1. A manufacturing company purchased $1,200 of materials (on account) for use in production. 2. The company used $200 of direct materials on Job 1 and $350 of direct materials on Job 2.
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- The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,100 B. Raw materials used by Job 1. $500 C. Raw materials used as indirect materials. $100 D. Direct labor for Job 1. $250 E. Indirect labor incurred. $40 F. Factory utilities incurred on account. $700 G. Adjusting entry for factory depreciation. $300 H. Manufacturing overhead applied as % of direct labor. 250% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank.The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $450 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $50 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $200 H. Manufacturing overhead applied as % of direct labor. 150% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $3,100 K. Manufacturing overhead is overapplied. $100 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 B. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 C. fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 D. fill in the…The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $550 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $250 H. Manufacturing overhead applied as % of direct labor. 200% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory Raw Materials Inventory Accounts Payable Accounts Payable B. Work in Process Inventory Work in Process Inventory Raw Materials Inventory Raw Materials Inventory C. Manufacturing Overhead Manufacturing Overhead Raw Materials Inventory…
- b. Incurred manufacturing wages of $11,000, 75% of which was direct labor and 25% of which was indirect labor. Date Accounts Debit Credit b. c. Purchased raw materials on account, $23,000. Date Accounts Debit Credit c. d. Used in production: direct materials, $7,500; indirect materials, $2,000. Date Accounts Debit Credit d. e. Recorded manufacturing overhead: depreciation on plant, $18,000; plant insurance (previously paid), $1,900; plant property tax, $4,200 (credit Property Tax Payable). Date Accounts Debit Credit e.…The following transactions occurred during April: a. Purchased materials on account at a cost of $232,970. b. Requisitioned materials at a cost of $111,900, of which $16,000 was for general factory use. c. Recorded unpaid factory labor of $223,800, of which $43,575 was indirect. d. Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation e. Applied overhead at a rate equal to 130 percent of direct labor cost. f. Completed jobs costing $263,150. g. Sold jobs costing $324,270. h. Recorded sales revenue (on account) of $506,000. $ 34,600 23,100 51,250 10,600 19,500 Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. 3-a. Compute over- or underapplied manufacturing overhead. 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase or decrease? 4. Prepare Lamonda's cost of goods…1. Record the proper journal entry for each transaction. a. $215,000 of materials was purchased on account. b. $190,000 of materials was used in production; of this amount, $164,000 was used on specific jobs. Manufacturing labor and salaries for the month totaled $210,000. A total of $180,000 of manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. 000,0ASC. d. The company recorded $15,000 of depreciation on the plant and plant equip- ment. The company also received a plant utility bill for $8,000 which will be paid at a later date. e. $70,000 of manufacturing overhead was allocated to specific jobs. f. The company received a bill for CAD design services for $9,000. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much?
- Prepare journal entries to record the following transactions. 1. A manufacturing company purchased $1,200 of materials (on account) for use in production. 2. The company used $200 of direct materials on Job 1 and $350 of direct materials on Job 2.a. Materials purchased on account, $147,000. b. Materials requisitioned and factory labor used: Job No. 101 102 $19,320 23,100 13,440 38,200 105 18,050 106 18,000 For general factory use 9,000 c. Factory overhead costs incurred on account, $6,000. d. Depreciation of machinery and equipment, $4,100. e. The factory overhead rate is $40 per machine hour. Machine hours used: 103 104 Job No. 101 102 103 104 105 106 Entries Machine Hours 154 160 126 238 Materials 160 174 Factory Labor $19,500 28,140 14,000 36,500 15,540 18,700 20,160 Total 1,012 & Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 105, $45,500. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. Description Debit 000 00 CreditDuring the period, labor costs incurred on account amounted to $175,000, including $150,000 for production orders and $25,000 for general factory use. Factory overhead applied to production was $32,000. The entry to record the actual factory overhead costs incurred is a. Accounts Payable25,000 Factory Overhead25,000 b. Factory Overhead25,000 Wages Payable25,000 c. Work in Process25,000 Wages Payable25,000 d. Factory Overhead32,000 Accounts Payable32,000
- The following information is available: -Estimated Factory Overhead for the year $10,000 -Estimated Direct Labor Hours for the year 5,000 -Actual Factory Overhead for the year $9,500 -Actual Direct Labor Hours for the year 5,010 1. What is the amount of the Applied Factory overhead? A. $9,969.90 B.$10,020.00 C.$9,468.90 D. Not enough information 2.Total factory payroll paid was $60,000 of which $5,000 is indirect labor. What is the journal entry? A. FOH $65,000; Wages Payable $65,000 B. WIP $55,000; Wages Payable $60,000; FOH $5,000 C. WIP $60,000, FOH 5,000; Cash $65,000 D. WIP $55,000; FOH 5,000; Cash $60,000 3. The Cost of Goods Manufactured ($20,00) was transferred out of the factory. What is the journal entry? A. FG $20,000; WIP $20,000 B. FG $20,000; COGS $20,000 C. WIP $20,000; FG $20,000 D. COGM $20,000; $20,0003. Factory utilities of $4, 260 are payable, and depreciation on the factory building is $6,530. what are the journal entries, to record overhead costsRecord the following journal entries for turner Company. a. Purchased materials on account , $11,000 b. Used $8,000 in direct materials and $700 in indirect materials in production c. Incurred $9.000 in labor costs, of which 70% was direct labor.