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Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor and one indirect cost pool, manufacturing overhead costs. It provides the following information for April 2020: (Click the icon to view the information for 2020.) The following information is also available for 2020: (Click the icon to view the additional information.) Read the requirement. Present the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not required.) (a) Data table Presen Journal Entry Accounts Debit Credit (b) Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours 1,160,000 29,000 hours Pres Print Done - Actual direct materials used $ 20,000 (c) Actual direct manufacturing labor costs paid in cash $ 50,000 Indirect materials used $ 2,000 Supervision and engineering salaries paid in cash $ 49,000 Plant utilities and repairs paid in cash $ 7,000 Pres Plant depreciation $ 20,000 Actual direct manufacturing labor-hours 3,000 Cost of individual jobs completed and transferred to finished goods $ 230,000 Cost of goods sold $ 225,000 Requirement Present journal entries for (a) usage of direct and indirect materials, (b) manufacturing labor incurred, (c) manufacturing overhead costs incurred, (d) allocation of manufacturing overhead costs to jobs, (e), cost of jobs completed and transferred to finished goods, and (f) cost of goods sold. (Assume the cost allocation base is direct labor hours.) - ext

Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor and one indirect cost pool, manufacturing overhead costs. It provides the following information for April 2020: (Click the icon to view the information for 2020.) The following information is also available for 2020: (Click the icon to view the additional information.) Read the requirement. Present the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not required.) (a) Data table Presen Journal Entry Accounts Debit Credit (b) Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours 1,160,000 29,000 hours Pres Print Done - Actual direct materials used $ 20,000 (c) Actual direct manufacturing labor costs paid in cash $ 50,000 Indirect materials used $ 2,000 Supervision and engineering salaries paid in cash $ 49,000 Plant utilities and repairs paid in cash $ 7,000 Pres Plant depreciation $ 20,000 Actual direct manufacturing labor-hours 3,000 Cost of individual jobs completed and transferred to finished goods $ 230,000 Cost of goods sold $ 225,000 Requirement Present journal entries for (a) usage of direct and indirect materials, (b) manufacturing labor incurred, (c) manufacturing overhead costs incurred, (d) allocation of manufacturing overhead costs to jobs, (e), cost of jobs completed and transferred to finished goods, and (f) cost of goods sold. (Assume the cost allocation base is direct labor hours.) - ext

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter6: Activity-based, Variable, And Absorption Costing
Section: Chapter Questions
Problem 11EA: Potterii sells its products to large box stores and recently added a retail line of products to sell...
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Please help with the following question and refer to data tables to answer part a, b, c, d, e, and f: Also, Present the journal entry for (f) cost of goods sold.
Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor and one indirect cost pool, manufacturing overhead costs. It provides the following information for April 2020: (Click the icon to view the information for 2020.) The following information is also available for 2020: (Click the icon to view the additional information.) Read the requirement. Present the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not required.) (a) Data table Presen Journal Entry Accounts Debit Credit (b) Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours $ 1,160,000 29,000 hours Pres Print Done - X Actual direct materials used $ 20,000 (c) Actual direct manufacturing labor costs paid in cash $ 50,000 Indirect materials used $ 2,000 Supervision and engineering salaries paid in cash $ 49,000 Plant utilities and repairs paid in cash $ 7,000 Pres Plant depreciation $ 20,000 3,000 Actual direct manufacturing labor-hours Cost of individual jobs completed and transferred to finished goods Cost of goods sold $ 230,000 Requirement $ 225,000 × ext Present journal entries for (a) usage of direct and indirect materials, (b) manufacturing labor incurred, (c) manufacturing overhead costs incurred, (d) allocation of manufacturing overhead costs to jobs, (e), cost of jobs completed and transferred to finished goods, and (f) cost of goods sold. (Assume the cost allocation base is direct labor hours.)
Transcribed Image Text:Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor and one indirect cost pool, manufacturing overhead costs. It provides the following information for April 2020: (Click the icon to view the information for 2020.) The following information is also available for 2020: (Click the icon to view the additional information.) Read the requirement. Present the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not required.) (a) Data table Presen Journal Entry Accounts Debit Credit (b) Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours $ 1,160,000 29,000 hours Pres Print Done - X Actual direct materials used $ 20,000 (c) Actual direct manufacturing labor costs paid in cash $ 50,000 Indirect materials used $ 2,000 Supervision and engineering salaries paid in cash $ 49,000 Plant utilities and repairs paid in cash $ 7,000 Pres Plant depreciation $ 20,000 3,000 Actual direct manufacturing labor-hours Cost of individual jobs completed and transferred to finished goods Cost of goods sold $ 230,000 Requirement $ 225,000 × ext Present journal entries for (a) usage of direct and indirect materials, (b) manufacturing labor incurred, (c) manufacturing overhead costs incurred, (d) allocation of manufacturing overhead costs to jobs, (e), cost of jobs completed and transferred to finished goods, and (f) cost of goods sold. (Assume the cost allocation base is direct labor hours.)
Present the journal entry for (b) manufacturing labor incurred. (b) Journal Entry Accounts Debit Credit Present the journal entry for (c) manufacturing overhead costs incurred. (c) Journal Entry Accounts Present the journal entry for (d) allocation of manufacturing overhead costs to jobs. (d) Journal Entry Accounts Debit Credit Debit Credit Present the journal entry for (e), cost of jobs completed and transferred to finished goods. Journal Entry (e) Accounts Debit Credit
Transcribed Image Text:Present the journal entry for (b) manufacturing labor incurred. (b) Journal Entry Accounts Debit Credit Present the journal entry for (c) manufacturing overhead costs incurred. (c) Journal Entry Accounts Present the journal entry for (d) allocation of manufacturing overhead costs to jobs. (d) Journal Entry Accounts Debit Credit Debit Credit Present the journal entry for (e), cost of jobs completed and transferred to finished goods. Journal Entry (e) Accounts Debit Credit
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