· Beginning cash balance on March 1, $77 . Cash receipts from sales, $300,000. . Cash payments for direct materials, $139 Cash payments for direct labor, $72,000 -. Cash payments for overhead, $43,000. . Cash payments for sales commissions,

Book Hint Larned Corporation recorded the following transactions for the just completed month. a. $79,000 in raw materials were purchased on account. b. $77,000 in raw materials were used in production. Of this amount, $63,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $111,000 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $191,000 was incurred on factory equipment.

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. Iron Sheets Company had the following information for the month of June 2021. Sales Purchases Sales and administrative expenses V Factory overhead V Direct labor Shs. 257,000 92.000 79,000 37,000 25.000 Work in process, June 1 22,000 Work in process, June 30 Raw Material inventory, June 1 Raw Material inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 18.500 6.000 8,000 21,000 25,000 Prepare the following: A manufacturing account  An income statement for the month ended June 30, 2021  The inventory section of the statement of financial statement.

Transaction Analysis Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below: a. Raw materials purchased on account, $100,000. b. Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials. c. Sales commissions paid in cash, $45,000. d. Depreciation was recorded for the month. $60,000 (65% related to factory equipment, and the remainder related to selling and administrative equipment). e. Sales for the month, $450,000 (70% cash sales and the remainder were sales on account). f. Factory utilities paid in cash, $12,000. g. Applied $138,000 of manufacturing overhead to production during the month. h. Various jobs costing a total of $190,000 were completed during the month and transferred to Finished Goods. i. Cash receipts from customers who had previously purchased on credit, $115,000. j. Various completed jobs costing a total of $220,000 were sold to customers. k. Cash paid to raw material…

Sales $950 Purchases of raw materials $170 Direct labor $210 Manufacturing overhead $200 Administrative expenses $180 Selling expenses $140 Raw materials inventory, beginning $70 Raw materials inventory, ending $80 Work in process inventory, beginning $30 Work in process inventory, ending $20 Finished goods inventory, beginning $100 Finished goods inventory, ending $70 The above data (in thousands of dollars) have been taken from the accounting records of The Corporation for the just completed year. Required: (1) Calculate Direct materials used in production in good form. (2) Prepare a Schedule of Cost of Goods Manufactured in good form. (3) Compute the Cost of Goods Sold in good form. (4) Using data from your answers above as needed, prepare an Income Statement in good form.

Benson Manufacturing started In Year 2 with the following account balances. Cash Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (320 units @ $6.10 each) Transactions during Year 2 1. Purchased $2,920 of raw materials with cash. 2. Transferred $3,850 of raw materials to the production department. 3. Incurred and paid cash for 230 hours of direct labor @ $15.70 per hour. 4. Applied overhead costs to the Work In Process Inventory account. The predetermined overhead rate is $16.50 per direct labor hour. 5. Incurred actual overhead costs of $3,900 cash. 6. Completed work on 1,300 units for $5.70 per unit. 7. Pald $1,040 In selling and administrative expenses in cash. 8. Sold 1,300 units for $10,400 cash revenue (assume FIFO cost flow). 9. Benson charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required a. Record the preceding events in a horizontal statements model. The beginning balances are shown as an…

Given the following information how much raw material was transferred to work in progress on January 31? Inventory on January 1 is $100,000, raw materials purchased in January are $500,000, and raw materials inventory on January 31 is $200,000 A: $200,000 B: $400,000 C: $600,000 D: $700,000

Selected account balances and transactions of Titan Foundry, Inc. follow: Beginning Bal May 1 Ending Bal May 31 $ 6,000 $ 5,500 900 Raw materials Factory supplies Work in process Finished goods 800 6,500 13,200 3,500 12,000 May transactions: a. Purchased raw materials and factory supplies on account at costs of $45,000 and $10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of $65,000 ($15,000 was for indirect labor.) c. Incurred factory overhead costs in the amount of $42,000 on account. d. Made adjusting entries to record $10,000 of factory overhead for items such as depreciation (credit Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred to Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare Statement of Cost of Goods Manufactured and Cost of Goods Sold

Journalize the following transactions for Sheridan Company. (a) Purchased 5,900 units of raw materials on account for $16.930. The standard cost was $17,700. (b) Issued 5,800 units of raw materials for production. The standard units were 5.890. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation (a) (b) Debit Credit