Entries for Product Cost FlowThe following transactions occurred during February 2016 for Thompson Manufacturing Company:Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale.11 Requisitioned $6,000 of material for use as direct material in the factory.16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouse.Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system.General JournalDateFeb. 10##+0#Please answer all parts of the question.Feb.11Feb. 16DescriptionPreviousSave AnswersDebit000000Credit0ooooo000 e rastury.16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouseRecord these transactions in general journal form. Assume that Thompson Manufacturing Company uses the pGeneral JournalDateFeb.1Feb. 1Feb. 10DescriptionAccounts payableFinished goods inventoryMaterials inventoryWork in process inventoryPlease answer all parts of the question.PreviousSave AnswersDebit0ooo00000Credit000OOOO000

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Description: Entries for Product Cost FlowThe following transactions occurred during February 2016 for Thompson Manufacturing Company:Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale.11 Requisitioned $6,000 of materi

Journal entries are those which are reported in the books in order to prepare a day to day record of…

Business

Accounting

The following transactions occurred during February 2016 for Thompson Manufacturing Company: Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale, 11 Requisitioned $6,000 of material for use as direct material in the factory. 16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouse Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system. General Journal Date Feb.10 Feb.11 Feb.16 Description : # : + : # Please answer all parts of the question Debit 0 0 0 0 0 0 Credit D COODOO 0 0 0 0 0

The following transactions occurred during February 2016 for Thompson Manufacturing Company: Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale, 11 Requisitioned $6,000 of material for use as direct material in the factory. 16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouse Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system. General Journal Date Feb.10 Feb.11 Feb.16 Description : # : + : # Please answer all parts of the question Debit 0 0 0 0 0 0 Credit D COODOO 0 0 0 0 0

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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P2-4A. Journal Entries Taylor Manufacturing Company uses the perpetual inventory system to record trans- actions related to its manufacturing inventories. The following transactions occurred during March: Mar. 6 Recorded the payroll: $5,000 of direct labor and $1,000 of indirect labor. 8 Received $7,000 of materials and components that had been ordered on account. 10 Completed product costing $11,000 and transferred it to the warehouse. Requisitioned $2,500 of materials for use in the factory; $2,000 was used as direct materials and the remainder was used as indirect materials. 12 Sold on account product costing $1,500 for $2,250. 15 Applied $3,000 of manufacturing overhead cost to the product currently being worked on. 21 Paid $250 cash for a special material component that was shipped via overnight delivery. 27 Sold product costing $1,450 for $2,500 cash. Required Prepare general journal entries to record these transactions.
On August 20, 2017, Lockman Limited incurs the following costs related to inventory, all of which were paid in cash: Invoice (inventory) cost Sales tax on inventory purchased Cost to market inventory to customers Inventory delivery cost Cost to insure inventory during shipment/delivery Inventory packaging and inspection costs Cost to clean inventory sitting on retail shelves for too long TOTAL 125,000 5,000 Account 800 3,000 200 800 500 135,300 What journal entry should Lockman Limited record associated with these costs? Debit 105.300.00 Credit 4
Kumar Inc. uses LIFO inventory costing. At January 1, 2017, inventory was $214,000 at both cost and market value. At December 31, 2017, the inventory was $286,000 at cost and $265,000 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method.
Gillam Ltd uses a perpetual inventory system. The unit cost of inventory is assigned using the First-In, First-Out method. During June 2010 the company had the following transactions for an item of material: June 1 Balance 240 units @ $6.00 $ 1,440 5 Purchased on credit 160 units @ $5.50 880 10 Issued 40 units to Job 60 15 Issued 220 units to Job 61 20 Purchased on credit 260 units @ $6.00 1,560 22 Issued 100 units to Job 62 25 Issued 200 units to Job 63 29 Returned 10 units to the supplier purchased on the 22 June REQUIRED: ( a ) Prepare an inventory ledger card (stock card) to record the above. ( b ) Prepare a general journal entry to record the total issues for June. ( c ) Prepare a general journal entry to record the return to the supplier of 10 units purchased on 22 June.
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Topanga Group began operations early in 2016. Inventory purchase information for the quarter ended March 31, 2016, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system. Date of Purchase Units Total Cost Unit Cost $ 20,000 5,000 12,000 17,000 $4.00 Jan. 7 Feb. 16 March 22 4.50 54,000 85,000 5.00 Totals $159,000 34,000 Sales for the quarter, all at $7.00 per unit, totaled 20,000 units leaving 14,000 units on hand at the end of the quarter. Required: 1. Calculate the Topanga's gross profit ratio for the first quarter using: a. FIFO b. LIFO c. Average cost 2. Comment on the relative effect of each of the three inventory methods on the gross profit ratio.
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The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 發 Balances in inventory August 31 August 1 Materiais Work in Process Finished Goods $65,000547,000 $60.000 *Sue00 M The total amount of inventory to be included in Elite's August 31st balance sheet amounts to A. $135,000 B. $210,000 C. $160,000 D. Some other amount 1 1109
Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $87,000 and Cost of Goods Sold of $454,000. a. Included in Inventory (and Accounts Payable) are $13,400 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $6,700 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $9,700 of lenses in the warehouse, ready to send to customers on January 2. SLC reported these lenses as sold on December 31, at a price of $18,400. d. Included in SLC's Inventory balance are $3,850 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. Required: For each item, (a)-(d), prepare the journal entry to correct the balances presently reported. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list > To record the elimination of consignment…