Don't give answer in image format View transaction listJournal entry worksheetRecord materials purchases.Note: Enter debits before creditsTransactiona.3Record entryRaw materials inventoryAccounts payable4General Journal5Clear entry678Debit100,3009Credit10100,000View general Journal> Required information[The following information applies to the questions displayed below]Information on Kwon Manufacturing's activities for its first month of operations follows:a. Purchased $100,300 of raw materials on creditb. Materials requisitions show the following materials used for the month.Job 201Job 202Total direct materialsIndirect materialsTotal materials used$ 48,50023,90072,4008,920$ 81,320c. Time tickets show the following labor used for the month.$ 39,50012,90052,40024,500$ 76,900Job 201Job 282Total direct laborIndirect laborTotal labor usedd. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materialscost.e. Transferred Job 201 to Finished Goods Inventory.f. Sold Job 201 for $164,660 on credit.g. Incurred the following actual other overhead costs for the month.Depreciation of factory equipment$ 32,300Rent on factory building (payable)Factory utilities (payable)Expired factory insuranceTotal other factory overhead costs5388303,300$36,960Prepare journal entries to record the transactions reflected in items a through g

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Description: Don't give answer in image format View transaction listJournal entry worksheetRecord materials purchases.Note: Enter debits before creditsTransactiona.3Record entryRaw materials inventoryAccounts payable4General Journal5Clear entry678Debit100,3009Cre

As per dual concept of accounting, every transaction has dual impact on the books of…

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0 Required information [The following information applies to the questions displayed below) Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,300 of raw materials on credit b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 48,500 23,900 Job 201 Job 202 Total direct labor Indirect labor Total labor used 8,920 $ 81,320 c. Time tickets show the following labor used for the month $ 39,500 12,900 52,400 24,500 $ 76,900 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost e. Transferred Job 201 to Finished Goods Inventory f. Sold Job 201 for $164,660 on credit g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,300 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs 538 830 3,300 $ 36,960 Prepare journal entries to record the transactions reflected in items a through g

0 Required information [The following information applies to the questions displayed below) Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,300 of raw materials on credit b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 48,500 23,900 Job 201 Job 202 Total direct labor Indirect labor Total labor used 8,920 $ 81,320 c. Time tickets show the following labor used for the month $ 39,500 12,900 52,400 24,500 $ 76,900 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost e. Transferred Job 201 to Finished Goods Inventory f. Sold Job 201 for $164,660 on credit g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,300 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs 538 830 3,300 $ 36,960 Prepare journal entries to record the transactions reflected in items a through g

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 8SPB

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JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Eto Manufacturing had the following transactions during the month: (a) Purchased raw materials on account, 70,000. (b) Issued direct materials to Job No. 300, 25,000. (c) Issued indirect materials to production, 10,000. (d) Paid biweekly payroll and charged direct labor to Job No. 300, 8,000. (e) Paid biweekly payroll and charged indirect labor to production, 3,000. (f) Issued direct materials to Job No. 301, 20,000. (g) Issued indirect materials to production, 4,000. (h) Paid miscellaneous factory overhead charges, 6,000. (i) Paid biweekly payroll and charged direct labor to Job No. 301, 10,000. (j) Paid biweekly payroll and charged indirect labor to production, 2,000. REQUIRED Prepare general journal entries for transactions (a) through (j).
Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.
A company has the following transactions during the week. Purchase of $1,000 raw materials inventory Assignment of $500 of raw materials inventory to Job 5 Payroll for 20 hours with $1,000 assigned to Job 5 Factory utility bills of $750 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week?
The Following events occurred during March for Ajax Company. Prepare a journal entry for each transaction. Materials were purchased on account for $5,429. Materials were requisitioned to begin work on Job C15 In the amount of $2,500. Direct labor expense for job C15 was $4,250. Actual overhead was incurred on account for $5,385. Factory overhead was charged w Job C15 at the rate of 200% direct labor. Job C15 was transferred to finished goods at $15,250. Job C15 was sold on account for $28,000.
Entries and schedules for unfinished jobs and completed jobs Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: A. Materials purchased on account, 45,000. B. Materials requisitioned and factory labor used: C. Factory overhead costs incurred on account, 1,800. D. Depreciation of machinery and equipment, 2,500. E. The factory overhead rate is 30 per machine hour. Machine hours used: F. Jobs completed: 301, 302, 303, and 305. G. Jobs were shipped and customers were billed as follows: Job 301, 8,500; Job 302, 16,150; Job 303, 13,400. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.
The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: A. Materials purchased on account, 147,000. B. Materials requisitioned and factory labor used: C. Factory overhead costs incurred on account, 6,000. D. Depreciation of machinery and equipment, 4,100. E. The factory overhead rate is 40 per machine hour. Machine hours used: F. Jobs completed: 101, 102, 103, and 105. G. Jobs were shipped and customers were billed as follows: Job 101, 62,900; Job 102, 80,700; Job 105, 45,500. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
(Appendix 4A) Journal Entries, T-Accounts Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. During the month of July, the following occurred: a. Purchased materials on account for 42,630. b. Requisitioned materials totaling 27,000 for use in production: 12,500 for Job 703 and the remainder for Job 704. c. Recorded direct labor payroll for the month of 26,320 with an average wage of 14 per hour. Job 703 required 780 direct labor hours; Job 704 required 1,100 direct labor hours. d. Incurred and paid actual overhead of 19,950. e. Charged overhead to production at the rate of 10 per direct labor hour. f. Completed Job 703 and transferred it to Finished Goods. g. Kept Job 704, which was started during July, in process at the end of the month. h. Sold Job 700, which had been completed in May, on account for cost plus 30%. Beginning balances as of July 1 were: Required: 1. Prepare the journal entries for transactions a through e. 2. Prepare simple job-order cost sheets for Jobs 703 and 704. 3. Prepare the journal entries for transactions f and h. 4. Calculate the ending balances of the following: (a) Raw Materials, (b) Work in Process, and (c) Finished Goods.
(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.
Required Information [The following information applies to the questions displayed below] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month. $ Job 201 a. b. C. Job 202 Total direct materials Indirect materials, Beginning Balance Total materials used Ending balance c. Time tickets show the following labor used for the month. Job 201 $ Job 202 Total direct labor Indirect labor 48,700 24, 100 72,800 9,120 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $165,260 on credit. $ 81,920 S Total labor used 77,500 g. Incurred the following actual other overhead costs for the month. Depreciation of factory $ 32,500 550 850 3,500 $ 37,400 39,700 13,100 52,800 24,700 Post entries for transactions a…
Required information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month. $ 48,700 24,100 72,800 9,120 Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 81,920 c. Time tickets show the following labor used for the month. $ 39,700 13,100 Job 201 Job 202 Total direct labor 52,800 24,700 $ 77,500 Indirect labor Total labor used d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $165,260 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. $ 32, 500 Depreciation of factory equipment Rent on factory building (payable) Factory…