FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
The stockroom reports that $2,575 in materials were purchased for the maintenance department. If an amount box does not require an entry, leave it blank.
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fill in the blank 9e570d081fbaff3_2 |
fill in the blank 9e570d081fbaff3_3 |
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fill in the blank 9e570d081fbaff3_5 |
fill in the blank 9e570d081fbaff3_6 |
- If the driver for the application of
overhead is drop-forge strokes and there are expected to be 1,000 strokes in this period, what is the rate per stroke? Round your answer to three decimal places.
$fill in the blank f81cddfd7f7f016_1per stroke. - Assuming that there are 1,150 drop-forge strokes in this period, apply factory overhead to Work in Process. Use the rate calculated in part (e). If an amount box does not require an entry, leave it blank. Round your answer to the nearest dollar.
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fill in the blank 87d95dff6f98fcf_2 |
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fill in the blank 87d95dff6f98fcf_6 |
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- Please both subparts answer please no handwriting please without plagiarismarrow_forwardThe financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory 8,900 ? ? Beg. Bal. Purchases End. Bal. Work-in-Process Inventory 8,400 ? 19,800 14,400 8,900 Beg. Bal. Materials Labor Overhead End. Bal. Beg. Bal. 7,300 Cost of Goods Sold 66,000 Finished Goods Inventory ? Transferred in End. Bal. 40, 400 5,100 Transferred Out Transferred Out Transferred Out What is the value of the ending Work-in-Process inventory balance?arrow_forwardhelp please answer this with compulsory explanation , computation , narration for each parts and steps clearly in detail answer in text form no copy pastearrow_forward
- purchased the following supplies for use in the repair shop: Unit of Measure Quantity Purchased Item Price per Extended Unit Total Cost Shop Towels Rolls 120 $4 $480 Degreasing Fluid Quarts 75 $9 $675 Gasket Sealer Tubes 40 $6 $240 Total $1,395 rins On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Quantity Remaining Unit of Item Measure Shop Towels Rolls 80 Degreasing Fluid Quarts 65 Gasket Sealer Tubes 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: Unit of Measure Quantity Remaining Item Shop Towels Rolls 55 Degreasing Fluid Quarts 48 Gasket Sealer Tubes 22 The following is a partial list of the accounts in Martha's General Ledger. These are the only accounts you need for this problem. D Cash D Supplies D Supplies Expensearrow_forwardEntry for Issuing Materials Materials issued are as follows: Requisition No. Material Job No. Amount 201 Aluminum 500 $89,380 202 Plastic 503 25,330 203 Rubber 504 3,950 204 Glue Indirect 2,400 205 Steel 510 36,960 Journalize the entry to record the issuance of materials. If an amount box does not require an entry, leave it blank. Work in Process Materials Finished Goods Factory Overhead Casharrow_forwardPlease do not give solution in image format thankuarrow_forward
- -/1 A materials requisition slip showed that direct materials requested were $56000 and indirect materials requested were $12000. The entry to record the transfer of materials from the storeroom is O Direct Materials 56000 Indirect Materials 12000 Work in Process 68000 Inventory O Work In Process Inventory 56000 Manufacturing Overhead 12000 Raw Materials 68000 Inventory O Work In Process Inventory 56000 56000 Raw Materials Inventory O Manufacturing Overhead 68000 Raw Materials 68000 Inventory search hparrow_forwardTesting Supplies Inventory and Expense Using IDEAYou have been assigned the task of testing the client’s Supplies Expense based on purchase records and the year-end inventory count. ELM’s unaudited Trial Balance shows a recorded amount of $33,650 for Supplies Expense during the 4th quarter. Per the client, Supplies Expense consists of the all supplies indirectly used in the factory, but which do not get included in the cost of the manufacturing process. These products are all inventory units beginning with E, Q, or J. Assume that the cost of supplies remained constant throughout the quarter. Required:a. Using the information given about beginning balances, purchases, ending counts, and the vendor price list, recalculate Supplies Expense. For the purposes of this exercise, ignore any taxes or shipping charges and base costs solely on the price list.b. Does ELM’s recorded Supplies Expense appear reasonable? Would the auditor perform any further detail testing on Supplies Expense? Explain…arrow_forward4 EB4. 4.3 Masonry’s records show the raw materials inventory had purchases of $1,000 and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?arrow_forward
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