FUNDAMENTAL ACCT PRIN CONNECT ACCESS
24th Edition
ISBN: 9781266494604
Author: Wild
Publisher: MCG
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Chapter 20, Problem 22E
Exercise 20-22 Recording costs of labor P2
Prepare
1. Incurred 542,000 of direct labor in the Roasting department and S33=000 of direct labor in the Blending department (credit Factory Wages Payable).
2. Incurred S20.000 of indirect labor in production (credit Factory Wages Payable).
3. Paid factory payroll of $95:000.
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Exercise 16-19 (Static) Recording costs of labor LO P3
Prepare journal entries to record the following production activities.
Incurred $42,000 of direct labor in the Roasting department and $33,000 of direct labor in the Blending department. Credit Factory Wages Payable.
Incurred $20,000 of indirect labor in production. Credit Factory Wages Payable.
20 EXERCISES
Soved
Prepare jourmal entries to record the following production activities for Hotwax.
1. Incurred $145,000 of direct labor in its Mixing department and $70,000 of direct labor in its Shapi
Wages Payable).
2 Incured indirect labor of $11,500 (credit Factory Wages Payable).
3. Total factory payroll of $226,500 was paid in cash.
View transaction list
Journal entry worksheet
1
Record direct labor used, but not yet paid.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Work in process inventory-Shaping
70,000
Work in process inventory-Mixing
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Problem 19-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3
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[The following information applies to the questions displayed below.] Widmer Watercraft’s predetermined overhead rate is 200% of direct labor. Information on the company’s production activities during May follows.
Purchased raw materials on credit, $220,000.
Materials requisitions record use of the following materials for the month.
Job 136
$
49,500
Job 137
33,500
Job 138
19,200
Job 139
22,800
Job 140
6,800
Total direct materials
131,800
Indirect materials
20,500
Total materials used
$
152,300
Paid $15,000 cash to a computer consultant to reprogram factory equipment.
Time tickets record use of the following labor for the month. These wages were paid in cash.
Job 136
$
12,200
Job 137
10,600
Job 138
38,100
Job 139
39,000
Job 140
3,800…
Chapter 20 Solutions
FUNDAMENTAL ACCT PRIN CONNECT ACCESS
Ch. 20 - Prob. 1DQCh. 20 - Prob. 2DQCh. 20 - Prob. 3DQCh. 20 - Prob. 4DQCh. 20 - Prob. 5DQCh. 20 - Explain in simple terms the notion of equivalent...Ch. 20 - Prob. 7DQCh. 20 - Prob. 8DQCh. 20 - Direct labor costs flow through what accounts in a...Ch. 20 - Prob. 10DQ
Ch. 20 - Prob. 11DQCh. 20 - Prob. 12DQCh. 20 - Prob. 13DQCh. 20 - Companies such as Apple commonly prepare a process...Ch. 20 - Prob. 15DQCh. 20 - Prob. 16DQCh. 20 - Prob. 17DQCh. 20 - How could a company manager use a process cost...Ch. 20 - Explain a hybrid costing system. Identify' a...Ch. 20 - Prob. 1QSCh. 20 - Prob. 2QSCh. 20 - Process vs. job order operations C1 For each of...Ch. 20 - Physical flow reconciliation C2 Prepare a physical...Ch. 20 - Prob. 5QSCh. 20 - A FIFO: Computing equivalent units C4 Refer to QS...Ch. 20 - Prob. 7QSCh. 20 - Prob. 8QSCh. 20 - Prob. 9QSCh. 20 - Prob. 10QSCh. 20 - Prob. 11QSCh. 20 - Prob. 12QSCh. 20 - Prob. 13QSCh. 20 - Prob. 14QSCh. 20 - Prob. 15QSCh. 20 - Prob. 16QSCh. 20 - A FIFO: Journal entry to transfer costs P4 Refer...Ch. 20 - Prob. 18QSCh. 20 - Weighted average: Assigning costs to output C3...Ch. 20 - Prob. 20QSCh. 20 - Prob. 21QSCh. 20 - Prob. 22QSCh. 20 - Recording costs of materials P1 Hotwax mates...Ch. 20 - Prob. 24QSCh. 20 - Recording costs of factory overhead P1 P3 Prepare...Ch. 20 - Recording transfer of costs to finished goods P4...Ch. 20 - Exercise 20-1 Process vs. job order operations C1...Ch. 20 - Exercise 20-2 Comparing process and job order...Ch. 20 - Prob. 3ECh. 20 - Prob. 4ECh. 20 - Prob. 5ECh. 20 - Prob. 6ECh. 20 - Prob. 7ECh. 20 - Exercise 20-8 Weighted average: Computing...Ch. 20 - Prob. 9ECh. 20 - Prob. 10ECh. 20 - Prob. 11ECh. 20 - Prob. 12ECh. 20 - Exercise 20-13A
