used to record accounting transaction in books under double entry accounting…
Q: Prepare journal entries to record the following transactions. 1. A manufacturing company purchased…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: a. Factory overhead costs During June, Calypso Company incurred factory overhead costs as follows:…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: Information on Kwon Manufacturing’s activities for its first month of operations follows: a.…
A: Entries are posted from the journal to the T-accounts, also known as Ledger accounts.Direct material…
Q: The following transactions occurred during April: a. Purchased materials on account at a cost of…
A: Cost accounting system:A cost account system refers to the operation of a cost account system to…
Q: Raw materials purchased and used—$3,070. Wages of production workers—$3,550. Salaries of…
A: Particular Amount Raw materials purchased and used $3,070 Wages of production workers $3,550…
Q: Use the following information to answer questions. (Algo) [The following information applies to the…
A: The journal entries are prepared to record the transactions on a regular basis. The direct costs are…
Q: Journalize the entries to record the following summarized operations related to production for a…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: During August, Jernigan Company incurred factory overhead costs as follows: indirect materials,…
A: Total factory overhead = Indirect materials + Indirect labor + Utilities cost + Factory depreciation…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Predetermined overehad rate=Estimated factory overheadDirect Labor hours=$353,70047,300=$7.48
Q: Rooney Manufacturing Company began operations on January 1. During the year, it started and…
A: Product cost is the amount of cost incurred in the making of the goods. It includes the cost of…
Q: Enter the following entries for the month of August 2021. Purchased raw materials on…
A: Journal entry: It is the activity of the accountant to record and summarize business economic…
Q: Check my work The Polaris Company uses a job-order costing system. The following transactions…
A: Step 1: Basics about journal entries.Journal entry is the primary step in recording the transactions…
Q: (Partial) Income Statement tA $
A: Income statement refers to the financial record which reflect the total revenue generated by ac…
Q: Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit,…
A: Journal entry: Entry is made to record a transaction. 1. Assets and expense account have debit…
Q: At the beginning of the year, Barrington Manufacturing had the following account balances:…
A: Cost accounting is one of the useful branch of accounting. Under this, different type of costs are…
Q: Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: During the current month, Sheridan Company incurs the following manufacturing costs. (a) (b) (c)…
A: Manufacturing overhead = Factory utilities + Factory property tax + Factory depreciation
Q: Model Magic Manufacturing reported the following year-end balances: Beginning work in process…
A: Raw material used = beginning raw materials inventory + purchases - ending raw materials inventory =…
Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October:…
A: In Every type of Accounts the left side of T Account is the debit side and the right side of T…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Overheads are considered as fixed and common expenses that should be allocated to the products based…
Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October:…
A: Job order costing: - Job order costing refers to the system in which the cost of manufacturing is…
Q: Jiminez Company engaged in the following transactions during May: a. Purchased raw materials for…
A: The work in process comprises direct costs incurred and overhead applied to the production. The cost…
Q: The following financial information about the manufacturing plant of Continental Company for the…
A: Inventory refers to all the items, raw materials, and merchandise that are used by the business…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Overheads are applied as follows - It is given that estimated overhead cost is…
Q: United Corporation recorded the following transactions for February 2019: a February 1: $74,000 in…
A: The journal entries are prepared to record the transactions on regular basis. The direct costs are…
The following data summarize the operations during the year. Prepare a
transaction.
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: $50
F. Factory utilities incurred on account: $700
G.
H. Manufacturing
I. Job 1 is transferred to finished goods
J. Job 1 is sold: $3,000
K. Manufacturing overhead is over applied: $100
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Thornton Manufacturing Company began operations on January 1. During the year, it started and completed 1,730 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,140. 2. Wages of production workers-$3,540. 3. Salaries of administrative and sales personnel-$1,975. 4. Depreciation on manufacturing equipment-$5,430. 5. Depreciation on administrative equipment-$1,825. Thornton sold 1,130 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold. Note: Do not round intermediate calculations. a. Total product cost b. Total cost of ending inventory c. Total cost of goods soldA manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $624,600 and direct labor hours would be 34,700. Actual manufacturing overhead costs incurred were $429,400, and actual direct labor hours were 22,600. The entry to apply the factory overhead costs for the year would include aThe following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $550 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $250 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. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory Raw Materials Inventory Accounts Payable Accounts Payable B. Work in Process Inventory Work in Process Inventory Raw Materials Inventory Raw Materials Inventory C. Manufacturing Overhead Manufacturing Overhead Raw Materials Inventory…
- At May 31, 2020, the account of Vaugh Company show the following. 1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900. 2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. 3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300. (Assume that overhead applied was equal to overhead incurred) 4. Sales revenue totaled $216,200 Prepare a condensed cost of goods manufactured schedule.At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $520,000, and direct materials costs, $200,000.At year-end, the company reports that actual overhead costs for the year are $528,700 and actual direct materials costs for the year are $200,000. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead…The following data were taken from the records of Blossom Manufacturing Company for the fiscal year ended December 31, 2022: Raw Materials Inventory (1/1/22) Raw Materials Inventory (12/31/22) Finished Goods Inventory (1/1/22) Finished Goods Inventory (12/31/22) Work in Process Inventory (1/1/22) Work in Process Inventory (12/31/22) Direct Labour Indirect Labour Accounts Receivable Factory Insurance $47,950 Factory Machinery Depreciation Factory Utilities Office Utilities Sales Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 44,350 85,700 77,600 9,850 6,550 145,100 18,200 27,250 7,600 $7,820 13,220 9,000 465,880 2,050 40,500 7,020 940 62,800 28,300
- S The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $10 per machine-hour. A total of 76,500 machine-hours were used in October. g. Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% above cost. Required: 1. Prepare journal entries to record the transactions…The journal entry to record $1,500 of direct labor and $250 of indirect labor incurred will include debit(s) to the ________. A. Work−in−Process Inventory account for $1,500 and Manufacturing Overhead account for $250 B. Manufacturing Overhead account for $1,750 C. Finished Goods Inventory account for $1,750 D. Work−in−Process Inventory account for $1,500 and Finished Goods Inventory account forDuring the current month, Sunland Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,200 on account. (b) Incurred factory labor of $37,600. (c) Factory utilities of $2,790 are payable, prepaid factory insurance of $2,510 have expired, and depreciation on the factory building is $9,000. Prepare journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Debit Credit (b) (Purchases of raw materials on account) (c) (To record factory labor costs) (To record overhead costs)
- 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 $329,800 and direct labor hours would be 49,100. Actual manufacturing overhead costs incurred were $316,500, and actual direct labor hours were 50,200. The journal entry to apply the factory overhead costs for the year would include aAt the beginning of the current year, Grant Company’s work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in work in process inventory on December 31 is a.$66,000 b.$24,000 c.$44,000 d.$36,000The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,670. (b) Requisitioned materials at a cost of $111,000, of which $15,600 was for general factory use. (c) Recorded factory labor of $225,700, of which $43,775 was indirect. (d) Incurred other costs: Begining balances Raw Mat: 29,500 work in pro: 19,900 Finished goods: 124,600 No balance for the rest Selling expense $ 34,400 Factory utilities 23,600 Administrative expenses 50,750 Factory rent 11,100 Factory depreciation 21,000 (e) Applied overhead at a rate equal to 137 percent of direct labor cost. (f) Completed jobs costing $262,150. (g) Sold jobs costing $324,570. (h) Recorded sales revenue of $515,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing…