Warner Company purchases
$54,200 of raw materials on account, and it incurs $63,400 of
factory labor costs.
Journalize the two transactions on March 31, assuming the labor
costs are not paid until April.
Dr. | Cr. | ||
Mar 31. | Inventory- Raw material | 54,200 | |
Accounts Payable | 54,200 |
Explanation:
Purchase of raw material will increase inventory balance.
Inventory is an asset and asset has debit balance so we will debit inventory account to record purchases.
Since purchase was made on account , accounts payable account will be credited as it will be a liability until paid.
Dr. | Cr. | ||
Mar 31. | Factory overhead | 63,400 | |
Wages payable | 63,400 |
Explanation
Factory labor is an expense and will be recognized as a part of factory overheads
Expenses have debit balance so factory labor cost are debited.
Liab is created as the wages are yet to be paid but expense is already recognized.
Warner Company purchases$54,200 of raw materials on account, and it incurs $63,400 offactory labor...
Brief Exercise 16-1 Warner Company purchases $53,900 of raw materials on account, and it incurs $61,600 of factory labor costs Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Debit Credit (To record raw materials purchased) 31 To record factory labor costs) Click if you would like to Show Work for this...
Warner Company purchases $53,700 of raw materials on account,
and it incurs $61,600 of factory labor costs. Supporting records
show that (a) the Assembly Department used $32,900 of raw materials
and $38,000 of the factory labor, and (b) the Finishing Department
used the remainder.
Journalize the assignment of the costs to the processing
departments on March 31.
Brief Exercise 16-2 Warner Company purchases $53,700 of raw materials on account, and it incurs $61,600 of factory labor costs. Supporting records show...
Warner Company purchases $54,100 of raw materials on account, and it incurs $64,900 of factory labor costs. Supporting records show that (a) the Assembly Department used $31,500 of the raw materials and $38,100 of the factory labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments. (Credit account titles are automatically indented when amount is entered....
Brief Exercise 17-2 Warner Company purchases $51,300 of raw materials on account, and it incurs $62,800 of factory labor costs. Supporting records show that (a) the Assembly Department used $32,800 of raw materials and $40,900 of the factory labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit...
Weber Company purchases $50,300 of raw materials on account, and it incurs $63,900 of factory labor costs. Supporting records show that (a) the Assembly Department used $27,100 raw materials and $40,100 of the factory labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments. (Credit account titles are automatically indented when amount is entered. Do not...
Bramble Company purchases $50,500 of raw materials on account, and it incurs $61.400 of factory labor costs. Supporting records show that (a) the Assembly Department used $25,100 of the raw materials and $39,700 of the factory labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments. (Credit account titles are automatically indented when amount is entered....
Weber Company purchases $55,100 of raw materials on account, and it incurs $65,900 of factory labor costs. Supporting records show that (a) the Assembly Department used $30,900 of raw materials and $44,600 of the factory labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs Journalize the assignment of overhead to the Assembly and finishing Departments. (Credit account titles are automatically indented when amount is entered. Do...
Waterway Company purchases $52,500 of raw materials on account, and it incurs $62,200 of the factory labor costs. Supporting records show that (a) the Assembly Department used $32,700 of raw materials and $42,200 of the factory labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
NEXT er exercise 16-02 Marigold Company purchases $54,900 of raw materials on account, and it incurs $63,300 of the factory labor costs Supporting records show that (a) the Assembly Department used 130,600 of raw materials and $40,100 of the factory labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and...
Weber Company purchases $50,100 of raw materials on account, and
it incurs $61,000 of factory labor costs. Supporting records show
that (a) the Assembly Department used $24,100 of raw materials and
$36,000 of the factory labor, and (b) the Finishing Department used
the remainder. Manufacturing overhead is assigned to departments on
the basis of 160% of labor costs.
Journalize the assignment of overhead to the Assembly and Finishing
Departments.
2) Goode Company has the following production data for selected
months....