Shellenback Incorporated has provided the following information for the year ended 20x8: a. Purchased raw materials on account for $201,800. b. Issued $186,800 in raw materials to production ($13,800 were not traceable to specific jobs). c. Incurred $156,800 in direct labor costs (16,550 hours), $54,300 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory lease $23,800 (paid in cash); depreciation on equipment $27,800; factory utilities $15,300 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $56,800; sales commissions $59,800. f. Applied manufacturing overhead to jobs in process at a rate of $9 per direct labor hour. g. Completed jobs costing a total of $458,800. h. Sold jobs for $736,800 on account. The cost of the jobs was $442,800. i. Closed the manufacturing overhead account balance. Required: Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the entry to close Manufacturing Overhead Account. Note: Enter debits before credits. 8 9 10
Shellenback Incorporated has provided the following information for the year ended 20x8: a. Purchased raw materials on account for $201,800. b. Issued $186,800 in raw materials to production ($13,800 were not traceable to specific jobs). c. Incurred $156,800 in direct labor costs (16,550 hours), $54,300 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory lease $23,800 (paid in cash); depreciation on equipment $27,800; factory utilities $15,300 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $56,800; sales commissions $59,800. f. Applied manufacturing overhead to jobs in process at a rate of $9 per direct labor hour. g. Completed jobs costing a total of $458,800. h. Sold jobs for $736,800 on account. The cost of the jobs was $442,800. i. Closed the manufacturing overhead account balance. Required: Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the entry to close Manufacturing Overhead Account. Note: Enter debits before credits. 8 9 10
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
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Transcribed Image Text:Shellenback Incorporated has provided the following information for the year ended 20x8:
a. Purchased raw materials on account for $201,800.
b. Issued $186,800 in raw materials to production ($13,800 were not traceable to specific jobs).
c. Incurred $156,800 in direct labor costs (16,550 hours), $54,300 in supervision costs (paid in cash).
d. Incurred the following additional manufacturing overhead costs: factory lease $23,800 (paid in cash); depreciation on equipment
$27,800; factory utilities $15,300 (paid in cash).
e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $56,800; sales commissions $59,800.
f. Applied manufacturing overhead to jobs in process at a rate of $9 per direct labor hour.
g. Completed jobs costing a total of $458,800.
h. Sold jobs for $736,800 on account. The cost of the jobs was $442,800.
i. Closed the manufacturing overhead account balance.
Required:
Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
1
2
3
4
5
6
Record the entry to close Manufacturing Overhead Account.
Note: Enter debits before credits.
8
9
10
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