a Purchased raw materials on account for $243,800. b. Issued $233,800 in raw materials to production ($35,800 were not traceable to specific jobs). c. Incurred $245,800 in direct labor costs (27.920 hours) and $96.300 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory utilities $27,800 (paid in cash), depreciation on equipment $48,800; indirect supplies $21,300 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $78,800; sales salaries $91,800. f Applied manufacturing overhead to jobs in process at a rate of $9 per direct labor hour. Completed jobs costing a total of $647,800. Sold jobs for $859,800 on account. The cost of the jobs was $645,800. Closed the manufacturing overhead account balance. uired: are the journal entries to record these transactions. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

a Purchased raw materials on account for $243,800. b. Issued $233,800 in raw materials to production ($35,800 were not traceable to specific jobs). c. Incurred $245,800 in direct labor costs (27.920 hours) and $96.300 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory utilities $27,800 (paid in cash), depreciation on equipment $48,800; indirect supplies $21,300 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $78,800; sales salaries $91,800. f Applied manufacturing overhead to jobs in process at a rate of $9 per direct labor hour. Completed jobs costing a total of $647,800. Sold jobs for $859,800 on account. The cost of the jobs was $645,800. Closed the manufacturing overhead account balance. uired: are the journal entries to record these transactions. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 13E: Wyandotte Company provided the following information for the last calendar year: During the year,...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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