The glue is not a significant cost, so it is treated as indirect materials (factory overhead).a. Journalize the entry to record the purchase of materials in June. If an amount box does not require an entry, leave it blank.a. MaterialsAccounts PayableFeedbackb. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank.b. Work in ProcessFactory OverheadMaterialsFeedbackc. Determine the June 30 balances that would be shown in the materials ledger accounts.FabricPolyester FillingLumberGlueBalance, June 30 Yellen Furnishings manufactures designer furniture. Yellen Furnishings uses a job order cost system. Balances on June 1 from the materials ledger areas follows:Fabric$20,200Polyester filling6,100Lumber45,200Glue1,900The materials purchased during June are summarized from the receiving reports as follows:Fabric$104,600Polyester filling145,400Lumber286,600Glue9,900Materials were requisitioned to individual jobs as follows:Fabric Polyester Filling LumberGlueTotalJob 601$37,700$47,500$127,000$212,200Job 60229,00051,600111,200191,800Job 60326,80035,10061,800123,700Factory overhead-indirect materials$4,9004,900Total$93,500$134,200$300,000$4,900$532,600

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Description: The glue is not a significant cost, so it is treated as indirect materials (factory overhead).a. Journalize the entry to record the purchase of materials in June. If an amount box does not require an entry, leave it blank.a. MaterialsAccounts Payabl

Job costing is a way of accounting that allows you to keep track of the costs of different projects…

Business

Accounting

The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in June. If an amount box does not require an entry, leave it blank. a. Materials Accounts Payable Feedback b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank. b. Work in Process Factory Overhead Materials Feedback c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Glue Balance, June 30 %24

The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in June. If an amount box does not require an entry, leave it blank. a. Materials Accounts Payable Feedback b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank. b. Work in Process Factory Overhead Materials Feedback c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Glue Balance, June 30 %24

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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A company should use process costing, rather than job order costing, if: Oa. the product goes through several steps of production. b. the product is manufactured in batches only as orders are received. O c. production is only partially completed during the accounting period. d. the product is composed of mass-produced homogeneous units.
Hankook Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the factory overhead item and the total in USD b. Identify the period cost and the total in USD c. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be.
A. Multiple Choice:Write the letter of the correct answer in the given worksheet. When the amount of overapplied manufacturing overhead as significant, the netry to close Overapplied Manufacturing Overhead will most likely require: a. A debit to Cost of Goods Sold b. Debits to Cost of Goods Sold, Finished Goods Inventory, and Work in Process Inventory C. A credit to Cost of Goods Sold d. Credit to Cost of Goods Sold, Finished Goods Inventory, and Work in Process Inventory. An objection to the use of predetermined overhead rate based on direct labor costs is that a. These items are difficult to measure. b. A job is charged with more overhead when a highly paid operator works on the job than when a low paid operator performs the work. C. Overhead is allocated in relation to units produced by workers. d. Overhead rate will be distributed inequitable when there are no wage differentials in the department. 3. All of the following phrases are used as alternate terminology for manufacturing…
Instruction: Identify the following: 1 The ameut ont unuct. IN fo 4. Yet-to-be-used materials. 5. Non-manufacturing costs incurred by a manufacturing firm in its operations. _6. Alternatively called Factory Overhead or simply Overhead. 7. Direct Materials plus direct labor plus factory overhead. 8. Goods acquired for production but not yet requisitioned to be put into process. 9. Prime Costs plus Conversion Costs. 10. Direct Labor plus Factory Burden.\ 11. The basic document to accumulate the cost of each order. 12. System that collects the actual amounts of product costs. 13. System that is often used by furniture manufacturers who produces variety of products, because such producers need to keep track of each specific order to ensure correct assignment of costs. 14. Rate used in accumulation of factory overhead costs under normal cost system. 15. Other term for process cost system.
ournal Entries and Simple Cost Sheet Based on the following information. you are réquired to preparc the following Journal entries b T-account for work in process c Simple cost sheets d. Proof of work in process inventory. end The Reuben Appliances Corp. started its operations in 200B It uses the job order costing method and has adopted the voucher system to effectively control the flowof resources. inventories and payables. The transactions for the first quarter of the year are as follows: ) Materials purchases on account. P 50.000 2) Materials issued: Job Order No. B-001 B-002. P 7,500 13.000 B-003 6.250 3) Indirect materials issued. P 5.250 4) Payroli charges include indirect labor of P7.800. Dircct labor costs are as follows Job Order No. B-001. P 5.300 8.000 B-002. .... B-003. 4.750 5) Factory overhead is charged to production at P3 per machine hour. Machine hours utilized are as follows: Job Order No. B-901..... B-002... 1,200 machine hours 2.050 machi.e hours 1.400 machine hours…
Using predetermined factory overhead application rates to apply the manufacturing overhead to the products can cause the actual factory overhead to be different from the applied factory overhead. Discuss the accounting methods available for companies to dispose of the underapplied or overapplied factory overhead.
1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor usage, (e) indirect labor usage, (f) other overhead costs, (g) overhead applied, and (h) payment of total wages costs.
Prepare journal entries for each type of manufacturing cost. (Use a summary entry to record manufacturing overhead.) (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Raw Materials Inventory (b) Accounts Payable (Purchases of raw materials on account) Work in Process Inventory Manufacturing Overhead (To record factory labor costs) (c) Utilities Payable Debit 19600 42400 Credit 1
Hi can someone help me with COGM and COGS. I already have an answer, I just need clarification. Thank you!
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