Newcomb Manufacturing Company was started on January 1, Year 1, when it acquired $3,900 cash from the issue ofcommon stock. During the first year of operation, $2,700 of direct raw materials was purchased with cash, and $1,550 ofthe materials was used to make products. Direct labor costs of $2,900 were paid in cash. Newcomb applied $830 ofoverhead cost to the Work in Process account. Cash payments of $830 were were made for actual overhead costs. Thecompany completed products that cost $3,500 and sold goods that had cost $2,720 for $3,900 cash. Selling andadministrative expenses of $670 were paid in cash. Required a. Prepare T - accounts and record the events affectingNewcomb Manufacturing. Include closing entries. b1. Prepare a schedule of cost of goods manufactured and sold. b2.Prepare an income statement. b3. Prepare a balance sheet.

Balance sheet:Note: The balance sheet assets don't equal liabilities and equity because there was…

Answered: Newcomb Manufacturing Company was…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 2PA: York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of...

See similar textbooks

Similar questions

A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?
York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?
Larned Corporation recorded the following transactions for the just completed month. Purchased $89,000 of raw materials on account. $87,000 in raw materials were used in production. Of this amount, $74, 000 was direct materials and the remainder was indirect materials. Paid employees $127,500 cash. Of this amount, $104, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries.
Larned Corporation recorded the following transactions for the just completed month. Purchased $73, 000 of raw materials on account. $71,000 in raw materials were used in production. Of this amount, $58,000 was direct materials and the remainder was indirect materials. Paid employees $130,000 cash. Of this amount, $102, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Larned Corporation recorded the following transactions for the just completed month. $75,000 in raw materials were purchased on account. $73,000 in raw materials were used in production. Of this amount, $64,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $125,000 were paid in cash. Of this amount, $104,600 was for direct labor and the remainder was for indirect labor. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Uhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing.
Rooney Construction Company began operations on January 1, Year 1, when it acquired $10,000 cash from the issuance of common stock. During the year, Rooney purchased $2,700 of direct raw materials and used $2,500 of the direct materials. There were 106 hours of direct labor worked at an average rate of $8 per hour paid in cash. The predetermined overhead rate was $4.00 per direct labor hour. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building. Direct Materials Direct Labor Hours Job 1 $ 600 28 Job 2 1,100 46 Job 3 800 32 The company paid $77 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $341. Rooney completed Jobs 1 and 2 and sold Job 1 for $1,586 cash. The company incurred $150 of selling and administrative expenses that were paid in cash. Over- or underapplied overhead is closed to Cost of Goods Sold.…
Ahmad's Corporation had the following transactions during its first month of operations: Purchased raw materials on account, $85,000. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. Factory labor costs incurred were $100,000 of which time tickets indicated that $84,000 was direct labor and $16,000 was indirect labor. Other overhead costs incurred on account were $112,000. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. Finished goods costing $100,000 to manufacture were sold on account for $130,000 Required: Note, 1) what was the overapplied or underapplied overhead for the year. 2) Calculate the costs on the job cost sheets for finished ending inventory.
Larned Corporation recorded the following transactions for the just completed month. a. Purchased $78,000 of raw materials on account. b. $76,000 in raw materials were used in production. Of this amount, $67,000 was direct materials and the remainder was indirect materials. c. Paid employees $124,500 cash. Of this amount, $104,400 was direct labor and the remainder was indirect labor. d. Depreciation of $190,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet i i V No 1 2 3 i 4 Transaction a b. C. d Raw materials Work in process Work in process General Journal Accumulated depreciation Debit 78,000 190,000 Credit 78,000 190,000
Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was fordirect materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and theremainder was for indirect labor.d. Additional manufacturing overhead costs of $175,000 were incurred.Required:Record the above transactions in journal entries.
XYZ Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. 3. Factory labor costs incurred were $100,000 of which time tickets indicated that $84,000 was direct labor and $16,000 was indirect labor. 5. Other overhead costs incurred on account were $112,000. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $100,000 to manufacture were sold on account for $130,000 Required: Note, 1) what was the overapplied or underapplied overhead for the year. 2) Calculate the costs on the job cost sheets for finished ending inventory.
Larned Corporation recorded the following transactions for the just completed month. a. Purchased $89,000 of raw materials on account. b. $87,000 in raw materials were used in production. Of this amount, $79,000 was direct materials and the remainder was indirect materials. c. Paid employees $118,000 cash. Of this amount, $103,200 was direct labor and the remainder was indirect labor. d. Depreciation of $194,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS