a) Materials purchased on account $130,000 b) Material requisitioned for use in Department 1, $125,700, ofwhich $124,200 entered directly into the product c) Labor cost incurred in Department 1, $195,400, of which$174,000 was used directly in the manufacture of the product. d) Factory overhead costs for Department 1 incurred on account,$52,700 e) Depeciation on machinery in Department 1, $29,200 f) Expiration of prepaid insurance chargeable to Department 1,$7000 g) Factory overhead applied to production, $105,300

a) Materials purchased on account $130,000 b) Material requisitioned for use in Department 1, $125,700, ofwhich $124,200 entered directly into the product c) Labor cost incurred in Department 1, $195,400, of which$174,000 was used directly in the manufacture of the product. d) Factory overhead costs for Department 1 incurred on account,$52,700 e) Depeciation on machinery in Department 1, $29,200 f) Expiration of prepaid insurance chargeable to Department 1,$7000 g) Factory overhead applied to production, $105,300

Managerial Accounting

15th Edition

ISBN:9781337912020

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

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

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...

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The following costs were incurred by ABC Company: Direct labor $ 950,000 Direct material purchases 645,000 Depreciation on plant 55,000 Factory supervisor's salary 98,000 Plant maintenance 26,000 Plant utilities 30,000 Sales 2,555,000 Selling and administrative expenses 480,000 Beginning direct materials inventory 72,000 Beginning work-in-process inventory 54,000 Beginning finished goods inventory 75,000 Ending direct materials inventory 68,000 Ending work-in-process inventory 51,000 Ending finished goods inventory 88,000 Required: Calculate the following values: Direct materials used Cost…
a. $82,000 in raw materials were purchased on account. b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $190,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 $82,000 in raw materials were purchased on account. Note: Enter debits before credits Transaction General Journal Dobit Credit
b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Entry Description Debit Credit b. Work in Process fill in the blank 6 fill in the blank 7 Factory Overhead fill in the blank 9 fill in the blank 10 Materials fill in the blank 12 fill in the blank 13 c. Factory labor used, $756,000, of which $182,000 was indirect. Entry Description Debit Credit c. Work in Process fill in the blank 15 fill in the blank 16 Factory Overhead fill in the blank 18 fill in the blank 19 Wages Payable fill in the blank 21 fill in the blank 22
Charter Corporation incurred the following transactions. a) $300,000 of raw materials were purchased on account. b) Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials. c) Labor costs incurred: $40,000 direct, $130,000 indirect, sales commissions $50,000, administrative salaries $100,000.d) Overhead costs incurred on account were $80,500. e) Manufacturing overhead was applied at the rate of 150% of direct labor cost. f) Depreciation recorded was $500,000 (70% related to factory; 30% related to administrative offices).g) Goods costing $88,000 were completed and transferred to finished goods. h) Finished goods costing $75,000 to manufacture were sold on account for $103,000. i) Closed the under/over applied overhead for the year. Required: journalize the transactions
In June Paul CableSource has the following transactions:Purchased $145666 of materials on accountIssued $130000 of material to productionIssued $3333 of supplies from materials inventoryDirect Labor of $69000 was charged to productionPaid $34000 for miscellaneous items for the manufacturing plantRecognized $25000 depreciation for the manufacturing plant.Applied manufacturing overhead for the plantAt beginning of the year management estimated Labor to be $5000000 and overhead to be $4500000.Management applies overhead based on total labor cost based on a predetermined rate using normalcosting beg bal end balMaterial Inventory ? 92000WIP ? 67000FG INV 13455 75644COGS 262100Show the t-accounts for Material, WIP, FG, Cogs, and Applied Overhead and Overhead Control. Is overhead under or overapplied and by how much? Fill in the above amounts for…
Journalize the following transactions: Purchased direct materials on account, $20,000 Recognized depreciation on production plant & equipment, $4,000 Direct materials used in production, $16,000 Recognized expired plant insurance, $6,000 Direct labor used: $30,000; and indirect labor used: $10,000 Allocated overhead at the rate of 60% of direct labor cost Cost of units completed, $50,000 Sales on account, $90,000 Cost of units sold, $65,000
(i) Purchased raw materials on account OMR86,300. (ii) Raw materials of OMR73,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that OMR6,800 was classified as indirect materials. (iii) Factory labor costs incurred were OMR53,900, of which OMR51,000 pertained to factory wages payable and OMR2,900 pertained to employer payroll taxes payable. Instructions: Journalize the transactions. (Omit explanations.)
Uhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing.
Uhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing. Journal Date Description Debit Credit 1 1 2 2 2 2 3 3 3 3 4 4 4
Sheffield Corporation incurred the following transactions. 1. Purchased raw materials on account $ 53,800. 2. Raw Materials of $ 36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 8,500 was classified as indirect materials. 3. Factory labor costs incurred were $ 61,900. 4. Time tickets indicated that $ 54,900 was direct labor and $ 7,000 was indirect labor. 5. Manufacturing overhead costs incurred on account were $ 82,300. 6. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 7. Goods costing $ 96,600 were completed and transferred to finished goods. 8. Finished goods costing $ 79,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Work in…
Sunland Corporation incurred the following transactions. Purchased raw materials on account $43,550. Raw Materials of $33,840 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,420 was classified as indirect materials. Factory labor costs incurred were $56,320. Time tickets indicated that $50,760 was direct labor and $5,560 was indirect labor. Manufacturing overhead costs incurred on account were $75,670. Depreciation on the company's office building was $7,600. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 1. 2. 3. 4. 5. 6. 8. 9. Goods costing $82,720 were completed and transferred to finished goods. Finished goods costing $70,500 to manufacture were sold on account for $96,820. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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