Requlred Informatlon[The following Information applies to the questions displayed below.]The following Information Is avallable for Lock-Tite Company, which produces speclal-order securlty products and uses ajob order costing system.April 30May 31InventoriesRaw materialsWork in processFinished goodsActivities and information for MayRaw materials purchases (paid with cash)Factory payroll (paid with cash)Factory overheadIndirect materialsIndirect laborother overhead costsSales (received in cash)Predetermined overhead rate based on direct labor cost35,00020,80033,500%24$32,0009,50056, 000190, 000150, 0009,00034,500109,0001,100, 00055%Compute the following amounts for the month of May using T-accounts.1. Cost of direct materlals used.2. Cost of direct labor used.3. Cost of goods manufactured.4. Cost of goods sold."5. Gross profit.6. Överapplied or underapplied overhead."Do not consider any underapplled or overapplled overhead.Raw Materials (RM)Work in Process (WIP)Finished Goods (FG) InventoryFactory Overhead *Do not consider any underapplied or overapplied overhead.Raw Materials (RM)Work in Process (WIP)Finished Goods (FG) InventoryFactory OverheadIncome statement (partial)

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Description: Requlred Informatlon[The following Information applies to the questions displayed below.]The following Information Is avallable for Lock-Tite Company, which produces speclal-order securlty products and uses ajob order costing system.April 30May 31In

Solution: Raw materials (RM) Particulars Debit Credit Particulars Beginning Balance, Apr 30…

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The following Information Is avallable for Lock-Tite Company, which produces speclal-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials $32,000 9,500 56, 000 35,000 20,800 33,500 190, 000 150, 000 9,000 34,500 109,000 1,100, eee 55% Indirect labor other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost

The following Information Is avallable for Lock-Tite Company, which produces speclal-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials $32,000 9,500 56, 000 35,000 20,800 33,500 190, 000 150, 000 9,000 34,500 109,000 1,100, eee 55% Indirect labor other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost

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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Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Factory Wages Payable Debit Credit Credit 46,900 Work in Process Inventory Debit Credit 26,150 9,900 26,150 87,650 104,584 Required 1 172,220 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Required 2 127,900 Complete this question by entering your answers in the tabs below. Finished Goods Inventory Credit Debit 172,220 155,190 Required 1 Required 2 87,650 42, 150 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied…
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods During Aprii Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $124, 000 118, 500 77, 300 $ 85,000 145, 000 80, 500 $119, 800 100, 700 61, 700 354, 000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement.
Under Lamar Company's job costing system, manufacturing overhead is applied to Work-in-Process Inventory using a predetermined overhead rate. During June, Lamar's transactions included the following: Direct materials issued to production $ 91,700 Indirect materials issued to production 9,700 Manufacturing overhead cost incurred 126,700 Manufacturing overhead cost applied 114,700 Direct labor cost incurred 108,700 Lamar Company had no beginning or ending inventories. What was the cost of goods manufactured for June? (CMA adapted)
I need ALL parts of this question answered Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash $ 10,350 Raw materials $ 3,350 Work in process 15,350 Finished goods 19,350 38,050 Property, plant, and equipment (net) 229,350 Total assets $277,750 Liabilities and Stockholders’ Equity: Accounts payable $ 15,175 Retained earnings 262,575 Total liabilities and stockholders’ equity $277,750 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account $ 66,350 (2) Raw materials used in production (direct materials) $ 50,350 (3) Raw materials used in production (indirect materials) $ 7,175 (4) Direct labor paid in cash $…
Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash $ 10,150 Raw materials $ 3,750 Work in process 15,150 Finished goods 19,150 38,050 Property, plant, and equipment (net) 229,150 Total assets $277,350 Liabilities and Stockholders’ Equity: Accounts payable $ 15,075 Retained earnings 262,275 Total liabilities and stockholders’ equity $277,350 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account $ 66,150 (2) Raw materials used in production (direct materials) $ 50,150 (3) Raw materials used in production (indirect materials) $ 7,075 (4) Direct labor paid in cash $ 95,150 (5) Indirect labor paid in cash $ 25,150 (6) Selling and administrative salaries paid in cash $ 30,150 (7)…
The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials -Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Beginning of period $ 40,000 9,400 56,000 Journal entry worksheet A Prepare journal entries for the above transactions for the period. B C Transaction 1 Note: Enter debits before credits. End of Period $ 50,000 20,600 34,000 $ 183,000 150,000 11,000 34,500 91,000 Record the raw material purchases for cash. General Journal Debit Credit
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June: Debits to account: Balance, June 1 Direct materials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) Total debits to account Credits to account: Transferred to Finished Goods Inventory account Balance, June 30 Required: $ 5,000 18,000 12,100 15,125 $ 50,225 44,000 $ 6,225 a. Assuming that the direct labor charged to the jobs still in process at June 30 amounts to $1,500, compute the amount of manufacturing overhead and the amount of direct materials that have been charged to these jobs as of June 30. b. Prepare general journal entries to summarize: 1. The manufacturing costs (direct materials, direct labor, and overhead) charged to production during June. 2. The transfer of…
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 11,500 $ 54,800 $ 33,480 Ending $ 18,600 $ 66,400 $ 42,200 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Primare Corporation Schedule of Cost of Goods Sold $ 31,000 $ 4,530 $ 59,900 $ 88,600 $ 4,190 Required 1 Required 2 Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods…
Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?
Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 48,000 $ 45,000 Work in process 9,600 18,600 Finished goods 60,000 34,500 Activities and information for May Raw materials purchases (paid with cash) 185,000 Factory payroll (paid with cash) 250,000 Factory overhead Indirect materials 16,000 Indirect labor 57,500 Other overhead costs 113,000 Sales (received in cash) 1,200,000 Predetermined overhead rate based on direct labor cost 55 % Incurred other overhead costs (record credit to Other Accounts). Applied overhead to work in process. Prepare journal entries…
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $28,790. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180 c. Factory overhead costs incurred on account, $5,600. d. Depreciation of machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730. Required: 1. Journalize the entries to record the summarized…
The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials $ 38,000 Work in 9,200 process Finished goods 63,000 Beginning End of of period Period $ 41,000 20,300 33,500 Cost incurred for the period Raw materials purchases $ 184,000 Factory payroll 300,000 Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs Exercise 19-13 (Algo) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Prepare journal entries for the above transactions for the period. 13,000 69,000 107,000 Journal entry worksheet