Journalize the entries to record the following transactions: 1. Mar. 10: 700 units of raw materials were purchased on account at $6.00 per unit. 2. Mar. 15: 600 units of raw materials were requisitioned at $6.50 per unit for production, Job 872. 3. Mar. 25: 500 units of raw materials were requisitioned at $6.00 per unit for production, Job 879. If an amount box does not require an entry, leave it blank. Mar. 10 Materials Accounts Payable Mar. 15 Work in Process Materials Mar. 25 Work in Process Materials

Journalize the entries to record the following transactions: 1. Mar. 10: 700 units of raw materials were purchased on account at $6.00 per unit. 2. Mar. 15: 600 units of raw materials were requisitioned at $6.50 per unit for production, Job 872. 3. Mar. 25: 500 units of raw materials were requisitioned at $6.00 per unit for production, Job 879. If an amount box does not require an entry, leave it blank. Mar. 10 Materials Accounts Payable Mar. 15 Work in Process Materials Mar. 25 Work in Process Materials

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Description: Journalize the entries to record the following transactions:1. Mar. 10: 700 units of raw materials were purchased on account at $6.00 per unit.2. Mar. 15: 600 units of raw materials were requisitioned at $6.50 per unit for production, Job 872.3. Mar

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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Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,820. b. Incurred manufacturing wages of $10,600, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $19,430. d. Used in production: direct materials, $8,070; indirect materials $3,800. e. Recorded manufacturing overhead: depreciation on plant, $14,140; plant insurance (previously paid), $1,410; plant property tax, $3,900 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,650. h. Sold inventory on account, $26,780; cost of goods sold, $12,620. i. Adjusted for overallocated or underallocated overhead.
b. 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 22
Raw materials requisitioned by production for job No.106 consist of Direct Materials $7,000 and Indirect Materials $1,000. The entry to record this transaction is: * A debit to Work in Process $7,000, a debit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $8,000 A debit to Work in Process $6,000, a debit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $7,000 A debit to Work in Process $7,000, a credit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $6,000 O None of the above
[The following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520 Time tickets show the following labor used for the month. Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.
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Journalize the following transactions for Becah's Bakery:Becah's Bakery a. Incurred and paid Website expenses, $2,790. b. Incurred manufacturing wages of $10,600, of which 60% was for direct labor and 40% of which was for indirect labor. c. Purchased raw materials on account, $18,370. d. Used in production: direct materials, $8,040; indirect materials $3,650. e. Recorded manufacturing overhead: depreciation on plant, $14,410; plant insurance (previously paid), $1,370; plant property tax, $3,750 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,960. h. Sold inventory on account, $25,690; cost of goods sold, $11,380. i. Adjusted for overallocated or underallocated overhead. Journal Date Description Debit Credit a. a. b. b. b. c. c. d. d. d. e. e.…
Record the journal entries for the following transactions: March 10: 600 units of raw materials were purchased on account at $6.00 per unit. March 15: 500 units of raw materials were requisitioned at $6.50 per unit for production, Job 872. March 25: 400 units of raw materials were requisitioned at $6.00 per unit for production, Job 879. March 10 fill in the blank 2 fill in the blank 4 March 15 fill in the blank 6 fill in the blank 8 March 25 fill in the blank 10 fill in the blank 12
Sterling's records show the work in process inventory had a beginning balance of $5,000 and an ending balance of $4,000. How much direct labor was incurred if the records also show: Materials used $1,600 Overhead applied 400 Cost of goods manufactured 7,700 $fill in the blank 1
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.
On May 7, Lockmiller Company purchased on account 12,000 units of materials at $6 per unit. During May, raw materials were requisitioned for production as follows: 8,400 units for Job 275 at $6 per unit and 2,150 units for Job 310 at $4 per unit. Required: Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS Lockmiller Company General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance…
Record the amount in each account affected by the transactions/adjustments below. Note: These are not complete journal entries not all rows will have more than one entry and they will not balance like previous transactions. Beginning Inventory Purchased $10,000 of raw materials Transferred $13,000 direct materials to factory for production. Production required $7,200 of direct labor. Applied overhead at $2 per each dollar of direct Completed work on production costing $32,120. Sold products that cost $17,530 to produce for $35,000 in sales. Actual overhead totaled $16,000. Ending Balances Raw Materials $12,500 Work In Process $3,600 Finished Goods Cost of Goods Sold $5,980 Sales $0 $0 $12,500 $3,600 $5,980 $0 $0