Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. Purchased $16,830 of materials on account 2 Issued $16,800 in direct materials to the production department. 3. Issued $1,230 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,100 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees eamed $32,600, which was paid in cash. 7 Purchased miscellaneous items for the manufacturing plant for $17,330 on account 8. Recognized depreciation on manufacturing plant of $35,700. 9. Applied manufacturing overhead for the month. Forest uses normal costing It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,300. Estimated overhead for the y was $421,271 The following balances appeared in the inventory accounts of Forest Components for July. Beginning Ending Haterlals Inventory Mork-In-Process Inventory Finished Goods Inventory Cost of Goods Sold $12, 500 10,560 6,900 73,800 $2,640 Required: o. Prepare journal entries to record these transactions b. Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold

1. Purchased $16,830 of materials on account 2 Issued $16,800 in direct materials to the production department. 3. Issued $1,230 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,100 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees eamed $32,600, which was paid in cash. 7 Purchased miscellaneous items for the manufacturing plant for $17,330 on account 8. Recognized depreciation on manufacturing plant of $35,700. 9. Applied manufacturing overhead for the month. Forest uses normal costing It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,300. Estimated overhead for the y was $421,271 The following balances appeared in the inventory accounts of Forest Components for July. Beginning Ending Haterlals Inventory Mork-In-Process Inventory Finished Goods Inventory Cost of Goods Sold $12, 500 10,560 6,900 73,800 $2,640 Required: o. Prepare journal entries to record these transactions b. Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold

College Accounting, Chapters 1-27
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 8SPA: JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Eto Manufacturing had the following transactions...
See similar textbooks
icon
Related questions
Question
Please help me
Forest Components makes airceraft parts. The following transactions occurred in July. 1 Purchased $16,830 of materials on account 2 Issued $16,800 in direct materials to the production department. 3. Issued S1,230 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction () using cash. 5. Returned $2,100 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees eamed $32,600, which was paid in cash. 7 Purchased miscellaneous items for the manufacturing plant for $17,330 on account 8. Recognized depreciation on manufacturing plant of $35,700. 9. Applied manufacturing overhead for the month. Forest uses normal costing It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,300. Estimated overhead for the year was $421,271. The following balances appeared in the inventory accounts of Forest Components for July. Haterlals Inventory Work-In-Process Inventory inished Goods Inventory Cost of Goods Sold Beginning Ending $12,500 10,560 6,900 73,800 $2,640 Required: a. Prepare journal entries to record these transactions b. Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold
Transcribed Image Text:Forest Components makes airceraft parts. The following transactions occurred in July. 1 Purchased $16,830 of materials on account 2 Issued $16,800 in direct materials to the production department. 3. Issued S1,230 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction () using cash. 5. Returned $2,100 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees eamed $32,600, which was paid in cash. 7 Purchased miscellaneous items for the manufacturing plant for $17,330 on account 8. Recognized depreciation on manufacturing plant of $35,700. 9. Applied manufacturing overhead for the month. Forest uses normal costing It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,300. Estimated overhead for the year was $421,271. The following balances appeared in the inventory accounts of Forest Components for July. Haterlals Inventory Work-In-Process Inventory inished Goods Inventory Cost of Goods Sold Beginning Ending $12,500 10,560 6,900 73,800 $2,640 Required: a. Prepare journal entries to record these transactions b. Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS