Homework Answers
| Event | Account Title | Debit | Credit |
| a | Raw material Inventory | 10,000 | |
| Accounts Payable | 10,000 | ||
| Purchased Raw Material On accounts | |||
| b | Work in progress | 6000 | |
| Overhead | 1000 | ||
| Raw material Inventory | 7000 | ||
| To record Raw material used | |||
| c | Work in progress | 9000 | |
| Overhead | 2000 | ||
| Wages | 11000 | ||
| To record wages | |||
| d | Work in progress | 3700 | |
| Overhead | 3700 | ||
| To record applied overhead | |||
| f | Overhead | 700 | |
| COGS | 700 | ||
| To record over applied Overhead | |||
T account For manufacturing overhead
| Manufacturing Overhead | |
| Actual Overhead cost | Applied Over head cost |
| 1000 | 3700 |
| 2000 | |
| Balance | 700 |
It is Over Applied
Add Answer to:
2) Record the following events as Journal Entries. Also, prepare a t-account for Manufacturing Overhead. a)...
adjust the manufacturing overhead account prepare the journal entry and post thr transactions to T-account Cedar...
adjust the manufacturing overhead account
prepare the journal entry and post thr transactions to
T-account
Cedar River Trikes manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead based on machine hours. Cedar River expects to incur $250,000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported the following inventory balances at May 31, 2018: Raw Materials Inventory $25,000 Work-in-Process Inventory $18,000 Finished Goods Inventory $43,000 During June, 2018, Cedar River actually used 1,100...
2. MD Manufacturing has the following beginning and ending account balances Beginning Balance Ending. Balanse Raw...
2. MD Manufacturing has the following beginning and ending account balances Beginning Balance Ending. Balanse Raw Materials $26.000 $33,000 Work-in-Process 564,000 $71.000 Finished Goods Inventory $48.000 $45.000 MD uses normal costing, MD allocates overhead based on machine hours. At the beginning of the year, MD estimated overhead for the year to be $200,000 and machine hours to be 2,500 hours. Actual machine hours during the year was 2.700 and actual overhead incurred was $230,000. Purchases of raw materials for the...
help asap 2. MD Manufacturing has the following beginning and end acturing has the following beginning...
help asap
2. MD Manufacturing has the following beginning and end acturing has the following beginning and ending account balances Beginning Balance Ending Balance Raw Materials $26,000 $33,000 Work-in-Process $64,000 $71,000 Finished Goods Inventory $48,000 $45,000 uses normal costing, MD allocates overhead based on machine hours. At the beginning of the year, MD estimated overhead for the year to be $200.000 and machine hours to be 2,500 hours. Actual machine hours during the vear was 2,700 and actual overhead incurred...
Required: 1. Prepare journal entries to record the transactions for the year. 2. Prepare T-accounts for...
Required:
1. Prepare journal entries to record the transactions for the
year.
2. Prepare T-accounts for each inventory account, Manufacturing
Overhead, and Cost of Goods Sold. Post relevant data from your
journal entries to these T-accounts (don’t forget to enter the
beginning balances in your inventory accounts).
3A. Is Manufacturing Overhead underapplied or overapplied for
the year?
3B. Prepare a journal entry to close any balance in the
Manufacturing Overhead account to Cost of Goods Sold.
4. Prepare an income...
Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entry to properly dispose...
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...
Comprehensive Cases 43. Journal Entries, Closing Manufacturing Overhead, and Preparing an Income Statement Jansen, Inc., is...
Comprehensive Cases 43. Journal Entries, Closing Manufacturing Overhead, and Preparing an Income Statement Jansen, Inc., is a defense contractor that uses job costing. Because the firm uses a perpetual inventory system, the three supporting schedules to the income statement (the schedule of raw materials placed in production, the schedule of cost of goods manufactured, and the schedule of cost of goods sold) are not necessary. Inventory account beginning balances at January 1, 2016, are listed as follows. Raw materials inventory...
Prepare Journal Entries for 1. Raw materials were purchased on account: $236000 2. Raw materials were...
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...
Peralta Inc. has provided the following information for 2019. Prepare the journal entries to record these...
Peralta Inc. has provided the following information for 2019. Prepare the journal entries to record these transactions. Purchased raw materials on account for $145,000. Issued $115,000 in raw materials to production ($22,000 were not traceable to specific jobs). Incurred $115,000 in direct labor costs (14,375 hours) and $62,500 in supervision costs (paid in cash). Incurred the following additional manufacturing overhead costs: factory lease $24,000 (paid in cash); depreciation on equipment $20,000; custodial supplies $7,500 (paid in cash). Incurred the following...
Prepare the journal entries to record the following transactions es to record the following transactions of...
Prepare the journal entries to record the following transactions es to record the following transactions of the Peace Corporation. 1. Material requisitions total $20,000 that was allocated Job # 102--$9,000, and $1,000 of indirect materials. tal $20,000 that was allocated as following: Job #101- -$10,000; material 29000 CASH 29000 Indirect 1,000 Material bone Job 101 wip Materials 10,000 103000 1000 - 9000 Materials so Job 182 WIP 9,00 Materials 2. Time tickets total $15,000 that was allocated as following: Job...
1. Prepare Journal entries to record the transaction given above Ravsten Company uses a job-order costing...
1. Prepare Journal entries to record the transaction given
above
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 that it would work 36,000 machine-hours and incur $153,000 in manufacturing overhead cost. The following...
adjust the manufacturing overhead account
prepare the journal entry and post thr transactions to
T-account
Cedar River Trikes manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead based on machine hours. Cedar River expects to incur $250,000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported the following inventory balances at May 31, 2018: Raw Materials Inventory $25,000 Work-in-Process Inventory $18,000 Finished Goods Inventory $43,000 During June, 2018, Cedar River actually used 1,100...
2. MD Manufacturing has the following beginning and ending account balances Beginning Balance Ending. Balanse Raw Materials $26.000 $33,000 Work-in-Process 564,000 $71.000 Finished Goods Inventory $48.000 $45.000 MD uses normal costing, MD allocates overhead based on machine hours. At the beginning of the year, MD estimated overhead for the year to be $200,000 and machine hours to be 2,500 hours. Actual machine hours during the year was 2.700 and actual overhead incurred was $230,000. Purchases of raw materials for the...
help asap
2. MD Manufacturing has the following beginning and end acturing has the following beginning and ending account balances Beginning Balance Ending Balance Raw Materials $26,000 $33,000 Work-in-Process $64,000 $71,000 Finished Goods Inventory $48,000 $45,000 uses normal costing, MD allocates overhead based on machine hours. At the beginning of the year, MD estimated overhead for the year to be $200.000 and machine hours to be 2,500 hours. Actual machine hours during the vear was 2,700 and actual overhead incurred...
Required:
1. Prepare journal entries to record the transactions for the
year.
2. Prepare T-accounts for each inventory account, Manufacturing
Overhead, and Cost of Goods Sold. Post relevant data from your
journal entries to these T-accounts (don’t forget to enter the
beginning balances in your inventory accounts).
3A. Is Manufacturing Overhead underapplied or overapplied for
the year?
3B. Prepare a journal entry to close any balance in the
Manufacturing Overhead account to Cost of Goods Sold.
4. Prepare an income...
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...
Comprehensive Cases 43. Journal Entries, Closing Manufacturing Overhead, and Preparing an Income Statement Jansen, Inc., is a defense contractor that uses job costing. Because the firm uses a perpetual inventory system, the three supporting schedules to the income statement (the schedule of raw materials placed in production, the schedule of cost of goods manufactured, and the schedule of cost of goods sold) are not necessary. Inventory account beginning balances at January 1, 2016, are listed as follows. Raw materials inventory...
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...
Prepare the journal entries to record the following transactions es to record the following transactions of the Peace Corporation. 1. Material requisitions total $20,000 that was allocated Job # 102--$9,000, and $1,000 of indirect materials. tal $20,000 that was allocated as following: Job #101- -$10,000; material 29000 CASH 29000 Indirect 1,000 Material bone Job 101 wip Materials 10,000 103000 1000 - 9000 Materials so Job 182 WIP 9,00 Materials 2. Time tickets total $15,000 that was allocated as following: Job...
1. Prepare Journal entries to record the transaction given
above
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 that it would work 36,000 machine-hours and incur $153,000 in manufacturing overhead cost. The following...
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