Complete the following journal entries to show the flow of goods and costs through relative accounts...
Complete the following journal entries to show the flow of goods and costs through relative accounts in the process costing system.
You will use each of the following accounts at least once: Work in Process, Raw Materials, Wages Payable, Manufacturing Overhead, Finished Goods
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XX/XX/2019 |
a. |
$XX.XX |
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|
b. |
$XX.XX |
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Record raw materials into WIP |
|
XX/XX/2019 |
c. |
$XX.XX |
|
|
d. |
$XX.XX |
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Record/apply labor costs |
|
XX/XX/2019 |
e. |
$XX.XX |
|
|
f. |
$XX.XX |
||
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Record/apply manufacturing overhead |
|
XX/XX/2019 |
g. |
$XX.XX |
|
|
h. |
$XX.XX |
||
|
Transfer of WIP into finished goods |
Homework Answers
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Complete the following journal entries to show the flow of goods
and costs through relative accounts...
Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 The following...
Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 The following information applies to the questions displayed below) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $62.000 $ 89,500 401,000 575,000 628,000 524,000 The following additional information describes...
Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following...
Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May Inventories. Beginning Ending Inventory Inventory Raw materials inventory $ 60,000 $ 92,500 Work in process inventory 435,000 515,000 Finished goods inventory 633, 080 605,000 The following additional...
Need All 11 Journal Entries Sierra Company manufactures woven blankets and accounts for product costs using...
Need All 11 Journal Entries
Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Beginning Ending Inventory Inventory $ 65,000 73,500 517,000 505,000 Raw materials inventory Work in process inventory Finished goods inventory 445,500 633,000 The following additional information describes the company's production activities for May Raw materials purchases (on credit) Factory wages cost (paid in cash) Other...
Exercise 2 Record journal entries for the following transactions: 7/1 Paid $200 to repair factory equipment...
Exercise 2 Record journal entries for the following transactions: 7/1 Paid $200 to repair factory equipment (Ck #512). 7/12 Purchased $400 raw materials on account from Distributor Co. 7/18 Paid factory property taxes of $120 (Ck #513). 7/31 Recorded $160 depreciation on factory machinery. Dr. 200 Date Account / Explanation 7/1 Manufacturing overhead Cash (Repair equipment ck#512) 200 400 7/12 Raw materials inventory Accounts payable (RM purchases - Distributor Co) 100 120 7/18 Manufacturing overhead Cash (Property taxes - Ck#513)...
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4...
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below.) Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory and Beginning Inventory $ 36,000 103,500 123,300 32,100...
Problem 03-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 (The following...
Problem 03-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 (The following information applies to the questions displayed below.) Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Ending Inventory Inventory 213,500 145,500 233,300 113,200 54,100 42,250 The following additional...
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4...
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $ 61,000 $68,000 405,500 577,000 630,000 562,000 The following additional...
1. Prepare journal entries to record the costs incurred in both the Refining Department and Blending...
1. Prepare journal entries to record the costs incurred in both
the Refining Department and Blending Department during March. Key
your entries to the items (a) through (g) below.
2. Post the journal entries from (1) above to T-accounts. The
following account balances existed at the beginning of March. (The
beginning balance in the Refining Department’s Work in Process is
given in the T-account shown above.)
Lubricants, Inc., produces a special kind of grease that is widely used by race...
journal entries for each transaction and t accounts Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2)...
journal entries for each transaction
and t accounts
Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2) The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account. $209,000 b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October $131,000....
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4...
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $ 67,000 $ 71,000 419,000 597,000 602,000 569,000 The following...
Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 The following information applies to the questions displayed below) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $62.000 $ 89,500 401,000 575,000 628,000 524,000 The following additional information describes...
Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May Inventories. Beginning Ending Inventory Inventory Raw materials inventory $ 60,000 $ 92,500 Work in process inventory 435,000 515,000 Finished goods inventory 633, 080 605,000 The following additional...
Need All 11 Journal Entries
Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Beginning Ending Inventory Inventory $ 65,000 73,500 517,000 505,000 Raw materials inventory Work in process inventory Finished goods inventory 445,500 633,000 The following additional information describes the company's production activities for May Raw materials purchases (on credit) Factory wages cost (paid in cash) Other...
Exercise 2 Record journal entries for the following transactions: 7/1 Paid $200 to repair factory equipment (Ck #512). 7/12 Purchased $400 raw materials on account from Distributor Co. 7/18 Paid factory property taxes of $120 (Ck #513). 7/31 Recorded $160 depreciation on factory machinery. Dr. 200 Date Account / Explanation 7/1 Manufacturing overhead Cash (Repair equipment ck#512) 200 400 7/12 Raw materials inventory Accounts payable (RM purchases - Distributor Co) 100 120 7/18 Manufacturing overhead Cash (Property taxes - Ck#513)...
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below.) Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory and Beginning Inventory $ 36,000 103,500 123,300 32,100...
Problem 03-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 (The following information applies to the questions displayed below.) Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Ending Inventory Inventory 213,500 145,500 233,300 113,200 54,100 42,250 The following additional...
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $ 61,000 $68,000 405,500 577,000 630,000 562,000 The following additional...
1. Prepare journal entries to record the costs incurred in both
the Refining Department and Blending Department during March. Key
your entries to the items (a) through (g) below.
2. Post the journal entries from (1) above to T-accounts. The
following account balances existed at the beginning of March. (The
beginning balance in the Refining Department’s Work in Process is
given in the T-account shown above.)
Lubricants, Inc., produces a special kind of grease that is widely used by race...
journal entries for each transaction
and t accounts
Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2) The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account. $209,000 b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October $131,000....
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $ 67,000 $ 71,000 419,000 597,000 602,000 569,000 The following...
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