Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning inventories.$114.000 In raw materials were purchased for cash.b. $102.000 In raw materlals were requisitioned for use in production. Of this amount, $88000 was for direct materlals, and thec. Total labour wages of $146.000 were Incurred and pald. Of this amount, S132,000 was for direct labour, and the remainder was forremalnder was for Indirect materlals.Indirect labour.d. Other manufacturing overhead costs of $18,000 were Incurred and paid.e. Manufacturing overhead costs of $112.000 were applied to jobs using the company's predetermined overhead rate.f.All of the jobs in progress at the end of the month were completed and shlpped to customers.g. The underapplied or overapplied overhead for the perlod was closed out to cost of goods sold.Required:1. Post the preceding transactions to T-accounts.CashRaw MaterialsEnd. bal.Work in ProcessFinished GoodsManufacturing OverheadCost of Goods Sold

Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning inventories. b. $102.000 in raw materials were requisitioned for use in production. Of this amount, $88,000 was for direct matertals, and the remalnder was for Indirect materials. c Total labour wages of $146.000 were Incurred and pald. Of this amount, $132,000 was for direct labour, and the remainder was for Indirect labour. d. Other manufacturing overhead costs of $118,000 were incurred and paid. e. Manufacturing overhead costs of $112.000 were applied to jobs Using the company's predetermined overhead rate. f. All of the jobs In progress at the end of the month were completed and shipped to customers. 9. The underapplied or overapplied overhead for the perlod was closed out to cost of goods sold. Required: 1. Post the preceding transactions to T-accounts. Cash Raw Materials End. bal. Work in Process Finished Goods Manufacturing Overhead Cost of Goods Sold

Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning inventories. b. $102.000 in raw materials were requisitioned for use in production. Of this amount, $88,000 was for direct matertals, and the remalnder was for Indirect materials. c Total labour wages of $146.000 were Incurred and pald. Of this amount, $132,000 was for direct labour, and the remainder was for Indirect labour. d. Other manufacturing overhead costs of $118,000 were incurred and paid. e. Manufacturing overhead costs of $112.000 were applied to jobs Using the company's predetermined overhead rate. f. All of the jobs In progress at the end of the month were completed and shipped to customers. 9. The underapplied or overapplied overhead for the perlod was closed out to cost of goods sold. Required: 1. Post the preceding transactions to T-accounts. Cash Raw Materials End. bal. Work in Process Finished Goods Manufacturing Overhead Cost of Goods Sold

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.a. $94,000 in raw materials were purchased for cashb. $89,000 in raw materials were requisitioned for use in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.d. Additional manufacturing overhead costs of $143,000 were incurred and paid.e. Manufacturing overhead costs of $142,000 were applied to jobs using the company's predetermined overhead rate.f. All of the jobs in progress at the end of the month were completed and shipped to customers.g. Any underpaid or over applied overhead for the period was closed out to Cost of Goods Sold.1. Post the above transactions to T-accounts2. Determine the cost of goods sold for the period
Granger Products recorded the following transactions for the just-completed month. The company had no beginning inventories: a. $75,000 In raw materials was purchased for cash.b. $73,000 in raw materials was requisitioned for use in production. Of this amount, $67,000 was for direct materials and the remainder was for Indirect materials.c. Total wages of $152,000 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor.d. Additional manufacturing overhead costs of $126,000 were incurred and paid.e. Manufacturing overhead costs of $178,000 were applied to jobs using the company's predetermined overhead rate.f. All of the jobs in process at the end of the month were completed and shipped to customers.g. If overhead is underapplied in the period, it is closed out to the cost of goods sold. If overhead is overapplied in the period, It is based on the basis of the amount of allocated overhead that is in the ending balances in each…
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.a. $94,000 in raw materials were purchased for cash.b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.d. Additional manufacturing overhead costs of $143,000 were incurred and paid.e. Manufacturing overhead of $152,000 was applied to production using the company’s predetermined overhead rate.f. All of the jobs in process at the end of the month were completed.g. All of the completed jobs were shipped to customers.h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.Required:1. Post the above transactions to T-accounts.2. Determine the adjusted cost of goods sold for the period.
Alden Company recorded the following transactions for the just completed month. The company had no beginning inventories.(a) $72,000 in raw materials were purchased for cash.(b) $67,000 in raw materials were requisitioned for use in production. Of this amount, $56,000 was for direct materials and the remainder was for indirect materials.(c) Total labor wages of $112,000 were incurred and paid in cash. Of this amount, $94,000 was for direct labor and $18,000 was for indirect labor.(d) Additional manufacturing overhead costs of $108,000 were incurred and paid in cash.(e) Manufacturing overhead costs of $130,000 were applied to jobs using the company's predetermined overhead rate.(f) Jobs costing $260,000 were completed.(g) Products costing $250,000 were sold on account for $325,000. (h) The underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold.Required:a. Post the above transactions to T-accounts (or journal entries).b. Determine the cost of goods…
Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.d. Depreciation of $175,000 was incurred on factory equipment.Required:Record the above transactions in journal entries.
Larned Corporation recorded the following transactions for the just completed month. a. $73,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110,000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was fordirect materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and theremainder was for indirect labor.d. Additional manufacturing overhead costs of $175,000 were incurred.Required:Record the above transactions in journal entries.
Larned Corporation recorded the following transactions for the just completed month. a. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $120,500 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 23 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal a. Record entry Clear entry Debit Credit View general journal
give the correct answer of all Granger Products recorded the following transactions for the just-completed month. The company had no beginning inventories: a. $75,000 In raw materials was purchased for cash.b. $73,000 in raw materials was requisitioned for use in production. Of this amount, $67,000 was for direct materials and the remainder was for Indirect materials.c. Total wages of $152,000 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor.d. Additional manufacturing overhead costs of $126,000 were incurred and paid.e. Manufacturing overhead costs of $178,000 were applied to jobs using the company's predetermined overhead rate.f. All of the jobs in process at the end of the month were completed and shipped to customers.g. If overhead is underapplied in the period, it is closed out to the cost of goods sold. If overhead is overapplied in the period, It is based on the basis of the amount of allocated overhead that is in…