Question

Required information (The following information applies to the questions displayed below.) The following information is availDo not consider any underapplied or overapplied overhead. Raw Materials (RM) Work In Process (WIP) 01 Finished Goods (FG) In1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transact1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal e

0 0
Add a comment Improve this question Transcribed image text
✔ Recommended Answer
Answer #1
Raw materials (RM) Work in Process (WIP)
RM-April 30 44000 WIP-April 30 9200
RM purchases 174000 DM used 167000
12000 Indirect materials DL used 192500
167000 DM used Overhead applied 105875 455175 Cost of goods manuf.
RM-May 31 39000 WIP-May 31 19400
Finished goods (FG) Factory Overhead
FG-April 30 50000 Indirect materials 12000 105875 Overhead applied
Cost of goods manuf. 455175 Indirect labor 57500
472075 Cost of goods sold Other overhead costs 108000
FG-May 31 33100
Underapplied OH 71625
Income Statement (Partial)
Sales 1900000
Cost of goods sold 472075
Gross Profit 1427925
2
For Raw materials:
General Journal Debit Credit
Raw materials inventory   174000
       Cash 174000
Work in Process inventory 167000 =44000+174000-12000-39000
    Raw materials inventory   167000
Factory overhead 12000
    Raw materials inventory   12000
3
For Labor:
General Journal Debit Credit
Work in Process inventory 192500 =250000-57500
      Factory wages payable 192500
Factory overhead 57500
      Factory wages payable 57500
Factory wages payable 250000
       Cash 250000
4
For overhead:
General Journal Debit Credit
Factory overhead 108000
      Other accounts 108000
Work in Process inventory 105875 =192500*55%
     Factory overhead 105875
Add a comment
Know the answer?
Add Answer to:
Required information (The following information applies to the questions displayed below.) The following information is available...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
  • 1. Required information (The following information applies to the questions displayed below.) The following information is...

    1. Required information (The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $ 25,000 9,200 54,000 55,000 19,800 34,300 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in...

  • (The following information applies to the questions displayed below.] The following information is available for Lock-Tite...

    (The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $ 35,000 9,200 56,000 55,000 18,700 33,200 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead...

  • Required information (The following information applies to the questions displayed below.) The following information is available...

    Required information (The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $38,000 9,500 54,000 58,000 18,700 33,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead coats Sales (received in cash) Predetermined...

  • Required information [The following information applies to the questions displayed below.] The following information is available...

    Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $38,000 9.500 54,000 58,000 18.700 33,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...

  • Required information [The following information applies to the questions displayed below.) The following information is available...

    Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $39,000 9,500 52,000 54,000 19,600 34,500 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...

  • p1. P2. p3. Required information The following information applies to the questions displayed below) The following...

    p1. P2. p3. Required information The following information applies to the questions displayed below) The following information is available for lock Tite Company, which produces special order security products and uses a job order costing system. April 30 May 31 $ $33.009 9. GOD 62,000 37,809 19, 208 35, 608 197.990 150,000 Raw materials Work in process Finished gonds Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect...

  • [The following information applies to the questions displayed below.] The following information is available for Lock-Tite...

    [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $ 31,000 9,500 58,000 30,000 19, 100 33, 700 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash)...

  • Required information [The following information applies to the questions displayed below.) The following information is available...

    Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $44,000 9,400 56,000 59,000 20,800 34,300 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...

  • Required information [The following information applies to the questions displayed below.) The following information is available...

    Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. May 31 $ 49,000 20,000 34,000 April 30 Inventories Raw materials $ 40,000 Work in process 9,600 Finished goods 55,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash)...

  • Required information [The following information applies to the questions displayed below.] The following information is available...

    Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $44,000 9,400 56,000 59,000 20,800 34,300 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT