The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $80,000 of materials on account. 2. Issued $4,000 of supplies from the materials inventory. 3. Purchased $56,000 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $68,000 in direct materials to the production department. 6. Incurred direct labor costs of $100,000, which were credited to Wages Payable. 7. Paid $106,000 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 125 percent of $100,000 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $50,000. The following balances appeared in the accounts of Steve's Cabinets for April. Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning $ 148,200 33,000 166,000 Ending ? ? $ 143,200 263,400 Required: a. Prepare journal entries to record the transactions.
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- The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $19,000 of materials on account. 2. Issued $1,100 of supplies from the materials inventory. 3. Purchased $11,800 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $14,200 in direct materials to the production department. 6. Incurred direct labor costs of $23,000, which were credited to Wages Payable. 7. Paid $21,800 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 125 percent of $23,000 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10,600. The following balances appeared in the accounts of Steve's Cabinets for April. Deginning Ending $30,540 Materials Inventory Mork-in-Process Inventory Tinished Goods Inventory Cont of Goods sold 7,200 33,800 $28,940 53,50 Required: a. Prepare journal…Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,890 of materials on account. 2. Issued $16,790 in direct materials to the production department 3. Issued $1,300 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,090 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees earned $32,900, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,260 on account. 8. Recognized depreciation on manufacturing plant of $36,800. 9. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,800. Estimated overhead for the year was $421,756. The following balances appeared in the inventory…Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,990 of materials on account. 2. Issued $16,710 in direct materials to the production department. 3. Issued $1,230 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,190 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $31,200, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,390 on account. 8. Recognized depreciation on manufacturing plant of $35,800. 9. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,900. Estimated overhead for the year was $418,464. The following balances appeared in the inventory…
- Elmira Tool and Die makes machine tools to order. The following transactions occurred in October: 1. Issued $4,300 of supplies from the materials inventory. 2. Purchased $49,500 of materials. 3. Issued $45,100 in direct materials to the production department. 4. Paid $45,300 for miscellaneous items for the manufacturing plant. Accounts Payable was credited. 5. Returned $8,400 of the materials issued to production in (3) to the materials inventory. 6. Direct labor employees earned $79,500, 50% of which was paid in cash and the remainder credited to Wages Payable. 7. Purchased $19,500 of materials on account. 8. Recognized depreciation on manufacturing plant of $93,500. 9. Paid for the materials purchased in transaction (2) 10. Applied manufacturing overhead for the month. Elmira uses normal costing. It applies overhead on the basis of materials costs using an annual, predetermined rate. At the beginning of the year, management estimated that materials costs for the year would be…Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,930 of materials on account. Issued $16,710 in direct materials to the production department. Issued $1,280 of supplies from the materials inventory. Paid for the materials purchased in transaction (1) using cash. Returned $2,030 of the materials issued to production in (2) to the materials inventory. Direct labor employees earned $32,900, which was paid in cash. Purchased miscellaneous items for the manufacturing plant for $17,370 on account. Recognized depreciation on manufacturing plant of $35,900. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,500. Estimated overhead for the year was $391,050. The following balances appeared in the inventory…Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,880 of materials on account. Issued $16,900 in direct materials to the production department. Issued $1,310 of supplies from the materials inventory. Paid for the materials purchased in transaction (1) using cash. Returned $2,160 of the materials issued to production in (2) to the materials inventory. Direct labor employees earned $31,100, which was paid in cash. Purchased miscellaneous items for the manufacturing plant for $17,290 on account. Recognized depreciation on manufacturing plant of $36,600. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,600. Estimated overhead for the year was $430,254. The following balances appeared in the inventory…
- Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,830 of materials on account. Issued $16,720 in direct materials to the production department. Issued $1,290 of supplies from the materials inventory. Paid for the materials purchased in transaction (1) using cash. Returned $2,040 of the materials issued to production in (2) to the materials inventory. Direct labor employees earned $31,000, which was paid in cash. Purchased miscellaneous items for the manufacturing plant for $17,330 on account. Recognized depreciation on manufacturing plant of $35,300. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,100. Estimated overhead for the year was $417,696. The following balances appeared in the inventory…Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $119,000 of materials on account. Issued $117,600 in direct materials to the production department. Issued $8,400 of supplies from the materials inventory. Paid for the materials purchased in transaction (1) using cash. Returned $15,400 of the materials issued to production in (2) to the materials inventory. Direct labor employees earned $217,000, which was paid in cash. Purchased miscellaneous items for the manufacturing plant for $120,400 on account. Recognized depreciation on manufacturing plant of $245,000. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $3,000,000. Estimated overhead for the year was $2,790,000. The following balances appeared in the…Boeing Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $17,000 of materials on account. 2. Issued $16,810 in direct materials to the production department. 3. Issued $1,270 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2.150 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $32,800, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,200 on account. 8. Recognized depreciation on manufacturing plant of $36,400. 9. Applied manufacturing overhead for the month. Boeing uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,900. Estimated overhead for the year was $409,746. The following balances appeared in the inventory…
- Al Saffwa Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900, Work in Process-Assembly $10,600, and Finished Goods $31,000. During July, the following transactions occurred. Purchased $62,500 of raw materials for cash. Incurred $56,000 of factory labor . (Credit Wages Payable 50 % , rest paid in cash.) Incurred $70,000 of manufacturing overhead; $30,000 was paid and the remainder is unpaid. Used factory labor for Cutting $29,000 and Assembly $27.000. Applied overhead at the rate of $15 per machine hour. Machine hours were Cutting 1,720 and Assembly 1,680. Transferred goods costing $139,400 from Assembly to Finished Goods. Sold goods costing $180,000 for $220,000 on account. Instructions Journalize the transactions in proper journal format . (Omit explanations.)Puddleby Company had the following transactions in October: (Click the icon to view the transactions.) Prepare the journal entries for Puddleby Company. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Purchased raw materials on account, $75,000 Used materials in production: $28,000 in the Mixing Department; $7,000 in the Packaging 2. Department; $1,100 in indirect materials Incurred labor costs: $8,500 in the Mixing Department; $5,600 in the Packaging 3. Department; $2,400 in indirect labor Incurred manufacturing overhead costs: $5,500 in machinery depreciation; paid $3,000 for 4. rent and $1,750 for utilities 1. Purchased raw materials on account, $75,000 Date Accounts Debit CreditSunset Products manufactures skateboards. The following transactions occurred in March. Purchased $29,500 of materials on account. Issued $1,950 of supplies from the materials inventory. Purchased $26,900 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $31,900 in direct materials to the production department. Incurred direct labor costs of $34,500, which were credited to Wages Payable. Paid $23,400 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop. Applied overhead on the basis of 110 percent of direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $6,900. The following balances appeared in the accounts of Sunset Products for March. Beginning Ending Materials Inventory $ 11,850 ? Work-in-Process Inventory 18,400 ? Finished Goods Inventory 66,900 $ 38,400 Cost of Goods Sold…