View Policies Current Attempt in Progress Marigold Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 1 Purchased raw materials on account $49,100. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,900 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $55,300 was direct labor and $6,600 was indirect labor. Manufacturing overhead costs incurred on account were $81,900. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $93,900 were completed and transferred to finished goods. Finished goods costing $76,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45))

View Policies Current Attempt in Progress Marigold Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 1 Purchased raw materials on account $49,100. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,900 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $55,300 was direct labor and $6,600 was indirect labor. Manufacturing overhead costs incurred on account were $81,900. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $93,900 were completed and transferred to finished goods. Finished goods costing $76,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45))

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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T1.
Hardev
JOURNAL ENTRY
Subject:
Journalize the following transactions for Malone Custom Furniture Manufacturing (omit explanations): a. Incurred and paid advertising expenses, $3,500. b. Incurred manufacturing wages of $30,000, 60% of which was direct labor and 40% of which was indirect labor. Wages will be paid at a later date. c. Purchased raw materials on account, $27,000. d. Used in production: direct materials, $12,000; indirect materials, $5,500 e. Recorded manufacturing overhead: depreciation on plant, $14,000; plant insurance (previously paid), $1,800; plant property tax, $4,500 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 150% of direct labor costs. g. Completed production on jobs with costs of $55,000. h. Sold inventory on account, $64,000; cost of goods sold, $35,000. The company uses the perpetual inventory system. i. Adjusted for overallocated or underallocated overhead.
Entries for Product Cost Flow 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 # # + 0 # Please answer all parts of the question. Feb.11 Feb. 16 Description Previous Save Answers Debit 0 0 0 0 0 0 Credit 0 ooooo 0 0 0
Stuart Corporation began fiscal Year 2 with the following balances in its inventory accounts. $ 55,600 Raw Materials Work in Process Finished Goods 82,300 26,300 During the accounting period, Stuart purchased $238,700 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $323,600, and manufacturing overhead of $47,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,300 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,900 were sold for $801,000 during the period. Selling and administrative expenses amounted to $70,500. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement.
None
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.
Transaction Analysis Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below: a. Raw materials purchased on account, $100,000. b. Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials. c. Sales commissions paid in cash, $45,000. d. Depreciation was recorded for the month. $60,000 (65% related to factory equipment, and the remainder related to selling and administrative equipment). e. Sales for the month, $450,000 (70% cash sales and the remainder were sales on account). f. Factory utilities paid in cash, $12,000. g. Applied $138,000 of manufacturing overhead to production during the month. h. Various jobs costing a total of $190,000 were completed during the month and transferred to Finished Goods. i. Cash receipts from customers who had previously purchased on credit, $115,000. j. Various completed jobs costing a total of $220,000 were sold to customers. k. Cash paid to raw material…
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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…