FIFO: Completing a process cost...Ch. 20 - Exercise 20-14 Production cost flow and...Ch. 20 - Exercise 20-15 Recording product costs P1 P2 P3...Ch. 20 - Prob. 16ECh. 20 - Prob. 17ECh. 20 - Prob. 18ECh. 20 - Prob. 19ECh. 20 - Prob. 20ECh. 20 - Prob. 21ECh. 20 - Exercise 20-22 Recording costs of labor P2 Prepare...Ch. 20 - Prob. 23ECh. 20 - Prob. 24ECh. 20 - Exercise 20-25 Recording cost flows in a process...Ch. 20 - Exercise 20-26 Interpretation of journal entries...Ch. 20 - Prob. 1APSACh. 20 - Prob. 2APSACh. 20 - Prob. 3APSACh. 20 - Problem 20-4A Weighted average: Process cost...Ch. 20 - Problem 20-5AA FIFO: Process cost summary:...Ch. 20 - Prob. 6APSACh. 20 - Prob. 7APSACh. 20 - Prob. 1BPSBCh. 20 - Prob. 2BPSBCh. 20 - Prob. 3BPSBCh. 20 - Prob. 4BPSBCh. 20 - Problem 20-5BA FIFO: Process cost summary;...Ch. 20 - Problem 20-6BAFIFO: Costs per equivalent unit;...Ch. 20 - Problem 20-7BA FIFO: Process cost summary,...Ch. 20 - Prob. 20SPCh. 20 - Prob. 20CPCh. 20 - Prob. 1GLPCh. 20 - Apple has entered into contracts that require the...Ch. 20 - Apple and Google work to maintain high-quality and...Ch. 20 - Prob. 3AACh. 20 - Prob. 1BTNCh. 20 - Prob. 2BTNCh. 20 - Many companies use technology to help them improve...Ch. 20 - Prob. 4BTNCh. 20 - Prob. 5BTNCh. 20 - Prob. 6BTN
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- (Appendix 4A) Journal Entries, Job Costs The following transactions occurred during the month of April for Nelson Company: a. Purchased materials costing 4,610 on account. b. Requisitioned materials totaling 4,800 for use in production, 3,170 for Job 518 and the remainder for Job 519. c. Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month. Direct laborers are paid at the rate of 14 per hour. d. Applied overhead using a plantwide rate of 6.20 per direct labor hour. e. Incurred and paid in cash actual overhead for the month of 973. f. Completed and transferred Job 518 to Finished Goods. g. Sold on account Job 517, which had been completed and transferred to Finished Goods in March, for cost (2,770) plus 25%. Required: 1. Prepare journal entries for Transactions a through e. 2. Prepare job-order cost sheets for Jobs 518 and 519. Prepare journal entries for Transactions f and g. (Note: Round to the nearest dollar.) 3. Prepare a schedule of cost of goods manufactured for April. Assume that the beginning balance in the raw materials account was 1,025 and that the beginning balance in the work-in-process account was zero.arrow_forwardWork in Frocess May 1 Per general ledger P22,250 Per cost sheets #001 #002 #003 Direct materials P 6,000 P S,000 Direct labor 3,000 2,500 Factory Costs for May 6,000 2,600 Direct materials 3,000 2,000 Direct labor 1,000 1,500 Factory overhead is charged to production based on direct labor cost. Jobs #001 and #002 are completed during the month. Required: Determine the following: L Total manufacturing costs for the month. 2. Total cost of Job #001. 3. Total cost of Job #002 4. Work in Process - End 5. Total factory overhead applied for the month 6. Cos of goods manufactured for the month. V. Multiple C 1. Whicharrow_forwardAnswer Problem #8 : items 27 & 28arrow_forward
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