Record the following journal entries for Brown Company: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) 6. Purchased raw materials on account, $8,000 Date Accounts Debit Credit 6. 7. Used $4,000 in direct materials and 600 in indirect materials in production. Date Accounts Debit Credit 7.

Record the following journal entries for Brown Company: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) 6. Purchased raw materials on account, $8,000 Date Accounts Debit Credit 6. 7. Used $4,000 in direct materials and 600 in indirect materials in production. Date Accounts Debit Credit 7.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…
Record the following journal entries for Allen Company: (Click the icon to view the transactions.) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 6. Purchased raw materials on account, $5,000. Date 6. 7. Used $2,000 in direct materials and $1,000 in indirect materials in production. Accounts and Explanation Date Accounts and Explanation 7. Debit More info Credit 4 6. Purchased materials on account. $5.000. 7. Used $2,000 in direct materials and $1,000 in indirect materials in production. 8. Incurred $5,000 in labor costs, of which 80% was direct labor. X
when the company purchases raw materials for $60,000 on account, the entry should include: * A debit to Raw Materials Inventory $60,000 and a credit to Accounts Payable $60,000 A debit to Raw Material Inventory $60,000 and a credit to Cash $60,000 A debit to Direct Material $60,000 and a credit to Accounts Payable $60,000 None of the above
Info in images Prepare journal entries to record the preceding transactions. The raw materials were purchased for use in production, $265,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. The raw materials used in production (all direct materials), $250,000. Note: Enter debits before credits. Transaction General Journal Debit Credit b. The utility bills were incurred on account, $72,000 (85% related to factory operations, and the remainder related to selling and administrative activities). Note: Enter debits before credits. Transaction General Journal Debit Credit c. The salary and wage costs accrued were $295,000 (Direct labor), $103,000 (Indirect labor), $175,000 (Selling and administrative salaries). Note: Enter debits before credits. Transaction General Journal Debit Credit d. The maintenance…
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Hye-Jin Corporation recently used P72,000 of direct materials and P3,000 of indirect materials in production activities. The journal entries reflecting these transactions would include: * a debit to Raw material Inventory for P72,000 a debit to Manufacturing Overhead for P3,000 a credit to Manufacturing Overhead for P3,000 a debit to Work in process Inventory for P75,000
Umbria, Inc. has compiled the following data: View the data. Compute the amount of direct materials used. I = Direct Materials Used Data Purchases of Direct Materials Freight In Property Taxes Ending Direct Materials Beginning Direct Materials Print Done O $ 6,600 800 1,400 1,600 4,400 X
The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.