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

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

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 8P: OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending...

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Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the underapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the debit balance in Under-and Overapplied Factory Overhead.
OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
Sterlings records show the work in process Inventory had a beginning balance of $4000 and an ending balance of $3,000. How much direct labor was incurred if the records also show :
An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.
The books of Petry Products Co. revealed that the following general journal entry had been made at the end of the current accounting period: The total direct materials cost for the period was $40,000. The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)
Huda Corporation's accounting information system showed the following balances at the end of this period: Work in process $40,000 Finished goods 60,000 Cost of goods sold 100,000 Miss-applied overhead this period totaled $60,000; Huda maintains a single overhead account in its general ledger. If the miss-applied overhead is considered material, prepare the journal entry to record its disposition. Discuss why you could have Misallocated Overhead?
The actual overhead for a company is $57,548. Overhead was based on 5,000 direct labor hours and was $2,548 underapplied for the year. A. What is the overhead application rate per direct labor hour? per direct labor hour B. What is the journal entry to dispose of the underapplied overhead? If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Cost of Goods Sold Manufacturing Overhead
At the end of the period, Carson Company had the following balances in selected accounts: Materials $80,000 Finished Goods 190,000 Work in Process 70,000 Cost of Goods Sold 1,000,000 Factory Overhead 30,000 Required: a. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a debit balance. If an amount box does not require an entry, leave it blank. What does a debit balance mean? b. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a credit balance. If an amount box does not require an entry, leave it blank. What does a credit balance mean?
What types of expenses are likely included in the total manufacturing overhead cost of $32,450 incurred for the first three months of operation? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Selling expenseunchecked Administrative expenseunchecked Ending work in process inventoryunchecked Rent for the production facilityunchecked Depreciation on the production equipmentchecked Insurance on the production equipmentchecked Indirect materials used in producing recordschecked Indirect labour related to the CEO's supervision of the production process (20% of her time).
At the end of the period, Carson Company had the following balances in selected accounts: Materials $80,000 Finished Goods 190,000 Work in Process 70,000 Cost of Goods Sold 1,000,000 Factory Overhead 30,000 Required: a. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a debit balance. If an amount box does not require an entry, leave it blank. fill in the blank 2f144ff6305f012_2 fill in the blank 2f144ff6305f012_3 fill in the blank 2f144ff6305f012_5 fill in the blank 2f144ff6305f012_6 What does a debit balance mean? b. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a credit balance. If an amount box does not require an entry, leave it blank. fill in the blank 753e1804505307d_2 fill in the blank 753e1804505307d_3 fill in the blank 753e1804505307d_5 fill in…
Journalize the following transactions for Coronado, Inc. (a) Incurred direct labor costs of $23,680 for 3,200 hours. The standard labor cost was $24,800. (b) Assigned 3,200 direct labor hours costing $23,680 to production. Standard hours were 3,320. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.) No. Account Titles and Explanation (a) (b) Debit Credit
Huda Corporation’s accounting information system showed the following balances at the end of this period: Work in process $40,000 Finished goods 60,000 Cost of goods sold 100,000 Miss-applied overhead this period totaled $60,000; Huda maintains a single overhead account in its general ledger. If the miss-applied overhead is considered material, prepare the journal entry to record its disposition.