Prepare journal entries to record the following production activities.1. Incurred $53,000 of direct labor in the Roasting department and $29,000 of direct labor in the Blending department. CreditFactory Wages Payable.2. Incurred $19,000 of indirect labor in production. Credit Factory Wages Payable.View transaction listJournal entry worksheet<ABRecord direct labor incurred, but not yet paid.Note: Enter debits before credits.Transaction1General JournalDebitCreditRecord entryClear entryView general journal

Direct labor and Indirect labor are booked as expense items while payables are under liability. No…

Answered: Prepare journal entries to record the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each...

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A company that uses job order costing incurred a monthly factory payroll of $223,500. Of this amount, $43,000 is indirect labor and $180,500 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet < 1 Record the cost of direct labor used. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
Prepare journal entries to record the following production activities. 1. Paid other actual overhead costs of $38,000 in cash. 2. Applied overhead at 100% of direct labor costs. Direct labor costs were $42,000 in the Roasting department Blending department. View transaction list Journal entry worksheet A B Record overhead costs paid. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Prepare journal entries to record the following production activities. 1. Incurred $45,000 of direct labor in the Roasting department and $35,000 of direct labor in the Blending department of direct labor in production (credit Factory Wages Payable). 2. Incurred $25,000 of indirect labor in production (credit Factory Wages Payable). 3. Paid factory payroll. View transaction list Journal entry worksheet O
Answer the following questions by analysing the T-accounts given below. a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead assigned to production
The journal entry to record $1,500 of direct labor and $250 of indirect labor incurred will include debit(s) to the ________. A. Work−in−Process Inventory account for $1,500 and Manufacturing Overhead account for $250 B. Manufacturing Overhead account for $1,750 C. Finished Goods Inventory account for $1,750 D. Work−in−Process Inventory account for $1,500 and Finished Goods Inventory account for
Journalize the entries to record the following summarized operations related to production for a company using a job order cost system: a. Materials purchased on account $176,000 b. Prepaid expenses incurred on account 12,200 c. Materials requisitioned: For production orders 153,700 For general factory use 2,700 d. Factory labor used: On production orders 141,300 For general factory purposes 12,000 e. Depreciation on factory equipment 37,000 f. Expiration of prepaid expenses, chargeable to factory 6,100 g. Factory overhead costs incurred on account 76,000 h. Factory overhead applied, based on machine hours 105,300 i. Jobs finished 415,300 j. Jobs shipped to customers: Cost 412,000 Selling price (assume all sold on account) 638,000
Prepare the journal entry to record the factory wages of $14,000 incurred for a single production department assuming payment will be made in the next pay period. If an amount box does not require an entry, leave it blank. Work in Process Wages Payable X X
a. Incurred $105,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department. Hint. Credit Factory Wages Payable. b. Incurred indirect labor of $23,000. Hint. Credit Factory Wages Payable. View transaction list Journal entry worksheet
Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $267,900 and machine hours to be 14,100. Actual manufacturing overhead and machine hours were $304,900 and 15,100, respectively. Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead account balance to cost of goods sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list 1 Record the actual manufacturing overhead cost incurred. 2 Record the application of manufacturing overhead to production. 3 Record the transfer of manufacturing overhead account balance to cost of goods sold. X >
Account Titles and Explanation Debit Credit Direct Materials Inventory 583000 Accounts Payable 58300 (To record purchase of direct materials) Manufacturing Overhead 132000 (10 recora appiiea manuracturing overnead) Supplies Inventory 13200 7. Finished Goods Inventory 2410000 (To record use of indirect materials in production) Work in Process Inventory 569000 Work in Process Inventory 241000 56900 (To record transfer of completed goods to Finished Goods Inventory) Direct Materials Inventory (To record use of direct materials in production) 8. Cost of Goods Sold 2398000 Work in Process Inventory 791000 Wages Payable 79100 Finished Goods Inventory 239800 (To record direct labor payroll) (To record cost of goods sold for the period) Manufacturing Overhead 690000 Accounts Payable 690001 (To record actual manufacturing overhead) Work in Process Inventory 1071000 Manufacturing Overhead 107100
Prepare a T-account for each account on the company’s balance sheet, and enter the beginning balances. Make entries directly into the T-accounts for the transactions given above. Create new T-accounts as needed. Determine an ending balance for each T-account. Was manufacturing overhead underapplied or overapplied for the year? Assume that the company allocates any overhead balance among the Work in Process, Finished Goods, and Cost of Goods Sold accounts, using the overall balances in each account. Prepare a journal entry to show the allocation. (Round allocation percentages to one decimal place.) Prepare an income statement for the year. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the T-accounts.)
Cavy Company accumulated 550 hours of direct labor on Job 567 and 760 hours on Job 999. The direct labor was incurred at a rate of $16 per direct labor hour for Job 567 and $25 per direct labor for Job 999. Journalize the entry for the flow of labor costs into production. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank

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