Managerial Accounting
17th Edition
ISBN: 9781260247787
Author: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Publisher: RENT MCG
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Chapter 3, Problem 1E
EXERCISE 3-1 Prepare
Lamed Corporation recorded the following transactions for the just completed month.
- $80;000 in raw materials were purchased on account.
- $71;000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.
- Total labor wages of $ 12.000 were paid in cash. Of this amount. $101.000 was for direct labor and the remainder was for indirect labor.
- Depreciation of $ 75,000 was incurred on factor}' equipment.
Required:
Record the above transactions in journal entries.
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Question 2.4
Hamilton Company recorded the following transactions for the just-completed month. Journalize
these entries.
a. $45,000 in raw materials was purchased on account.
b. $125,000 in raw materials was requisitioned for use in production. Of this amount, $70,000
was for direct materials and the remainder was for indirect materials.
c. Total labour wages of $212,000 were incurred. Of this amount, $183,000 was for direct
labour and the remainder were for indirect labor.
d. Additional manufacturing overhead costs of $189,000 were incurred.
e. There was $400,000 of manufactured products completed by the end of the month.
20 EXERCISES
Soved
Prepare jourmal entries to record the following production activities for Hotwax.
1. Incurred $145,000 of direct labor in its Mixing department and $70,000 of direct labor in its Shapi
Wages Payable).
2 Incured indirect labor of $11,500 (credit Factory Wages Payable).
3. Total factory payroll of $226,500 was paid in cash.
View transaction list
Journal entry worksheet
1
Record direct labor used, but not yet paid.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Work in process inventory-Shaping
70,000
Work in process inventory-Mixing
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Prepare Journal Entries
Larned Corporation recorded the following transactions for the just completed month.
a. $80,000 in raw materials were purchased on account.
b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.
c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.
d. Depreciation of $ 175,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries.
Chapter 3 Solutions
Managerial Accounting
Ch. 3.A - EXERCISE 3A-1 Transaction Analysis LO3-5 Carmen...Ch. 3.A - EXERCISE 3A-2 Transaction Analysis LO3-5 Adams...Ch. 3.A - EXERCISE 3A-3 Transaction Analysis LO3-5 Dixon...Ch. 3.A - PROBLEM 3A-4 Transaction Analysis LO3-5 Morrison...Ch. 3.A - PROBLEM 3A-5 Transaction Analysis LO3-5 Star...Ch. 3.A -
PROBLEM 3A-6 Transaction Analysis LO3-5
Brooks...Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - What is underapplied overhead Overapplied...Ch. 3 - 3-4 Provide two reasons why overhead might be...
Ch. 3 - Prob. 5QCh. 3 - How do you compute the raw materials used in...Ch. 3 - Prob. 7QCh. 3 - How do you compute the cost of goods manufactured?Ch. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 1AECh. 3 - Prob. 2AECh. 3 - Prob. 3AECh. 3 - Prob. 4AECh. 3 - Prob. 1F15Ch. 3 - Prob. 2F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 4F15Ch. 3 - Prob. 5F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 7F15Ch. 3 - Prob. 8F15Ch. 3 - Prob. 9F15Ch. 3 - Prob. 10F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 12F15Ch. 3 - Prob. 13F15Ch. 3 - Prob. 14F15Ch. 3 - Prob. 15F15Ch. 3 - EXERCISE 3-1 Prepare Journal Entries LO3-1 Lamed...Ch. 3 - Prob. 2ECh. 3 - EXERCISE 3-3 Schedules of Cost of Goods...Ch. 3 - EXERCISE 3-4 Underapplied and Overapplied Overhead...Ch. 3 - Prob. 5ECh. 3 - EXERCISE 3-6 Schedules of Cost of Goods...Ch. 3 - (
$
15,000...Ch. 3 - EXERCISE 3-8 Applying Overhead: Journal Entries;...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 -
PROBLEM 3-11: T-Account Analysis of Cost Flows...Ch. 3 - Prob. 12PCh. 3 - PROBLEM 3-13 Schedules of Cost of Goods...Ch. 3 - Prob. 14PCh. 3 -
PROBLEM 3-15 Journal Entries; T-Accounts;...Ch. 3 - Prob. 16PCh. 3 - Prob. 17PCh. 3 - Prob. 18C
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