The journal entry to record the issuance of directmaterials represented by the following materialsrequisitions for the month includes: Requisition No.Description Amount 372 Job No. 179 $ 5,950 373 JobNo. 184 $4,400 374 Job No. 180 $ 5,225 375 Generalfactory use $ 795 376 Job No. 182 $3,170 MultipleChoice a debit to Materials Inventory, $18,745. a debitto Materials Inventory, $19,540. a debit to Work - in -Process Inventory, $18,745. a credit to Work-in-Process Inventory, $19,540.

PROBLEMThe journal entry to record the issuance of direct materials represented by the following…

Answered: The journal entry to record the…

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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Prepare journal entries to record the following production activities. 1. Paid other actual overhead costs of $38,000 in cash. 2. Applied overhead at 100% of direct labor costs. Direct labor costs were $42,000 in the Roasting department Blending department. View transaction list Journal entry worksheet A B Record overhead costs paid. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning) (Ending) Direct materials inventory $ 21,900 $ 24,800 Work-in-process inventory 32,400 28,700 Finished goods inventory 5,000 7,000 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $53,400. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31…
Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 25 June 1 Purchased raw materials for $20,000 on account. Raw materials requisitioned by production: 25 25 28 30 30 8 8 15 25 Date Account Titles and Explanation 15 25 25 28 3 Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) 30 Direct materials Indirect materials Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. Incurred $108,000 of factory labor. Time tickets indicated the following: Direct Labor Indirect Labor (Purchase of raw materials on account) (To assign materials to jobs and overhead) Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. Goods costing $18,000 were completed in the factory and were transferred to finished goods. Goods costing…
Cost of Direct Materials Used in Production for a Manufacturing Company Walker Manufacturing Company reported the following materials data for the month ending June 30: Materials purchased Materials inventory, June 1 Materials inventory, June 30 $207,500 65,500 54,600 Determine the cost of direct materials used in production by Walker during the month ended June 30. $
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Cost of Goods Manufactured, Cost of Goods Sold Hayward Company,a manufacturing firm, has supplied the following information from its accounting records for the month of May: Required: Prepare a statement of cost of goods manufactured . 2.Prepare a statement of cost of goods sold.
Recording materials transactionsPrepare a journal entry to record each of the following materialstransactions:a. Total materials purchased on account during the monthamounted to $200,000.b. Direct materials requisitioned for the month totaled $175,000.c. Indirect materials requisitioned during the month totaled$12,000.d. Direct materials returned to the storeroom from the factoryamounted to $2,500.e. Total materials returned to vendor during the month amountedto $1,800.f. Payment during the month for materials purchased on accounttotaled $165,000
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to Work In Process, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 93,200 Indirect materials issued to production 27,100 Total materials issued to production 119,000 Beginning materials inventory 52,900 The credit to the materials inventory account for materials used is: Multiple Choice $119,000. $27,100. $93,200. $91,900. $52,900.
Current Attempt in Progress Your answer is partially correct. In January, Sunland Tool & Die requisitions raw materials for production as follows: Job 1 $930, Job 2 $1,200, Job 3 $720, and general factory use $610. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 90,900 Indirect materials issued to production 13,700 Total materials issued to production 129,000 Beginning materials inventory 51,800 The credit to the materials inventory account for materials used is: Multiple Choice $129,000. $13,700. $90,900. $115,300. $51,800.

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