Jackson Company makes candy. During the most recent accounting period, Jackson paid $3,000 for raw materials,...
Jackson Company makes candy. During the most recent accounting period, Jackson paid $3,000 for raw materials, 4,000 for labor, and $2,000 for overhead costs that were incurred to make candy. Jackson started and completed 10,000 units of candy, of which 7,000 were sold. Based on this information, Jackson would recognize which of the following amounts of expense on the income statement?
a. $2,700
b. $6,300
c. $7,200
d. $9,000
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Jackson Company makes candy. During
the most recent accounting period, Jackson paid $3,000 for raw
materials,...
Sheridan Corporation incurred the following transactions. 1. Purchased raw materials on account $46,600. 2. Raw Materials...
Sheridan Corporation incurred the following transactions. 1.
Purchased raw materials on account $46,600. 2. Raw Materials of
$40,800 were requisitioned to the factory. An analysis of the
materials requisition slips indicated that $7,000 was classified as
indirect materials. 3. Factory labor costs incurred were $60,300.
4. Time tickets indicated that $55,700 was direct labor and $4,600
was indirect labor. 5. Manufacturing overhead costs incurred on
account were $83,700. 6. Manufacturing overhead was applied at the
rate of 160% of direct...
Sheridan Corporation incurred the following transactions. 1. Purchased raw materials on account $51,800. 2 Raw Materials...
Sheridan Corporation incurred the following transactions. 1. Purchased raw materials on account $51,800. 2 Raw Materials of $45,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,000 was classified as indirect materials. 3. Factory labor costs incurred were $64,100. 4. Time tickets indicated that $54,900 was direct labor and $9,200 was indirect labor. 5. Manufacturing overhead costs incurred on account were $83,600. 6. Manufacturing overhead was applied at the rate of 160% of direct...
Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job...
Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials 6,300 7,000 Direct Labor 7,000 For 2,000 Units Manufacturing Overhead 4,900 Date Beg. bal. Jan. 1 8 12 25 27 9,000 7,200 3,000 4,000 20,000 3,200 15,300 16,300 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($51,600 + 2,000) $16,300 20,000 15,300 $51,600 $25.80 (a) On the basis of the foregoing data, answer the...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $41,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,700 was classified as indirect materials. 3. Factory labor costs incurred were $60,500, of which $50,600 pertained to factory wages payable and $9,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,800 was direct labor and $5,700 was indirect labor. 5. Manufacturing overhead costs incurred...
Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $53,800....
Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $53,800. Raw Materials of $36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,500 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $54,900 was direct labor and $7,000 was indirect labor. Manufacturing overhead costs incurred on account were $82,300. Manufacturing overhead was applied at the rate of 160% of direct labor cost....
Fairfield Company’s raw materials inventory transactions for the most recent month are summarized here: Beginning raw...
Fairfield Company’s raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials $ 10,000 Purchases of raw materials 111,000 Raw materials issued Materials requisition 1445 48,500 For Job 101 Materials requisition 1446 31,000 For Job 102 Materials requisition 1447 11,500 Used on multiple jobs 1. & 2. Prepare the journal entries for materials. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1 record the purchase...
Shapiro Corporation has provided the following data for the most recent month: Raw Materials, beginning balance...
Shapiro Corporation has provided the following data for the most recent month: Raw Materials, beginning balance $13,000 Work in process, beginning balance $29,000 Finished Goods, beginning balance $50,000 Transactions: 1. Purchase raw materials $64,000 2. Raw materials used in production-all direct $69,000 3. Direct labor $57,000 4. Manufacturing overhead costs incurred--actual $85,000 5. Manufacturing overhead costs applied--allocated $87,000 6. Cost of units completed and transferred to finished goods. $216,000 7. Goods costing $262,000 were sold on account for $350,000...
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit...
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Beginning Balance Credit 5,500 5,700 10,000 Work in Process Debit Beginning Balance Credit 22,700 4,600 6,700 9,000 8,800 Finished Goods Debit Credit Beginning Balance 2,700 22,700 20,900 WA Manufacturing Overhead Debit Credit 8,800 3,300 4,000 3,700 Debit Wages & Salaries Payable Credit 20,900 Beginning Balance 3,000 13,000 Cost of Goods Sold Debit Credit 20,900 The Cost of Goods Manufactured was: The Cost of Goods...
Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance...
Eppich Corporation has provided the following data for the most
recent month:
Raw materials, beginning balance
$
22,000
Work in process, beginning balance
$
33,400
Finished Goods, beginning balance
$
51,400
Transactions:
(1)
Raw materials purchases
$
78,800
(2)
Raw materials used in production (all direct materials)
$
78,200
(3)
Direct labor
$
53,400
(4)
Manufacturing overhead costs incurred
$
94,000
(5)
Manufacturing overhead applied
$
73,400
(6)
Cost of units completed and transferred from Work in
Process to Finished...
During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw materials...
During January, its first month of operations, Dieker Company
accumulated the following manufacturing costs: raw materials
purchased $4,000 on account, factory labor $6,000, and utilities
payable $2,000.
Brief Exercise 2A-2 During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw mate $2,000. Record the company's manufacturing costs in its job order costing system. Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Purchased raw materials Incurred factory labor Factory utilities पी पी Balance LINK TO...
Sheridan Corporation incurred the following transactions. 1.
Purchased raw materials on account $46,600. 2. Raw Materials of
$40,800 were requisitioned to the factory. An analysis of the
materials requisition slips indicated that $7,000 was classified as
indirect materials. 3. Factory labor costs incurred were $60,300.
4. Time tickets indicated that $55,700 was direct labor and $4,600
was indirect labor. 5. Manufacturing overhead costs incurred on
account were $83,700. 6. Manufacturing overhead was applied at the
rate of 160% of direct...
Sheridan Corporation incurred the following transactions. 1. Purchased raw materials on account $51,800. 2 Raw Materials of $45,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,000 was classified as indirect materials. 3. Factory labor costs incurred were $64,100. 4. Time tickets indicated that $54,900 was direct labor and $9,200 was indirect labor. 5. Manufacturing overhead costs incurred on account were $83,600. 6. Manufacturing overhead was applied at the rate of 160% of direct...
Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials 6,300 7,000 Direct Labor 7,000 For 2,000 Units Manufacturing Overhead 4,900 Date Beg. bal. Jan. 1 8 12 25 27 9,000 7,200 3,000 4,000 20,000 3,200 15,300 16,300 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($51,600 + 2,000) $16,300 20,000 15,300 $51,600 $25.80 (a) On the basis of the foregoing data, answer the...
Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $53,800. Raw Materials of $36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,500 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $54,900 was direct labor and $7,000 was indirect labor. Manufacturing overhead costs incurred on account were $82,300. Manufacturing overhead was applied at the rate of 160% of direct labor cost....
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Beginning Balance Credit 5,500 5,700 10,000 Work in Process Debit Beginning Balance Credit 22,700 4,600 6,700 9,000 8,800 Finished Goods Debit Credit Beginning Balance 2,700 22,700 20,900 WA Manufacturing Overhead Debit Credit 8,800 3,300 4,000 3,700 Debit Wages & Salaries Payable Credit 20,900 Beginning Balance 3,000 13,000 Cost of Goods Sold Debit Credit 20,900 The Cost of Goods Manufactured was: The Cost of Goods...
Eppich Corporation has provided the following data for the most
recent month:
Raw materials, beginning balance
$
22,000
Work in process, beginning balance
$
33,400
Finished Goods, beginning balance
$
51,400
Transactions:
(1)
Raw materials purchases
$
78,800
(2)
Raw materials used in production (all direct materials)
$
78,200
(3)
Direct labor
$
53,400
(4)
Manufacturing overhead costs incurred
$
94,000
(5)
Manufacturing overhead applied
$
73,400
(6)
Cost of units completed and transferred from Work in
Process to Finished...
During January, its first month of operations, Dieker Company
accumulated the following manufacturing costs: raw materials
purchased $4,000 on account, factory labor $6,000, and utilities
payable $2,000.
Brief Exercise 2A-2 During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw mate $2,000. Record the company's manufacturing costs in its job order costing system. Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Purchased raw materials Incurred factory labor Factory utilities पी पी Balance LINK TO...
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