Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor-and one indirect cost pool, manufacturing overhead costs. It provides the following information for April 2020: (Click the icon to view the information for 2020.) Present the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not required.) Journal Entry Data table Actual direct materials used Actual direct manufacturing labor costs paid in cash Indirect materials used - X $ $ 20,000 50,000 $ 2,000 $ 49,000 $ $ 7,000 20,000 3,000 230,000 $ 225,000 Supervision and engineering salaries paid in cash Plant utilities and repairs paid in cash Plant depreciation Actual direct manufacturing labor-hours Cost of individual jobs completed and transferred to finished goods $ Cost of goods sold The following information is also available for 2020: (Click the icon to view the additional information.) Read the requirement. Data table Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours Print Done $ 1,160,000 29,000 hours - X

Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor-and one indirect cost pool, manufacturing overhead costs. It provides the following information for April 2020: (Click the icon to view the information for 2020.) Present the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not required.) Journal Entry Data table Actual direct materials used Actual direct manufacturing labor costs paid in cash Indirect materials used - X $ $ 20,000 50,000 $ 2,000 $ 49,000 $ $ 7,000 20,000 3,000 230,000 $ 225,000 Supervision and engineering salaries paid in cash Plant utilities and repairs paid in cash Plant depreciation Actual direct manufacturing labor-hours Cost of individual jobs completed and transferred to finished goods $ Cost of goods sold The following information is also available for 2020: (Click the icon to view the additional information.) Read the requirement. Data table Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours Print Done $ 1,160,000 29,000 hours - X

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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