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 for the year: $70,800 (75% relates to factory operations, and 25% relates to selling and administrative activities).
8. Manufacturing overhead cost was applied to production. The company recorded 43,600 machine-hours for the year.
9. Goods that cost $539,200 to manufacture according to their job cost sheets were transferred to the finished goods warehouse.
10. Sales for the year totalled $783,700 and were all on account.
11. The total cost to manufacture these goods according to their job cost sheets was $530,600.
Prepare Journal Entries for 1. Raw materials were purchased on account: $236000 2. Raw materials were...
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. 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. 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...
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...
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...
Prepare an income statement for the year. (Do not prepare a schedule of cost of goods manufactured; all of the information is available in the journal entries and T-Accounts you have prepared) 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...
2. Prepare T-Accounts for inventories, Manufacturing overhead, and Cost of Goods Sold. Post Relevant data from your journal entries to these T-Accounts (don't forget to enter the opening balances in your inventory accounts). Compute and ending balance in each 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...
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...
20points eBookAsk Print Item 4 Item 4 20 points 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 $ 22,000 Work in process $ 12,400 Finished goods $ 31,200 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,200...
Durham Company uses a job-order costing system. The following transactions took place last year: a. Raw materials requisitioned for use in production, $56,000 (75% direct and 25% Indirect). b. Factory utility costs incurred, $16,200. c. Depreciation recorded on plant and equipment, $31,200. Three-fourths of the depreciation relates to factory equipment, and the remainder relates to selling and administrative equipment. d. Costs for salaries and wages were incurred as follows: Direct labor Indirect labor Sales commissions Administrative salaries $ 56,00 $...