Prepare journal entries for each type of manufacturing cost. (Use a summary entry to record manufacturingoverhead.) (List all debit entries before credit entries. Credit account titles are automatically Indented when amount isentered. Do not indent manually.)No. Account Titles and Explanation(a)Raw Materials Inventory(b)Accounts Payable(Purchases of raw materials on account)Work in Process InventoryManufacturing Overhead(To record factory labor costs)(c)Utilities PayableDebit1960042400Credit1

Entry (a): Raw Materials InventoryDebit Raw Materials Inventory ($19,600): This entry increases the…

Answered: Prepare journal entries for each type…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 18Q: Normally, a manufacturer maintains an accounting system that includes a materials ledger and a...

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Similar questions

Normally, a manufacturer maintains an accounting system that includes a materials ledger and a general ledger account for Materials. What is the relationship between the materials ledger and the materials account in the general ledger?
In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
In a job order cost system, overhead applied is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods sold
In a job order cost system, utility expense incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods sold
In a job order cost system, which account shows the overhead used by the company? A. work in process inventory B. finished goods inventory C. cost of goods sold D. manufacturing overhead
How do the job cost sheets act as a subsidiary ledger for the work in process inventory if journal entries are not made to the job cost sheets?
In a job order cost system, indirect labor incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods sold
Why is the manufacturing overhead account debited as expenses are recognized and then credited when overhead is applied?
Which document lists the inventory that will be removed from the raw materials inventory? A. job cost sheet B. purchase order C. materials requisition form D. receiving document
Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. 2. 3. 4. 5. Purchased additional raw materials of $75,600 on account. Incurred factory labor costs of $58,800. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various…
Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1. Materials purchased on account $194,300, and factory wages incurred $91,000 2 Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $36,540 $18,800 A21 45,120 22,700 A22 36,200 15,700 A23 40,470 25,400 General factory use 5,470 8,400 $163.800 $91.000 3. Manufacturing overhead costs incurred on account $54,100. 4. Depreciation on factory equipment $16,450. 5. Depreciation on the company's office building was $15,300 6. Manufacturing overhead rate is 87% of direct labor cost 7. Jobs completed during the quarter: A20, A21. and A23 Prepare a schedule showing the Individual cost elements and totalcost for each job in Item 7 Direct Direct Manufacturing Overhead Job Materials Labor Total A20 A21 A23
Using the following account names, prepare the journal entries for the independent transactions listed below: Raw Materials Inventory Manufacturing Overhead Wages Payable Work in Process: Packaging Accounts Receivable Cost of Goods Sold Factory Wages Expense Finished Goods Inventory Work in Process: Shaping Work in Process: Production Sales Conversion Costs PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (Le. $12,345). • Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging department. Prepare the journal entry to apply overhead to the manufacturing departments. DR DR CR • Prepare the joumal entry to record the factory wages of…

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