FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Sheridan Manufacturing incurs $81,500 of direct labour costs. Supporting records show that the assembly department used $44,100 of the direct labour and the finishing department used the remainder. Manufacturing overhead is assigned to departments on the basis of 186% of direct labour costs. Journalize the assignment of overhead to the assembly and finishing departments. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Work in Process Inventory-Assembly Department Work in Process Inventory-Finishing Department Manufacturing Overhead eTextbook and Media Debit 82026 69,564 Creditarrow_forwardThe accounting records of Dixon Company revealed the following costs: direct materials used, $290,000; direct labor, $475,000; manufacturing overhead, $381,000; and selling and administrative expenses, $210,000. What is Dixon's product costs total?arrow_forwardQuality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company's operations in March follows: a. Raw materials used in production: Molding Department, $27,000; and Firing Department, $4,500. b. Direct labor costs: Molding Department, $18,600; and Firing Department, $4,600. c. Manufacturing overhead was applied: Molding Department, $23,700; and Firing Department, $37,900. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. The cost of the unfired, molded bricks was $66,200. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. The cost of the finished bricks was $108,600. f. Finished bricks were sold to customers. The cost of the finished bricks sold was $106,200. Required: Prepare journal entries to record items (a) through (f) above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…arrow_forward
- Uhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing.arrow_forwardPrepare a schedule of cost of goods manufactured for the year. The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 16, 200 Indirect labor 142, 000 Property taxes, factory 9,200 Utilities, factory 82, 000 Depreciation, factory 169, 900 Insurance, factory 11, 200 Total actual manufacturing overhead costs incurred S 430, 500 Other costs incurred: Purchases of raw materials ( both direct and indirect) S 412, 000 Direct labor cost $ 72, 000 Inventories: Raw materials, beginning $ 21, 200 Raw materials, ending S 31, 200 Work in process, beginning $ 41, 200 Work in process, ending S 71,200 The company uses a predetermined overhead rate of $21 per machine - hour to apply overhead cost to jobs. A total of 20, 900 machine - hours were used during the year.arrow_forwardWildhorse Company purchases $61,000 of raw materials on account, and it incurs $73,200 of factory labor costs. Supporting records show that (a) the Assembly Department used $29,280 of direct materials and $42,700 of direct labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Mar. 31 Work in Process - Assembly Work in Process - Finishing Raw Materials Inventory Debit 29280 31720 6100 Credit 61000arrow_forward
- 2arrow_forwardDemere Corporation uses a job costing system. On January 1, Demere Corporation's work in process inventory account had a balance of $75,000. During the year, materials requisitioned for use in production amounted to $120,000, of which $82,000 represented direct materials. Factory wages for the period were $231,000, of which $219,000 were for direct labor. Manufacturing overhead is allocated on the basis of 85% of direct labor cost. Actual overhead cost for the year was $125,000. Jobs costing $345,000 were completed during the year. The December 31 work in process (WIP) inventory balance is closest to Select one: a. $186,500 b. $156,000 c. $168,000 d. $217,150 e. $426,000arrow_forwardUhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing. Journal Date Description Debit Credit 1 1 2 2 2 2 3 3 3 3 4 4 4arrow_forward
- Barry Pottery Supplies manufacturers supplies used during the pottery process. They have multiple processes, the first of which is Molding. The following information relates to the Molding beginning balance: 5,300 physical units $184,700 beginning cost During the period, 12,400 additional physical units are started. An additional costs of $77,900 in direct materials and $84,000 in manufacturing overhead are incurred. Additionally, 1,890 direct labor hours were incurred. Factory laborers are paid at a rate of $50 per hour. At the end of the period, 6,900 physical units remained in progress. These physical units were 60% complete. Using the information provided, calculate the work in progress ending balance. Round your answer to the nearest whole dollar.arrow_forwardPlease solve all questionsarrow_forwardWarner Company purchases $52,500 of raw materials on account, and it incurs $62,200 of the factory labor costs. Supporting records show that (a) the Assembly Department used $32,700 of raw materials and $42,200 of the factory labor, and (b) the Finishing Department used the remainder.Journalize the assignment of the costs to the processing departments on March 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 (To record materials used) 31 (To assign factory labor to production)arrow_forward
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