1. Prepare Journal entries to record the transaction given above
In the books of Ravsten Company:
Event | Account Titles | Debit | Credit |
$ | $ | ||
a. | Raw Materials | 200,000 | |
Accounts Payable | 200,000 | ||
b. | Work in Process | 152,000 | |
Manufacturing Overhead | 38,000 | ||
Raw Materials | 190,000 | ||
c.. | Work in Process | 160,000 | |
Manufacturing Overhead | 27,000 | ||
Sales Commissions Expense | 36,000 | ||
Administrative Salaries Expense | 80,000 | ||
Salaries and Wages Payable | 303,000 | ||
d. | Manufacturing Overhead | 42,000 | |
Accounts Payable | 42,000 | ||
e. | Manufacturing Overhead | 9,000 | |
Insurance Expense | 1,000 | ||
Prepaid Insurance | 10,000 | ||
f. | Advertising Expense | 50,000 | |
Accounts Payable | 50,000 | ||
g. | Manufacturing Overhead | 51,000 | |
Depreciation Expense | 9,000 | ||
Accumulated Depreciation | 60,000 | ||
h. | Work in Process | 170,000 | |
Manufacturing Overhead | 170,000 | ||
i. | Finished Goods | 480,000 | |
Work in Process | 480,000 | ||
j. | Accounts Receivable | 700,000 | |
Sales Revenue | 700,000 | ||
j. | Cost of Goods Sold | 475,000 | |
Finished Goods | 475,000 |
1. Prepare Journal entries to record the transaction given above Ravsten Company uses a job-order costing...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company’s inventory balances were as follows: Raw materials $ 25,000 Work in process $ 13,600 Finished goods $ 31,800 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,800 machine-hours and incur $166,320 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were...
Ravsten Company uses a job-order costing system. The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 35,000 machine-hours and incur $183,750 in manufacturing overhead cost. The following transactions occurred during the year: a. Raw materials requisitioned for use in production, $309,000 (70% direct and 30% indirect). b. The following costs were incurred for employee services: Ravsten Company uses a job-order costing system. The company...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company’s inventory balances were as follows: Raw materials $ 25,000 Work in process $ 13,600 Finished goods $ 31,800 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,800 machine-hours and incur $166,320 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were...
Problem 5-18 Journal Entries; T-Accounts; Cost Flows [LO4, LO5, LO7] Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company’s inventory balances were as follows: Raw materials $ 16,500 Work in process $ 10,200 Finished goods $ 30,100 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,100 machine-hours and incur $155,230 in manufacturing overhead cost. The...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company’s inventory balances were as follows: Raw materials $ 25,000 Work in process $ 13,600 Finished goods $ 31,800 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,800 machine-hours and incur $166,320 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were...
Ravsten Company uses a job-order costing system The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 41,000 machine-hours and incur $184,500 in manufacturing overhead cost. The following transactions occurred during the year: Raw materials requisitioned for use in production, $195,000 (70% direct and 30% indirect b. The following costs were incurred for employee services: S 165,000 s 23,000 S 15,000 S 30,000 Direct labor Indirect labor...
Ravsten Company uses a job-order costing system. The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 42,000 machine-hours and incur $191,100 in manufacturing overhead cost. The following transactions occurred during the year: a. Raw materials requisitioned for use in production, $240,000 (75% direct and 25% indirect). b. The following costs were incurred for employee services: Direct labor $ 166,000 Indirect labor $ 24,000...
Prepare Journal Entries for 1. Raw materials were purchased on account: $236000 2. Raw materials were requisitioned for use in production: $208,000 (85% direct and 15% indirect) 3. Record the costs that were incurred for employee services. 4. Heat, power, and water costs were incurred in the factory: $50,100. 5. Prepaid insurance expired during the year: $19,000 (80% relates to factory operations, and 20% relates to selling and administrative activities). 6. Advertising costs were incurred, $59,000. 7. Depreciation was recorded...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company’s inventory balances were as follows: Raw materials $ 19,500 Work in process $ 11,400 Finished goods $ 30,700 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,700 machine-hours and incur $168,820 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were...
Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw Materials .... ....... Work in Process ..................... Finished Goods ........................ $16,000 $10,000 $30,000 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated...