a. Materials purchased on account, $770,000. b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect.
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- a. Purchased $137,200 of materials. b. Used $94,320 of direct materials in production. c. Incurred $180,640 of direct labor wages. d. Incurred $212,320 of factory overhead. e. Transferred $427,800 of work in process to finished goods. f. Sold goods for $655,000. g. Sold goods with a cost of $360,250. h. Incurred $86,160 of selling expense. i. Incurred $70,250 of administrative expense. . Using the information given, determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations. Materials inventory Work in process inventory Finished goods inventoryb. 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 22b. Incurred manufacturing wages of $11,000, 75% of which was direct labor and 25% of which was indirect labor. Date Accounts Debit Credit b. c. Purchased raw materials on account, $23,000. Date Accounts Debit Credit c. d. Used in production: direct materials, $7,500; indirect materials, $2,000. Date Accounts Debit Credit d. e. Recorded manufacturing overhead: depreciation on plant, $18,000; plant insurance (previously paid), $1,900; plant property tax, $4,200 (credit Property Tax Payable). Date Accounts Debit Credit e.…
- 1. 2. 3. 4. 5. 6. Purchased $4,000 of raw materials on account. Accrued $2,000 of factory labor. Incurred and paid $3,000 of manufacturing overhead. Requisitioned direct materials for mixing, $10,000 and finishing, $15,000. Used factory labor for mixing, $60,000 and finishing, $15,000. Assigned $1,500 of overhead to mixing and $1,000 to finishing. Debit Raw Materials Inventory Factory Labor Manufacturing Overhead Y V V > V Credit Accounts Payable Factory Wages Payable CashThe following transactions occurred during April: a. Purchased materials on account at a cost of $232,970. b. Requisitioned materials at a cost of $111,900, of which $16,000 was for general factory use. c. Recorded unpaid factory labor of $223,800, of which $43,575 was indirect. d. Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation e. Applied overhead at a rate equal to 130 percent of direct labor cost. f. Completed jobs costing $263,150. g. Sold jobs costing $324,270. h. Recorded sales revenue (on account) of $506,000. $ 34,600 23,100 51,250 10,600 19,500 Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. 3-a. Compute over- or underapplied manufacturing overhead. 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase or decrease? 4. Prepare Lamonda's cost of goods…Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,300. 2. 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. 3. Factory labor costs incurred were $59,900. 4. Time tickets indicated that $54,000 was direct labor and $5,900 was indirect labor. 5. Manufacturing overhead costs incurred on account were $80,500. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $88,000 were completed and transferred to finished goods. 8. Finished goods costing $75,000 to manufacture were sold.
- 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…Entries for Costs in a Job Order Cost System Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $710,070 b. Materials requisitioned, $596,460, of which $77,540 was for general factory use c. Factory labor used, $731,370, of which $138,960 was indirect d. Other costs incurred on account for factory overhead, $170,420; selling expenses, $262,730; and administrative expenses, $156,220 e. Prepaid expenses expired for factory overhead, $32,660; for selling expenses, $27,690; and for administrative expenses, $19,880 f. Depreciation of office building was $95,150; of office equipment, $48,280; and of factory equipment, $32,660 g. Factory overhead costs applied to jobs, $404,740 h. Jobs completed, $937,290 i. Cost of goods sold, $908,890 Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on…A corporation used $34,000 of direct materials. It incurred $73,000 in direct labor costs and $112,500 in manufacturing overhead costs during the period. What is the cost of goods manufactured if the beginning and ending Work-in-Process Inventories were $27,500 and $22,000, respectively? A. $219,500 B. $225,000 OC. $214,000 D. $247,000
- Purchased $137,200 of materials. b. Used $94,320 of direct materials in production. c. Incurred $180,640 of direct labor wages. d. Incurred $212,320 of factory overhead. e. Transferred $427,800 of work in process to finished goods. f. Sold goods for $655,000. g. Sold goods with a cost of $360,250. h. Incurred $86,160 of selling expense. i. Incurred $70,250 of administrative expense. A. Using the information given, prepare the January income statement for Digital Vibe Manufacturing Company. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Digital Vibe Manufacturing Company Income Statement 1 2 3 4 Operating expenses: 5 6 7 Total operating expenses 8A. Purchased P250,000 of materials. B. Used P180,000 of materials in production. C. Incurred P450,000 of direct labor wages. D. Incurred P190,000 of factory overhead. E. Transferred P760,000 of work in process to finished goods. F. Sold good P1,200,000. G. Sold goods with a cost of P675,000. H. Incurred P215,000 of selling expenses. I. Incurrent P125,000 of administrative expenses. Requirements: 1. Prepare income statement. 2. Prepare the inventory portion of the balance sheet.A. Purchased P250,000 of materials. B. Used P180,000 of materials in production. C. Incurred P450,000 of direct labor wages. D. Incurred P190,000 of factory overhead. E. Transferred P760,000 of work in process to finished goods. F. Sold good P1,200,000. G. Sold goods with a cost of P675,000. H. Incurred P215,000 of selling expenses. I. Incurrent P125,000 of administrative expenses. Required: Prepare the inventory portion of the balance sheet.