Homework Answers
Journal Entries ;-
| S. No. | Particulars | Debit($) | Credit($) |
| (a) | Materials Inventory | 140000 | |
| Accounts Payable | 140000 | ||
| (To record purchase materials on account) | |||
| (b) | Work in Process | 110000 | |
| Materials Inventory | 110000 | ||
| (To record used direct material) | |||
| (c) | Work in Process ($80000*94%) | 75200 | |
| Manufacturing Overhead ($80000*6%) | 4800 | ||
| Manufacturing Wages | 80000 | ||
| (To record manufacturing wages incurred 94% direct and 6% indirect) | |||
| (d) | Manufacturing Overhead | 5500 | |
| Materials Inventory | 5500 | ||
| (To record used indirect materials) | |||
| (e) | Manufacturing overhead | 22000 | |
| Accounts Payable | 22000 | ||
| (To record incurred manufacturing overhead on account) | |||
| (f) | Work in Process (1100 * $25) | 27500 | |
| Manufacturing Overhead | 27500 | ||
| (To record allocated manufacturing overhead) | |||
| (g) | Finished Goods | 220000 | |
| Work in Process | 220000 | ||
| (To record trikes were Completed) | |||
| (h) | Accounts Receivable | 450000 | |
| Sales | 450000 | ||
| (To record Sales on Account) | |||
| Cost of Goods Sold | 245000 | ||
| Finished Goods | 245000 | ||
Add Answer to:
Date Account/Explanation Debit Credit Purchased materials on account, $140,000 10 ) 12 Used direct materials, $110,000...
adjust the manufacturing overhead account prepare the journal entry and post thr transactions to T-account Cedar...
adjust the manufacturing overhead account
prepare the journal entry and post thr transactions to
T-account
Cedar River Trikes manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead based on machine hours. Cedar River expects to incur $250,000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported the following inventory balances at May 31, 2018: Raw Materials Inventory $25,000 Work-in-Process Inventory $18,000 Finished Goods Inventory $43,000 During June, 2018, Cedar River actually used 1,100...
a. Raw materials purchased on account, $290,000. . Raw materials used in production (all direct materials)....
a. Raw materials purchased on account, $290,000. . Raw materials used in production (all direct materials). $275,000. . Utility bills incurred on account, $77,000 (90% related to factory operations, and the remainder related to selling and administrative activities). . Accrued salary and wage costs: Direct labor (970 hours) Indirect labor Selling and administrative salaries $320,000 $ 108,000 $200,000 2. Maintenance costs incurred on account in the factory, $72,000 f. Advertising costs incurred on account, $154,000. ). Depreciation was recorded for...
Create an overview diagram SRS COST DATA Direct materials and supplies purchased on credit: $800 Direct...
Create an overview diagram
SRS COST DATA Direct materials and supplies purchased on credit: $800 Direct materials used: $710 Indirect materials issued to various production departments: $100 Direct manufacturing labor: S1,300 Indirect manufacturing labor incurred by various production departments: $900 Depreciation on building and manufacturing equipment: $400 Miscellaneous manufacturing overhead incurred by various production departments:$550 o (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.) Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ? Cost of goods...
1. 2. Crane Corporation incurred the following transactions. Purchased raw materials on account $46,400. Raw Materials...
1. 2. Crane Corporation incurred the following transactions. Purchased raw materials on account $46,400. Raw Materials of $36,100 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,900 was classified as indirect materials. Factory labor costs incurred were $60,000. Time tickets indicated that $54,100 was direct labor and $5,900 was indirect labor. Manufacturing overhead costs incurred on account were $81,500. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing...
1. Purchased raw materials on account $50,600.
1. Purchased raw materials on account $50,600. 2. Raw Materials of $42.300 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9.500 was classified as indirect materials. 3. Factory labor costs incurred were $65.500. 4. Time tickets indicated that $54,400 was direct labor and $11,100 was indirect labor. 5. Manufacturing overhead costs incurred on account were $83,100. 6. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 7. Goods costing $92.700 were completed and transferred to fnished...
Sheridan Corporation incurred the following transactions. 1. Purchased raw materials on account $46,600. 2. Raw Materials...
Sheridan Corporation incurred the following transactions. 1.
Purchased raw materials on account $46,600. 2. Raw Materials of
$40,800 were requisitioned to the factory. An analysis of the
materials requisition slips indicated that $7,000 was classified as
indirect materials. 3. Factory labor costs incurred were $60,300.
4. Time tickets indicated that $55,700 was direct labor and $4,600
was indirect labor. 5. Manufacturing overhead costs incurred on
account were $83,700. 6. Manufacturing overhead was applied at the
rate of 160% of direct...
a. Materials purchases (on credit).b. Direct materials used in production.c. Direct labor paid and...
Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $60,000; indirect labor, $28,000; factory rent, $34.000; factory utilities, $19,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. a. Materials purchases (on...
record the transaction Coronado Corporation incurred the following transactions, 1. 2. 3 4. Purchased raw materials...
record the transaction
Coronado Corporation incurred the following transactions, 1. 2. 3 4. Purchased raw materials on account $49,700. Raw Materials of $41,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $55,400 was direct labor and $6,500 was indirect labor Manufacturing overhead costs incurred on account were $83,700. Manufacturing overhead was applied at the rate of 160% of...
The following additional information describes the company's production activitie Direct materials Raw materials purchased on credit...
The following additional information describes the company's production activitie Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $115,000 26,250 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 24,600 98,400 181,600 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 68,400 58,600 65,000 Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (1209 of direct labor used) Sales $976,000 2. Prepare summary journal entries...
Oriole Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $54,500....
Oriole Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $54,500. Raw Materials of $38,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,000 was classified as indirect materials. Factory labor costs incurred were $62,500. Time tickets indicated that $54,700 was direct labor and $7,800 was indirect labor. Manufacturing overhead costs incurred on account were $84,900. Manufacturing overhead was applied at the rate of 150% of direct labor cost....
adjust the manufacturing overhead account
prepare the journal entry and post thr transactions to
T-account
Cedar River Trikes manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead based on machine hours. Cedar River expects to incur $250,000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported the following inventory balances at May 31, 2018: Raw Materials Inventory $25,000 Work-in-Process Inventory $18,000 Finished Goods Inventory $43,000 During June, 2018, Cedar River actually used 1,100...
a. Raw materials purchased on account, $290,000. . Raw materials used in production (all direct materials). $275,000. . Utility bills incurred on account, $77,000 (90% related to factory operations, and the remainder related to selling and administrative activities). . Accrued salary and wage costs: Direct labor (970 hours) Indirect labor Selling and administrative salaries $320,000 $ 108,000 $200,000 2. Maintenance costs incurred on account in the factory, $72,000 f. Advertising costs incurred on account, $154,000. ). Depreciation was recorded for...
Create an overview diagram
SRS COST DATA Direct materials and supplies purchased on credit: $800 Direct materials used: $710 Indirect materials issued to various production departments: $100 Direct manufacturing labor: S1,300 Indirect manufacturing labor incurred by various production departments: $900 Depreciation on building and manufacturing equipment: $400 Miscellaneous manufacturing overhead incurred by various production departments:$550 o (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.) Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ? Cost of goods...
1. 2. Crane Corporation incurred the following transactions. Purchased raw materials on account $46,400. Raw Materials of $36,100 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,900 was classified as indirect materials. Factory labor costs incurred were $60,000. Time tickets indicated that $54,100 was direct labor and $5,900 was indirect labor. Manufacturing overhead costs incurred on account were $81,500. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing...
1. Purchased raw materials on account $50,600. 2. Raw Materials of $42.300 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9.500 was classified as indirect materials. 3. Factory labor costs incurred were $65.500. 4. Time tickets indicated that $54,400 was direct labor and $11,100 was indirect labor. 5. Manufacturing overhead costs incurred on account were $83,100. 6. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 7. Goods costing $92.700 were completed and transferred to fnished...
Sheridan Corporation incurred the following transactions. 1.
Purchased raw materials on account $46,600. 2. Raw Materials of
$40,800 were requisitioned to the factory. An analysis of the
materials requisition slips indicated that $7,000 was classified as
indirect materials. 3. Factory labor costs incurred were $60,300.
4. Time tickets indicated that $55,700 was direct labor and $4,600
was indirect labor. 5. Manufacturing overhead costs incurred on
account were $83,700. 6. Manufacturing overhead was applied at the
rate of 160% of direct...
record the transaction
Coronado Corporation incurred the following transactions, 1. 2. 3 4. Purchased raw materials on account $49,700. Raw Materials of $41,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $55,400 was direct labor and $6,500 was indirect labor Manufacturing overhead costs incurred on account were $83,700. Manufacturing overhead was applied at the rate of 160% of...
The following additional information describes the company's production activitie Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $115,000 26,250 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 24,600 98,400 181,600 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 68,400 58,600 65,000 Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (1209 of direct labor used) Sales $976,000 2. Prepare summary journal entries...
Oriole Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $54,500. Raw Materials of $38,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,000 was classified as indirect materials. Factory labor costs incurred were $62,500. Time tickets indicated that $54,700 was direct labor and $7,800 was indirect labor. Manufacturing overhead costs incurred on account were $84,900. Manufacturing overhead was applied at the rate of 150% of direct labor cost....
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