Homework Answers
Answer -
Record the transfer of completed jobs 136, 138 and 139 to finished goods.
| Transaction | General Journal | Debit | Credit |
| f. | Finished goods inventory | $361200 | |
| Goods in process inventory | $361200 |
Record the entry for sales on account for jobs 136 and 138.
| Transaction | General Journal | Debit | Credit |
| g(1). | Accounts receivable | $550000 | |
| Sales | $550000 |
Record the entry for the cost of sales of jobs 136 and 138.
| Transaction | General Journal | Debit | Credit |
| g(2). | Cost of goods sold | $220000 | |
| Finished goods inventory | $220000 |
Record other factory overhead (depreciation, insurance and property taxes).
| Transaction | General Journal | Debit | Credit |
| h. | Factory overhead | $154500 | |
| Accumulated depreciation-Factory building | $70000 | ||
| Accumulated depreciation-Factory equipment | $37000 | ||
| Prepaid insurance | $12000 | ||
| Property taxes payable | $35500 |
Record the entry to apply overhead to jobs 137 and 140 (Work in Process).
| Transaction | General Journal | Debit | Credit |
| i. | Goods in process inventory | $27600 | |
| Factory overhead | $27600 |
Calculation:
Job cost sheet for each job worked on during the month.
| Job No. 136 | Job No. 137 | Job No. 138 | Job No. 139 | Job No. 140 | |
| Direct materials | $50000 | $33000 | $19400 | $23000 | $6400 |
| Direct labor | $12100 | $10800 | $38100 | $39400 | $3000 |
| Overhead (200% of direct labor) | $24200 | $21600 | $76200 | $78800 | $6000 |
| Total cost | $86300 | $65400 | $133700 | $141200 | $15400 |
So,
f. To completion of jobs = $86300 + $133700 + $141200 = $361200
g(2). To record cost of sales = $86300 + $133700 = $220000
i. To apply overhead to jobs = ($10800 + $3000) * 200% = $27600
Add Answer to:
2. Prepare journal entries to record the events and transactions a through View transaction list Journal...
View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9...
View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 > Record the entry to apply overhead to jobs 136, 138 and 139. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Prev 2 3 4 of 4 8 Next > We were unable to transcribe this image2. Prepare journal entries to record the events and transactions a through i. View transaction list Journal...
I need help with my assignment please Problem 2-3A Source documents, journal entries, and accounts in...
I need help with my assignment please
Problem 2-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 The following information applies to the questions displayed below) Widmer Watercraft's predetermined overhead rate for year 2015 is 200% of direct labor Information on the company's production activities during May 2015 follows a Purchased raw materials on credit, $260,000 b. Materials requisitions record use of the following materials for the month Job 136 Job 137 Job 138...
The following information applies to the questions displayed below.) Widmer Watercraft's predetermined overhead rate is 200%...
The following information applies to the questions displayed below.) Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $200,000 b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materiale Total materials used $ 50,000 33,500 20,200 22,400 6,800 132,900 20,000 $152,900 c. Paid $15,000 cash to a...
2. Prepare journal entries for the month of April to record the above transactions Required information...
2.
Prepare journal entries for the month of April to record the above
transactions
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $88.000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in Aprilare: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities. $23,000; and facto ctory utilities. $23,000: and factory equipment depreciation, $57,000. The predetermined overhead...
Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities...
Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $200,000 b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials used $ 49,500 32,500 19,600 23,000 6,800 131,400 21,560 $152,900 c. Paid $15,500 cash to a computer consultant to reprogram factory equipment. d. Time tickets...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37,000. Indirect materials used in production, $12,000. c. Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,000. e. Applied overhead at the rate of 120% of direct labor cost....
View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ........
View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ..... 13 Record the cost of indirect materials used. Note: Enter debits before credits. Transaction General Journal Debit Credit IT Record entry Clear entry View general Journal < Prev 3 4 5 or 6 6 Next > Required information View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ..... 13 Record the entry for Overhead costs applied to Work...
i need it as soon as possible please snd look at it carefully. Required information The...
i need it as soon as possible please snd look at it
carefully.
Required information The following information applies to the questions displayed below] Widmer Watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's production activities during May 2017 follows. a. Purchased raw materials on credit, $240,000 b. Materials requisitions record use of the following materials for the month Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
transactions for a company in its first month of operations
WA E- Www Check my Www Prepare summary journal entries to record the following transactions for a company in its first month of operations. This page ware Si a. Raw materials purchased on account, $84,000. b. Direct materials used in production, $38,000. Indirect materials used in production, $13,500. c. Paid cash for factory payroll, $45,000. Of this total, $31,000 is for direct...
Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3...
Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 The following information applies to the questions displayed below.) Widmer Watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's production activities during May 2017 follows a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month Job 136 Job 137 Job 138 Job 139 Job 140 Total direct...
View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 > Record the entry to apply overhead to jobs 136, 138 and 139. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Prev 2 3 4 of 4 8 Next > We were unable to transcribe this image2. Prepare journal entries to record the events and transactions a through i. View transaction list Journal...
I need help with my assignment please
Problem 2-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 The following information applies to the questions displayed below) Widmer Watercraft's predetermined overhead rate for year 2015 is 200% of direct labor Information on the company's production activities during May 2015 follows a Purchased raw materials on credit, $260,000 b. Materials requisitions record use of the following materials for the month Job 136 Job 137 Job 138...
The following information applies to the questions displayed below.) Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $200,000 b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materiale Total materials used $ 50,000 33,500 20,200 22,400 6,800 132,900 20,000 $152,900 c. Paid $15,000 cash to a...
2.
Prepare journal entries for the month of April to record the above
transactions
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $88.000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in Aprilare: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities. $23,000; and facto ctory utilities. $23,000: and factory equipment depreciation, $57,000. The predetermined overhead...
Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $200,000 b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials used $ 49,500 32,500 19,600 23,000 6,800 131,400 21,560 $152,900 c. Paid $15,500 cash to a computer consultant to reprogram factory equipment. d. Time tickets...
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37,000. Indirect materials used in production, $12,000. c. Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,000. e. Applied overhead at the rate of 120% of direct labor cost....
View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ..... 13 Record the cost of indirect materials used. Note: Enter debits before credits. Transaction General Journal Debit Credit IT Record entry Clear entry View general Journal < Prev 3 4 5 or 6 6 Next > Required information View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ..... 13 Record the entry for Overhead costs applied to Work...
i need it as soon as possible please snd look at it
carefully.
Required information The following information applies to the questions displayed below] Widmer Watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's production activities during May 2017 follows. a. Purchased raw materials on credit, $240,000 b. Materials requisitions record use of the following materials for the month Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials...
Prepare summary journal entries to record the following
transactions for a company in its first month of operations
WA E- Www Check my Www Prepare summary journal entries to record the following transactions for a company in its first month of operations. This page ware Si a. Raw materials purchased on account, $84,000. b. Direct materials used in production, $38,000. Indirect materials used in production, $13,500. c. Paid cash for factory payroll, $45,000. Of this total, $31,000 is for direct...
Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 The following information applies to the questions displayed below.) Widmer Watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's production activities during May 2017 follows a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month Job 136 Job 137 Job 138 Job 139 Job 140 Total direct...
Most questions answered within 3 hours.
-
Are there such things as microscopic multicellular animal
parasites? If so, please give examples.
asked 22 minutes ago -
1. What two structures in the ear are involved in your
sense of balance and in...
asked 9 minutes ago -
Two ice skaters suddenly push off against one another starting
from a stationary position. The 45...
asked 10 minutes ago -
What is the Larmor frequency for a proton in a magnetic field of
B0 = 14.0...
asked 11 minutes ago -
Problem 03.019 Annual Worth Calculations
Find the value of x that makes the equivalent annual
worth...
asked 27 minutes ago -
Under common law, right of survivorship was automatically a
feature of which type of co-tenancy?
a....
asked 23 minutes ago -
At 1 bar, how much energy is required to heat 61.0 g of H2O(s)
at −12.0...
asked 44 minutes ago -
Find the mixed-strategy equilibrium to the Battle of the sexes
game in Figure 5.1 below
Hockey...
asked 46 minutes ago -
Use the following information to answer the next three
questions.
QUESTION 5
As of today, the...
asked 51 minutes ago -
Using the specific identification method: Date Units purchased
Cost per unit Ending inventory March 1 15...
asked 54 minutes ago -
PLEASE HELP, NO ONE IS ANSWERING MY QUESTION AND IT IS SUE TODAY
WORTH 20% OF...
asked 1 hour ago -
α = 0.0007889 T, I = 2.9 A
Other Magnetic Fields: First, based on your
value...
asked 1 hour ago