Leak Enterprises LLC recorded the following transactions for the just completed month. The company had no beginning inventories.
(1) Raw materials purchased for cash, $96,000
(2) Direct materials requisitioned for use in production, $69,000
(3) Indirect materials requisitioned for use in production, $22,000
(4) Direct labor wages incurred and paid, $129,000
(5) Indirect labor wages incurred and paid, $16,000
(6) Additional manufacturing overhead costs incurred and paid, $121,000
(7) Manufacturing overhead costs applied to jobs, $163,000
(8) All of the jobs in process were completed.
(9) All of the completed jobs were shipped to customers.
(10) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.
Use the following T-accounts to answer the following questions.
The ending balance in the Raw Materials account is closest to:
Answer
Leak Enterprises LLC recorded the following transactions for the just completed month. The company had no...
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were requisitioned for use in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing...
ABC Co. recorded the following transactions for the just completed month. The company had no beginning inventories. a) $157,000 in raw materials were purchased on account. b) $135,000 in raw materials were requisitioned for use in production. Of this amount, $122,000 was for direct materials and the remainder was for indirect materials. c) Total labor wages of $165,000 were incurred and paid. Of this amount, $145,000 was for direct labor and the remainder was for indirect labor. d) Additional manufacturing...
3. (9 points) Palden Company recorded the following transactions for the just completed month. The company had no beginning inventories. (a) $72,000 in raw materials were purchased for cash. (6) $67,000 in raw materials were requisitioned for use in production. Of this amount, $56,000 was for direct materials and the remainder was for indirect materials. (c) Total labor wages of $112,000 were incurred and paid in cash. Of this amount, 894,000 was for direct labor and $18,000 was for indirect...
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. indirect materials. a. $75,600 in raw materials were purchased for cash. b. $72,300 in raw materials were used in production of this amount, $67,000 was for direct materials and the remainder was for c. Total labor wages of $151,400 were incurred and paid of this amount, $134,500 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs...
Kirkaid Company recorded the following transactions for the just completed month: a. $86.000 in raw materials were requisitioned for use in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials b. Total labor wages of $110,000 were incurred. Of this amount, $108,000 was for direct labor and the remainder was for indirect labor. c. Additional actual manufacturing overhead costs of $198,000 were incurred d. A total of $219,000 in manufacturing overhead was applied...
Kirkaid Company recorded the following transactions for the just completed month: a. $102,000 in raw materials were requisitioned for use in production. Of this amount, $81,000 was for direct materials and the remainder was for indirect materials. b. Total labor wages of $126,000 were incurred. Of this amount, $114,000 was for direct labor and the remainder was for indirect labor. c. Additional actual manufacturing overhead costs of $206,000 were incurred. d. A total of $247,000 in manufacturing overhead was applied...
Kirkaid Company recorded the following transactions for the just completed month: a. $92,000 in raw materials were requisitioned for use in production. Of this amount, $76,000 was for direct materials and the remainder was for indirect materials. b. Total labor wages of $116,000 were incurred. Of this amount, $109,000 was for direct labor and the remainder was for indirect labor. c. Additional actual manufacturing overhead costs of $201.000 were incurred. d. A total of $231,000 in manufacturing overhead was applied...
Kirkaid Company recorded the following transactions for the just completed month: a. $86,000 in raw materials were requisitioned for use in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. b. Total labor wages of $110,000 were incurred. Of this amount, $106,000 was for direct labor and the remainder was for indirect labor. c. Additional actual manufacturing overhead costs of $198,000 were incurred. d. A total of $219,000 in manufacturing overhead was applied...
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. $75,300 in raw materials were purchased for cash. $72,100 in raw materials were used in production. Of this amount, $66,900 was for direct materials and the remainder was for indirect materials. Total labor wages of $150,800 were incurred and paid. Of this amount, $134,700 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $125,900 were incurred...
Larned Corporation recorded the following transactions for the just completed month.a. $71.000 in raw materials were purchased on account.b. $69,000 in raw materials were requisitioned for use in production. Of this amount, $58,000 was for direct materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were incurred. Of this amount, $102,200 was for direct labor and the remainder was for indirect labor.d. Additional manufacturing overhead costs of $194.000 were incurred.Required:Record the above transactions in journal entries....