ournalize the following transactions for Becah's Bakery:Becah's Bakerya. Incurred and paid Website expenses, $2,610.b. Incurred manufacturing wages of $10,900, of which 70% was for direct labor and 30% of which was for indirect labor.c. Purchased raw materials on account, $18,040.d. Used in production: direct materials, $7,970; indirect materials $3,630.e. Recorded manufacturing overhead: depreciation on plant, $14,190; plant insurance (previously paid), $1,440; plant property tax, $3,650 (credit Property Tax Payable).f. Allocated manufacturing overhead to jobs, 230% of direct labor costs.g. Completed production on jobs with costs of $35,580.h. Sold inventory on account, $25,980; cost of goods sold, $12,650.i. Adjusted for overallocated or underallocated overhead. Datea.b.C.d.e.f.g.h.h.i.Website Expense✓CashWork-in-ProcessManufacturing OverheadWages PayableDescriptionRaw Materials InventoryAccounts PayableWork-in-ProcessManufacturing OverheadRaw Materials InventoryManufacturing Overhead✓Accumulated Depreciation-Plant ✓Prepaid InsuranceProperty Tax PayableWork-in-ProcessManufacturing OverheadFinished Goods InventoryWork-in-ProcessAccounts ReceivableSales RevenueCost of Goods SoldFinished Goods InventoryCost of Goods SoldManufacturing OverheadManufacturing Overhead17,549 X3,270 ✓3,630✔19,280 ✓26,180 X8,631 XV26,180 XDebit2,610 ✓7,630 ✓3,270✔18,040✔7,970 ✓3,630✔19,280✔17,549 X35,580✔25,980✔12,650✔8,631 XCredit2,610 ✓10,900✓18,040✔11,600✓14,1901,440 ✓3,650✔17,549 X35,580 ✓25,980✔12,650✔8,631 X

Journal entries are the accounting entries made in a company's books of accounts in order to record…

ournalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,610. b. Incurred manufacturing wages of $10,900, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $18,040. d. Used in production: direct materials, $7,970; indirect materials $3,630. e. Recorded manufacturing overhead: depreciation on plant, $14,190; plant insurance (previously paid), $1,440; plant property tax, $3,650 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,580. h. Sold inventory on account, $25,980; cost of goods sold, $12,650. i. Adjusted for overallocated or underallocated overhead.

ournalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,610. b. Incurred manufacturing wages of $10,900, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $18,040. d. Used in production: direct materials, $7,970; indirect materials $3,630. e. Recorded manufacturing overhead: depreciation on plant, $14,190; plant insurance (previously paid), $1,440; plant property tax, $3,650 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,580. h. Sold inventory on account, $25,980; cost of goods sold, $12,650. i. Adjusted for overallocated or underallocated overhead.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 3E: Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials...

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a. Incurred and paid Website expenses, $2,610.
b. Incurred manufacturing wages of $10,900, of which 70% was for direct labor and 30% of which was for indirect labor.
c. Purchased raw materials on account, $18,040.
d. Used in production: direct materials, $7,970; indirect materials $3,630.
e. Recorded manufacturing overhead: depreciation on plant, $14,190; plant insurance (previously paid), $1,440; plant property tax, $3,650 (credit Property Tax Payable).
f. Allocated manufacturing overhead to jobs, 230% of direct labor costs.
g. Completed production on jobs with costs of $35,580.
h. Sold inventory on account, $25,980; cost of goods sold, $12,650.
i. Adjusted for overallocated or underallocated overhead.

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ilrn/takeAssignment/takeAssignmentMain.do?invoker%-&takeAssignmentSessionLocator3&inprogress%3false ps Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Report Quantity Requisition Quantity Date Unit Price Amount Quantity Amount Number Number price May 1 250 $5 $1,250 21 180 $7 May 4 102 280 $4 May 10 27 120 May 21 115 170 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Previous Next
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