Prepare journal entries to record the following production activities. 1. Purchased $80,000 of raw.. Description Prepare journal entries to record the following production activities. 1. Purchased $80,000 of raw materials on credit. 2. Used $42,000 of direct materials in the Roasting department. 3. Used $22,500 of indirect materials in production.
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1. Purchased $80,000 of raw materials on credit.
2. Used $42,000 of direct materials in the Roasting department.
3. Used $22,500 of indirect materials in production.
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- Prepare journal entries to record the production activities. Purchased $80,000 of raw materials on credit.Perez Manufacturing purchased raw materials worth $8,000 on account. The journal entry to record the purchase of raw materials on account is ________. Process costing is used. A. debit Raw Materials Inventory, $8,000; credit Accounts Payable, $8,000 B. debit Account Payable, $8,000; credit Raw Materials Inventory, $8,000 C. debit Cash, $8,000; credit Raw Materials Inventory, $8,000 D. debit Raw Materials Inventory, $8,000; credit Cash,In June Paul CableSource has the following transactions:Purchased $145666 of materials on accountIssued $130000 of material to productionIssued $3333 of supplies from materials inventoryDirect Labor of $69000 was charged to productionPaid $34000 for miscellaneous items for the manufacturing plantRecognized $25000 depreciation for the manufacturing plant.Applied manufacturing overhead for the plantAt beginning of the year management estimated Labor to be $5000000 and overhead to be $4500000.Management applies overhead based on total labor cost based on a predetermined rate using normalcosting beg bal end balMaterial Inventory ? 92000WIP ? 67000FG INV 13455 75644COGS 262100Show the t-accounts for Material, WIP, FG, Cogs, and Applied Overhead and Overhead Control. Is overhead under or overapplied and by how much? Fill in the above amounts for…
- Record the following journal entries for turner Company. a. Purchased materials on account , $11,000 b. Used $8,000 in direct materials and $700 in indirect materials in production c. Incurred $9.000 in labor costs, of which 70% was direct labor.Journalize the following entires. Is FOH - machining over or under-applied? Is FOH - Assembly over or under-applied? (a) Materials purchased on account, $80,000 (b)Depreciation expenses: Machining, $2,000; Assembly, $5,000 (c)Materials requisitioned by: Machining, $4,000 direct and $1,000 indirect materials; Assembly, $3,000 indirect materials (d)Factory overhead applied: Machining, $2,500; Assembly, $8,400 (e)Direct labor used by Machining, $7,500; Assembly, $1,500 (f)Machining Department transferred $5,000 to Assembly Department; Assembly Department transferred $3,200 to finished goods (g)Sold goods on account, $6,000; cost of goods sold, $2,000Selected information from Skybox Studios shows the following: Raw Material Purchased $5,000 Direct Materials $1,500 Direct Labor $11,000 Factory Depreciation $2,000 Total Manufacturing Overhead Incurred $15,000 Machine Hours Per Month 28,000 Unit Cost for Materials $2 Unit Cost of Conversation $8 Number units transferred 15,000 Prepare journal entries to record the following: a. Raw material purchased b. Direct labor incurred c.Depreciation expense (hint: this is part of manufacturing overhead) d. Raw materials used e. Overhead applied on the basis of $0.50 per machine hour f.The transfer from department 1 to department 2
- Journalize the following transactions: Purchased direct materials on account, $20,000 Recognized depreciation on production plant & equipment, $4,000 Direct materials used in production, $16,000 Recognized expired plant insurance, $6,000 Direct labor used: $30,000; and indirect labor used: $10,000 Allocated overhead at the rate of 60% of direct labor cost Cost of units completed, $50,000 Sales on account, $90,000 Cost of units sold, $65,000The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production: Direct Materials Indirect Materials Raw Materials O True False 40,000 10,000 50,000The following data summarize the operations during the year. Prepare a journal entry for eachtransaction.A. Purchase of raw materials on account: $3,000B. Raw materials used by Job 1: $500C. Raw materials used as indirect materials: $100D. Direct labor for Job 1: $300E. Indirect labor incurred: $50F. Factory utilities incurred on account: $700G. Adjusting entry for factory depreciation: $250H. Manufacturing overhead applied as percent of direct labor: 200%I. Job 1 is transferred to finished goodsJ. Job 1 is sold: $3,000K. Manufacturing overhead is over applied: $100
- 1. 2. 3. 4. 5. 6. Purchased $4,000 of raw materials on account. Accrued $2,000 of factory labor. Incurred and paid $3,000 of manufacturing overhead. Requisitioned direct materials for mixing, $10,000 and finishing, $15,000. Used factory labor for mixing, $60,000 and finishing, $15,000. Assigned $1,500 of overhead to mixing and $1,000 to finishing. Debit Raw Materials Inventory Factory Labor Manufacturing Overhead Y V V > V Credit Accounts Payable Factory Wages Payable CashThe assembly dept. requisitioned raw material from the warehouse having a cost of $5.000 while the finishing department requisitioned raw materials costing $2,000 from the warehouse. Provide the necessary journal entries.Smith Manufacturing purchased on account $53,000 of direct materials and $9,000 of indirect materials. Which of the following journal entries would correctly record the transaction? A. Accounts Payable 62,000 Raw Materials Inventory 62,000 B. Raw Materials Inventory 62,000 Accounts Payable 62,000 C. Raw Materials Inventory 62,000 Finished Goods Inventory 53,000 Work−in−Process Inventory 9,000 D. Work−in−Process Inventory 53,000 Manufacturing Overhead 9,000 Raw Materials Inventory 62,000