urrent Attempt in Progress During January, its first month of operations, Ayayai Company accumulated the following manufacturing costs: raw materials purchased $5,400 on account, factory labor $6.700, and utilities payable $2,100. In January, requisitions of raw materials for production are as follows: Job 1 $960, Job 2 $1,200, Job 3 $790, and general factory use $680. Record raw materials used. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) Accumulated costs Direct materials used Indirect materials used Ending balance Raw Materials Inventory $ 5400 Manufacturing Costs Factory Labor 6700 Manufacturing Overhead $ 2100 Work in Proc

urrent Attempt in Progress During January, its first month of operations, Ayayai Company accumulated the following manufacturing costs: raw materials purchased $5,400 on account, factory labor $6.700, and utilities payable $2,100. In January, requisitions of raw materials for production are as follows: Job 1 $960, Job 2 $1,200, Job 3 $790, and general factory use $680. Record raw materials used. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) Accumulated costs Direct materials used Indirect materials used Ending balance Raw Materials Inventory $ 5400 Manufacturing Costs Factory Labor 6700 Manufacturing Overhead $ 2100 Work in Proc

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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Book Hint Larned Corporation recorded the following transactions for the just completed month. a. $79,000 in raw materials were purchased on account. b. $77,000 in raw materials were used in production. Of this amount, $63,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $111,000 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $191,000 was incurred on factory equipment.
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,860 Direct labor $ 59,700 Manufacturing overhead applied to work in process $ 88,100 Underapplied overhead $ 4,120 Inventories Beginning Ending Raw materials $ 11,500 $ 18,600 Work in process $ 54,000 $ 65,900 Finished goods $ 33,600 $ 42,400 Required: Prepare a schedule of cost of goods manufactured for the month. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Green Company's costs for the month of August are as follows: Direct materials used $27,000 Direct labour $34,000 Sales salaries $14,000 Indirect labour $10,000 Indirect materials $15,000 General corporate administrative costs $12,000 Property taxes on manufacturing facility $2,000 Rent on factory $17.000 The beginning work-in-process inventory is $16,000 and the ending work-in-process inventory is $9,000. What is the cost of goods manufactured for the month? a. $112,000 b. $105,000 C. $132,000 d. $138,000
ces The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,870. (b) Requisitioned materials at a cost of $111,500, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,900 24,600 50,750 11,700 20,600 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (f) Completed jobs costing $262,350. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $513,000. 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 overhead. (Round your answer to 2 decimal places.) 3-b. If the balance in the Manufacturing Overhead account is closed…
Uhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing. Journal Date Description Debit Credit 1 1 2 2 2 2 3 3 3 3 4 4 4
- Online i A manufacturing corporation provided data concerning its operations for August. The beginning balance in the raw materials account was $21,000 and the ending balance was $39,000. Raw materials purchases during the month totaled $65,000. Manufacturing overhead cost incurred during the month was $100,000, of which $3,000 consisted of raw materials classified as indirect materials. The direct materials cost for August was:
Vinubhai
[The following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520 Time tickets show the following labor used for the month. Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…
A review of the ledger of Coronado Company at December 31, 2025, produces the following data pertaining to the preparation of annual adjusting entries. 1. 2. 3. Salaries and Wages Payable $0. There are eight employees. Salaries and wages are paid every Friday for the current week. Five employees receive $740 each per week, and three employees earn $520 each per week. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. Unearned Rent Revenue $351,180. The company began subleasing office space in its new building on November 1. Each tenant is required to make a $5,830 security deposit that is not refundable until occupancy is terminated. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. Date Nov. 1 Dec. 1 Contract Term (in months) A650 6 B974 6 Prepaid Advertising $13,200. This balance consists of payments on two advertising contracts. The contracts provide for…
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,740 Direct labor $ 58,800 Manufacturing overhead applied to work in process $ 87,200 Underapplied overhead $ 4,180 Inventories Beginning Ending Raw materials $ 10,700 $ 19,500 Work in process $ 55,900 $ 65,700 Finished goods $ 34,600 $ 44,000 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.
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