Record the following journal entries for Brown Company: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) 6. Purchased raw materials on account, $8,000 Date Accounts Debit Credit 6. 7. Used $4,000 in direct materials and 600 in indirect materials in production. Date Accounts Debit Credit 7.

Record the following journal entries for Brown Company: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) 6. Purchased raw materials on account, $8,000 Date Accounts Debit Credit 6. 7. Used $4,000 in direct materials and 600 in indirect materials in production. Date Accounts Debit Credit 7.

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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IV. Given are the financial information of Bart Incorporated. Raw materials inventory 1/1/20 Raw materials inventory 12/31/20 Work in process inventory 1/1/20 Work in process inventory 12/31/20 Finished goods inventory 1/1/20 Finished goods inventory 12/31/20 Factory insurance Depreciation, factory machinery 8,000 5,000 2,000 3,000 15,000 16,000 2,000 2,000 Required: Answer the following questions. Show all your computations to support your answers. 1. Direct material used 2. Total manufacturing overhead 3. Total manufacturing costs 4. Cost of goods manufactured 5. Cost of goods sold 6. Operating expenses Net Income 7.
Multiple choice
The following accounts are from last year's books at Sharp Manufacturing: Balance (a) (b) (c) (d) Debit Debit Raw Materials Multiple Choice e (b) 174,000 16,000 Manufacturing Overhead 24,000 (e) 28,000 160,000 $8,000 underapplied $8,000 overapplied $28,000 underapplied Credit $28,000 overapplied Credit 158,000 Balance (b) (c) (e) 220,000 (g) 8,000 Debit Debit Work In Process 0 (f) 134,000 172,000 220,000 0 Cost of Goods Sold 480,000 Credit Credit 526,000 Balance (f) Debit Finished Goods Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overhead overapplied or underapplied for the year? 526,000 46,000 (g) Credit 480,000
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3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…
10. A review of a company's Work-in-Process Inventory account found a debit for materials of P67,000. If all procedures were performed in the correct manner, this means that the firm: also recorded a credít to Manufacturing Supplies Inventory. a. b. was accounting for the usage of direct materials. was accounting for the usage of indirect materials. d. was accounting for the' usage of direct materials by also crediting the Raw-Material Inventory account. с.
Wildhorse Manufacturing Company has the following account balances at year-end: Office supplies Raw materials Work-in-process $6800 23600 $52200. $126900. $120100. $96500. 44300 Finished goods Prepaid insurance 8100 52200 What amount should Wildhorse report as inventories in its balance sheet?
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A. Prepare journal entries to record the transactions. B. Prepare T-accounts to show the flow of costs during the period from Material Inventory throughly Cost of Goods sold.
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Question 7. Part 4. Please fill in the blanks in the same format as the question