Charger Corporation has the following data for its December operations:Materials purchased on account, $ 924,000.Material requisitioned; $808,500 of which $102,900 were indirect materials.Factory labor incurred, $ 954,100, of which $133,700 was indirect labor.Other cost incurred on account for factory overhead, $ 215,950; selling expenses$342,125; and for administrative expenses $ 213,150.Insurance incurred for the month includes factory equipment, $ 45,540; deliveryequipment used for selling, $ 36,050; vans used for transporting adminemployees, $ 26,075. These were booked against prepaid insurance.Depreciation of office building was $ 123,375; of office equipment $ 63,210; andof factory equipment $ 42,630.Factory overhead applied (moved to Work In Process) costs $ 540,720.Products completed at the end of the month is $ 1,470,000.Cost of goods sold is $1,295,000.Required:Prepare the journal entries.Prepare T accounts for raw materials inventory, Factory Overhead, FinishedGoods Inventory and Cost of Goods Sold.Prepare a schedule of cost of goods manufactured for December using actualcosting.Prepare an income statement, including a detailed schedule of cost of goods sold.

NOTE : As per BARTLEBY guidelines, when multiple sub parts are given in question, then first three…

Charger Corporation has the following data for its December operations: Materials purchased on account, $ 924,000. Material requisitioned; $808,500 of which $102,900 were indirect materials. Factory labor incurred, $ 954,100, of which $133,700 was indirect labor.

Charger Corporation has the following data for its December operations: Materials purchased on account, $ 924,000. Material requisitioned; $808,500 of which $102,900 were indirect materials. Factory labor incurred, $ 954,100, of which $133,700 was indirect labor.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The accounting records of Inter Company revealed the following selected costs: Sales commissions, $65,000; plant supervision, $190,000; and administrative expenses, $185,000. Inter's period costs total: a. $440,000. O b. $285,000. O c. $250,000. O d. $255,000.
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Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $25,000; factory rent, $31,000; factory utilities, $23,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs of the three jobs worked on in April follow.
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