Can you show me how to work this prob Use lean accounting to prepare journal entries for the following transactions.1. Purchased $22,500 of raw materials on credit.2. Applied conversion costs of $67,500.3. Incurred actual conversion costs of $67,500. Credit "Various Accounts."4. Sold $120,000 of goods on credit.5. Recorded cost of goods sold of $90,000.View transaction listJournal entry worksheet<ABC D EPurchased $22,500 of raw materials on credit.Note: Enter debits before credits.Transaction1General JournalDebitCredit7

Transaction 1 : Purchased $22500 of raw materials on credit When raw materials are purchased on…

Answered: Use lean accounting to prepare journal…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6PA: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to...

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Use lean accounting to prepare journal entries for the following transactions. 1. Sold $16,800 of goods on credit. 2. Recorded cost of goods sold of $11,760.
A manufacturer's Raw Materials Inventory account appears as follows: Beginning Purchases Debit 2. Direct materials used. 3. Indirect materials used. View transaction list Ending All raw materials purchases are made on credit. Prepare journal entries to record the: 1. Purchase of raw materials. 1 Raw Materials Inventory 25,700 100,700 Journal entry worksheet 2 3 27,900 Credit 82,800 Direct materials used 15,700 Indirect materials used Record the purchase of raw materials on credit.
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
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Use lean accounting to prepare journal entries for the following transactions. 1. Sold $33,250 of goods for cash. 2. Recorded cost of goods sold of $23,250, and finished goods inventory of $1,860.
Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting records of Steed Company: Required: Compute the missing amounts. Year 1 Year 2 Year 3 Beginning inventory $9,600 Net purchases $55,300 $51,100 Ending inventory 11,200 13,750 Cost of goods sold 44,500 49,800
Compute cost of goods sold using the following information. Finished goods inventory, beginning Cost of goods manufactured Finished goods inventory, ending $ 760 7,960 900 Cost of Goods Sold is Computed as: Cost of goods sold
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еBook Show Me How Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting records'of Steed Company: Required: Compute the missing amounts. Year 1 Year 2 Year 3 Beginning inventory $10,600 $4 Net purchases 60,300 64,100 Ending inventory 11,200 13,750 Cost of goods sold 44,500 49,800 Check My Work
Assignment 3- COGM i C aw Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel. Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour (3) 80% related to manufacturing (4) 75% related to manufacturing (5) 30% related to manufacturing 4 Furthermore, Rosenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Direct materials Work in process Finished goods Direct materials: Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare a cost of goods manufactured statement for the quarter.…

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