Manufacturing Cost Flows with Machine Hours Allocation On November 1, Robotics Manufacturing Company's beginning balances in manufacturing accounts and finished goods inventory were as follows: Raw Materials $9,000 Manufacturing Supplies 500 Work-in-Process 5,000 Manufacturing Overhead 0 Finished Goods 25,000 During November, Robotics Manufacturing completed the following manufacturing transactions: Purchased raw materials costing $61,000 and manufacturing supplies costing $3,000 on account. (Single Transaction) Requisitioned raw materials costing $50,000 to the factory. Incurred direct labor costs of $26,000 and indirect labor costs of $4,800. Used manufacturing supplies costing $3,000. Recorded manufacturing depreciation of $15,000. Miscellaneous payables for manufacturing overhead totaled $3,900. Applied manufacturing overhead, based on 2,100 machine hours, at a predetermined rate of $10 per machine hour. Completed jobs costing $84,000. Finished goods costing $89,000 were sold. (a) Prepare "T" accounts showing the flow of costs through all manufacturing accounts, Finished Goods Inventory, and Cost of Goods Sold. (b) Calculate the balances at the end of November for Work-in-Process Inventory and Finished Goods Inventory. Enter transactions in the T-accounts in the order they appear using the first available answer box on the appropriate side. Raw Materials Inventory Bal 9,000 Answer 0 Answer 0 Answer 0 Work-in-Process Inventory Bal 5,000 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Bal Answer 0 Answer 0 Finished Goods Inventory Bal 25,000 Answer 0 Answer 0 Answer 0 Bal Answer 0 Answer 0 Cost of Goods Sold Answer 0 Answer 0 Accumulated Depreciation- Factory Assets Answer 0 Answer 0 Accounts Payable Answer 0 Answer 0 Wages Payable Answer 0 Answer 0 Other Payables Answer 0 Answer 0 Manufacturing Supplies Bal 500 Answer 0 Manufacturing Overhead Bal 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0
Manufacturing Cost Flows with Machine Hours Allocation On November 1, Robotics Manufacturing Company's beginning balances in...
Manufacturing Cost Flows with Machine Hours Allocation On April 1, Telecom Manufacturing Company's beginning balances in manufacturing accounts and finished goods inventory were as follows: Raw Materials $35.000 Marutacturing Supplies 3.500 Work in Process 12.000 Manufacturing Overhead Finished Goods 50.000 During April, Telecom Manufacturing completed the following manufacturing transactions: 1. Purchased raw materials costing 560,000 and manufacturing supplies costing $2,000 on account. (Single Transaction) 2. Requisitioned raw materials costing $52,000 to the factory 3. Incurred direct labor costs of $18,000...
Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process (Job 201) and one job completed but not yet sold (Job 200). Job 202 was started during January. Other select account balances follow (ignore any accounts that are not listed). During January, the company had the following transactions: (a) Purchased $61,000 worth of materials on account (b) Recorded materials issued to production as follows: Job Number 201 202 Indirect...
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 $16,500 $10,200 $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 following transactions were recorded for the year: a. Raw materials were purchased on...
Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016: july Received material costing $2,000 from a supplier. The material was purchased on account. Requisitioned $6,000 of material for use in the factory, consisting of $5,000 of direct material and $1,000 of indirect 9 mrial. 11 Recorded the factory payroll: $13,500 of direct labor and $1,500 of indirect labor. 17 Incurred various overhead costs totaling $14,000....
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...
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...
Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 11,000 $ 15,400 Work in process $ 32,300 $ 14,000 Finished goods $ 102,000 $ 125,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 17,100 machine-hours and incur...
Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016 July 5 Received material costing $5,000 from a supplier. The material was purchased on account. 9 Requisitioned $15,000 of material for use in the factory, consisting of $12,500 of direct material and $2,500 of indirect material. Recorded the factory payroll: $33,750 of direct labor and $3,750 of indirect labor. Incurred various overhead costs totaling $35,000. (Credit...
Lamonda Corp. uses a job order
cost system. On April 1, the accounts had balances as shown in the
T-accounts below: The following transactions occurred during April:
(a) Purchased materials on account at a cost of $136,000. (b)
Requisitioned materials at a cost of $122,000, of which $28,000 was
for general factory use. (c) Recorded factory labor of $155,000, of
which $24,000 was indirect. (d) Incurred other costs:
Lamonda Corp. uses a job order cost system. On April 1, the...
The balances of raw materials, work in process (WIP), and finished goods at the beginning of 2019 were as follows:· Raw Materials:40,000· Work in Process: 30,000· Finished Goods:60,000The Fine manufacturing company recorded the following transactions during 2019:a. Raw materials purchased on account, 820,000.b. Raw materials were requisitioned for use in production, 760,000 (720,000 direct materials and 40,000 indirect materials).c. Direct labor cost, 150,000; indirect labor, 220,000; sales commission, 180,000; and administrative salaries, 400,000.d. Sales travel costs were 34,000.e. Utility costs...