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Product Cost Flows Complete the following T-accounts: Materials inventory Wages Payable Finished Goods Inventory Manufactured Overhead...
Product Cost Flows Complete the following T-accounts: Materials Inventory 2,080 Answer Answer 18,120 250 Wages Payable...
Product Cost Flows Complete the following T-accounts: Materials Inventory 2,080 Answer Answer 18,120 250 Wages Payable 9,000 1,950 Finished Goods Inventory 1,500 Answer Answer 1,200 Manufactured Overhead 325 Answer Answer 18,000 4,500 0 Work in Process Inventory 6,500 Answer Answer 9,000 Answer 500 Cost of Goods Sold Answer
Product Cost Flows Complete the following T-accounts: Hint: The first debit entry in the Manufacturing Overhead...
Product Cost Flows Complete the following T-accounts: Hint: The first debit entry in the Manufacturing Overhead T-account relates to indirect materials. Materials Inventory Wages Payable Work in Process 90,000 Inventory 120,000 12,000 119,400 1,800 192,000 30,000 Cost of Goods Sold Finished Goods Inventory 30,000 Manufactured Overhead 1,800 395,400 18,000 162,000 23,400 0
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,400. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. Payroll for the month: direct labor, $75,000; indirect labor, $35,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,500. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to...
PRODUCT COST FLOWS. Use the following information to answer all parts of the question. Materials Inventory...
PRODUCT COST FLOWS. Use the following information to answer all parts of the question. Materials Inventory 15* ? 25 10** Work-in Process Inventory 10* ? 35 28 14 42** Finished Goods Inventory 30* 55 ? 10** Wages Payable 50 28 Manufacturing Overhead 12 14 2** * Beginning Balance ** Ending Balance Required a. Cost of goods completed and transferred ? b. Total manufacturing costs ? c. Cost of goods manufactured ? d. Cost of goods sold ? e. Direct labor...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. Payroll for the month: direct labor, $75,000; indirect labor, $35,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,400. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to...
What is the manufacturing overhead Cash Raw materials inventory Work in process inventory Finished goods inventory...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Insurance Prepaid Property Taxes Property Tax Payable Raw...
Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Insurance Prepaid Property Taxes Property Tax Payable Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Fort Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classiñed as indirect materials. 3....
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Work-In-Process Inventory BB (11/1) 32,100...
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Work-In-Process Inventory BB (11/1) 32,100 Dir. Materials 86,500 Cost of Goods Sold Finished Goods Inventory EB (11/30) 103,000 Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Sales Revenue 771,400 Wages Payable Additional Data • Materials of $115,000 were purchased during the month, and the balance in the Materials Inventory account increased by $11,600. • Overhead is applied at the rate of 150 percent of direct labor cost. • Sales are...
prepare the schedule of cost of goods manufactured and cost of goods sold. Raw Materials Inventory...
prepare the schedule of cost of goods manufactured and cost of goods sold. Raw Materials Inventory Jan 1 $10 Raw Materials Inventory Inventory Dec 31 4 Work In Process Inventory Jan 1 15 Work In Process Inventory Dec 31 22 Finished Goods Inventory Jan 1 11 Finished Goods Inventory Dec 31 14 Raw Materials Purchased incl freight 30 Direct Labor 40 Manufacturing Overhead 30
Product Cost Flows Complete the following T-accounts: Hint: The first debit entry in the Manufacturing Overhead T-account relates to indirect materials. Materials Inventory Wages Payable Work in Process 90,000 Inventory 120,000 12,000 119,400 1,800 192,000 30,000 Cost of Goods Sold Finished Goods Inventory 30,000 Manufactured Overhead 1,800 395,400 18,000 162,000 23,400 0
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Insurance Prepaid Property Taxes Property Tax Payable Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Fort Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classiñed as indirect materials. 3....
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Work-In-Process Inventory BB (11/1) 32,100 Dir. Materials 86,500 Cost of Goods Sold Finished Goods Inventory EB (11/30) 103,000 Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Sales Revenue 771,400 Wages Payable Additional Data • Materials of $115,000 were purchased during the month, and the balance in the Materials Inventory account increased by $11,600. • Overhead is applied at the rate of 150 percent of direct labor cost. • Sales are...
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