Homework Answers
| A. Purchase raw materials | Expenditure |
| B. Pay Off mortgage on a factory | Financing |
| C. Hire a new assistant controller | Human resource/ payroll |
| D. Establish a $10,000 credit limit for a new customer | Revenue |
| E. Pay for raw materials | Expenditure |
| F. Disburse payroll checks to factory workers | Human resource/ payroll |
| G. Record goods received from a vendor | Expenditure |
| H. Update allowance for doubtfull accounts | Revenue |
| I. Decide how many units to make next month. | Production |
| J. Complete a picking ticket for a customer order | Revenue |
| K. Record factory employee timecards | Human resource/ payroll |
| L. Sell concert tickets | Revenue |
| M. Draw on line of credit | Financing |
| N. Send new employees to a business ethics course | Human resource/ payroll |
| O. Pay utility bills | Expenditure |
| P. Pay proterty taxes on an office building | Expenditure |
| Q. Pay federal payroll taxes | Human resource/ payroll |
| R. Sell DVD Player | Revenue |
| S. Collect payments on customer accounts. | Revenue |
| T. Obtain a bank loan. | Financing |
| U. Pay sales commission | Human resource/ payroll |
| V. Send an order to a vendor | Expenditure |
| W. Put purchased good into the warehouse. | Expenditure |
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1.8. Classify each of the following items as belonging in the revenue, expendi resources/payroll, production,...
The following additional information describes the company's production activitie Direct materials Raw materials purchased on credit...
The following additional information describes the company's production activitie Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $115,000 26,250 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 24,600 98,400 181,600 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 68,400 58,600 65,000 Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (1209 of direct labor used) Sales $976,000 2. Prepare summary journal entries...
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2....
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $45,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. Factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. Manufacturing overhead...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $49,700. 2. Raw Materials...
Crawford Corporation incurred the following
transactions.
1.
Purchased raw materials on account $49,700.
2.
Raw Materials of $41,700 were requisitioned to the factory. An
analysis of the materials requisition slips indicated that $8,100
was classified as indirect materials.
3.
Factory labor costs incurred were $61,900, of which $50,500
pertained to factory wages payable and $11,400 pertained to
employer payroll taxes payable.
4.
Time tickets indicated that $55,400 was direct labor and $6,500
was indirect labor.
5.
Manufacturing overhead costs incurred...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,200, and manufacturing overhead $20,200. As of January 1, Job No. 49 had been completed at a cost of $120,200 and was part of finished goods inventory. There...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $47,000. 2. Raw Materials...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $47,000. 2. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,300 was classified as indirect materials. 3. Factory labor costs incurred were $60,100, of which $51,000 pertained to factory wages payable and $9,100 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,400 was direct labor and $5,700 was indirect labor. 5. Manufacturing overhead costs incurred...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inve...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following the example given below Example: Order and receive $2,000 of steel from a supplier...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,500. 2. Raw Materials...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,500. 2. Raw Materials of $43,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,600 was classified as indirect materials. 3. Factory labor costs incurred were $65,600, of which $50,000 pertained to factory wages payable and $15,600 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,400 was direct labor and $10,200 was indirect labor. 5. Manufacturing overhead costs incurred...
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...
Required: Prepare journal entries dated June 30 to record the following production activities during June for...
Required: Prepare journal entries dated June 30 to record the following production activities during June for the information below: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs, (e) indirect labor costs, (f) payment of factory payroll, (g) other overhead costs, (h) overhead applied, (i) goods transferred from production to finished goods, and (i) sale of finished goods. Prepare the journal entries in excel using appropriate spacing, referencing, and formulas. Information: Dream Toys...
The following information is available for Lock-Tite Company, which produces special-order security products and uses a...
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 9,200 63,000 55,000 19,500 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 overhead rate based on direct labor cost 173,000 300,000 9,000 69,000...
The following additional information describes the company's production activitie Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $115,000 26,250 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 24,600 98,400 181,600 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 68,400 58,600 65,000 Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (1209 of direct labor used) Sales $976,000 2. Prepare summary journal entries...
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $45,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. Factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. Manufacturing overhead...
Crawford Corporation incurred the following
transactions.
1.
Purchased raw materials on account $49,700.
2.
Raw Materials of $41,700 were requisitioned to the factory. An
analysis of the materials requisition slips indicated that $8,100
was classified as indirect materials.
3.
Factory labor costs incurred were $61,900, of which $50,500
pertained to factory wages payable and $11,400 pertained to
employer payroll taxes payable.
4.
Time tickets indicated that $55,400 was direct labor and $6,500
was indirect labor.
5.
Manufacturing overhead costs incurred...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,200, and manufacturing overhead $20,200. As of January 1, Job No. 49 had been completed at a cost of $120,200 and was part of finished goods inventory. There...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $47,000. 2. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,300 was classified as indirect materials. 3. Factory labor costs incurred were $60,100, of which $51,000 pertained to factory wages payable and $9,100 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,400 was direct labor and $5,700 was indirect labor. 5. Manufacturing overhead costs incurred...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following the example given below Example: Order and receive $2,000 of steel from a supplier...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,500. 2. Raw Materials of $43,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,600 was classified as indirect materials. 3. Factory labor costs incurred were $65,600, of which $50,000 pertained to factory wages payable and $15,600 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,400 was direct labor and $10,200 was indirect labor. 5. Manufacturing overhead costs incurred...
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...
Required: Prepare journal entries dated June 30 to record the following production activities during June for the information below: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs, (e) indirect labor costs, (f) payment of factory payroll, (g) other overhead costs, (h) overhead applied, (i) goods transferred from production to finished goods, and (i) sale of finished goods. Prepare the journal entries in excel using appropriate spacing, referencing, and formulas. Information: Dream Toys...
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 9,200 63,000 55,000 19,500 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 overhead rate based on direct labor cost 173,000 300,000 9,000 69,000...
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