Homework Answers
Question 1:
| Transaction | General Journal | Debit | Credit |
| 1 | Raw material inventory | $65,000 | |
| Cash | $65,000 | ||
| 2 | Work-in-process | $61,500 | |
| Raw material inventory | $61,500 |
Question 2:
| Transaction | General Journal | Debit | Credit |
| 1 | Work-in-process inventory - Mixing | $130,000 | |
| Work-in-process inventory - Shaping | $50,000 | ||
| Factory wages payable (130,000 + 50,000) | $180,000 | ||
| 2 | Factory overhead | $15,500 | |
| Factory wages payable | $15,500 | ||
| 3 | Factory wages payable | $195,500 | |
| Cash | $195,500 |
Question 3:
| Transaction | General Journal | Debit | Credit |
| 1 | Manufacturing overhead | $11,600 | |
| Raw material inventory | $11,600 | ||
| 2 | Manufacturing overhead | $166,000 | |
| Other accounts | $166,000 | ||
| 3 | Work-in-process inventory - Mixing (150,000* 150%) | $225,000 | |
| Work-in-process inventory - Shaping (100,000 * 150%) | $150,000 | ||
| Manufacturing overhead | $375,000 |
Question 4:
| Transaction | General Journal | Debit | Credit |
| 1 | Finished goods | $305,000 | |
| Work-in-progress - Shaping | $305,000 |
Add Answer to:
Hotwax makes surfboard wax in two sequential processes. This period, Hotwax purchased $65,000 in raw materials....
Hotwax makes surfboard wax in two sequential processes. This period, Hotwax purchased $69,000 in raw materials....
Hotwax makes surfboard wax in two sequential processes. This period, Hotwax purchased $69,000 in raw materials. Its mixing department requisitioned $56,500 of those materials for use in production. Prepare journal entries to record its purchase of raw materials and requisition of direct materials. View transaction list Journal entry worksheet < 1 2 2 Record purchase of raw materials inventory on account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Chapter 16 Homework Saved 4 Prepare journal entries to record the following production activities for Hotwax....
Chapter 16 Homework Saved 4 Prepare journal entries to record the following production activities for Hotwax. 15 points 1. Requisitioned $14,500 of indirect materials for use in production of surfboard wax. 2. Incurred $184,000 overhead costs (credit Other accounts). 3. Applied overhead at the rate of 140% of direct labor costs. Direct labor costs were $145,000 in the Mixing department and $95,000 in the Shaping department.. Book View transaction ist References Journal entry worksheet Requisitioned $14,500 of indirect materials for...
Prepare journal entries to record the following production activities for Hotwax 1. Incurred $100,000 of direct...
Prepare journal entries to record the following production activities for Hotwax 1. Incurred $100,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department (credit Factory Wages Payable) 2. Incurred indirect labor of $13,500 (credit Factory Wages Payable). 3. Total factory payroll of $203,500 was paid in cash View transaction list Journal entry worksheet 1 2 3 > Record direct labor used, but not yet pald. Note: Enter debits before credits Transaction General Journal...
Prepare journal entries to record the following production activities for Hotwax. 16 1. Requisitioned $9,000 of...
Prepare journal entries to record the following production activities for Hotwax. 16 1. Requisitioned $9,000 of indirect materials for use in production of surfboard wax. 2. Incurred $156.000 overhead costs (credit Other Accounts). 3. Applied overhead at the rate of 140% of direct labor costs. Direct labor costs were $125,000. 0.25 points View transaction list References Journal entry worksheet 2 3 Requisitioned $9,000 of indirect materials for use in production of surfboard Note: Enter debits before credits Transaction General Journal...
Prepare journal entries to record the following production activities for Hotwax. 1. Incurred $85,000 of direct...
Prepare journal entries to record the following production activities for Hotwax. 1. Incurred $85,000 of direct labor in its Mixing department and $85,000 of direct labor in its Shaping department (credit Factory Wages Payable) 2. incurred indirect labor of $20,500 (credit Factory Wages Payable) 3. Total factory payroll of $190,500 was paid in cash. View transaction list Journal entry worksheet > Record direct labor used, but not yet paid. Note: Enter debits before credits General Journal Transaction 1 Debit Credit...
a. $80,000 in raw materials were purchased on account b. $71,000 in raw materials were used...
a. $80,000 in raw materials were purchased on account b. $71,000 in raw materials were used in production of this amount, $62,000 was for direct materials and the remainder was for Indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $175,000 was incurred on factory equipment. eBook Required: Record the above transactions in journal entries. (If no entry is...
Prepare journal entries to record the following production activities. 1. Purchased $40,000 of raw materials on...
Prepare journal entries to record the following production activities. 1. Purchased $40,000 of raw materials on credit. 2. Used $17,000 of direct materials in the Roasting department. 3. Used $21,000 of indirect materials in production. Journal entry worksheet 2 3 Record materials purchased on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record direct materials used in production. Note: Enter debits before credits. Transaction General Journal Debit...
Larned Corporation recorded the following transactions for the just completed month. a $71,000 in raw materials...
Larned Corporation recorded the following transactions for the just completed month. a $71,000 in raw materials were purchased on account b. $69,000 in raw materials were used in production. Of this amount, $56,000 was for direct materials and the remainder was for indirect materials. c Total labor wages of $127,000 were paid in cash. Of this amount, $102,600 was for direct labor and 32 the remainder was for indirect labor d. Depreciation of $195,000 was incurred on factory equipment. Required:...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $175,000 were incurred. Required: Record...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account b. $71,000 in raw materials were used in production of this amount. $62.000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $175,000 was incurred on factory equipment. Required: Record...
Hotwax makes surfboard wax in two sequential processes. This period, Hotwax purchased $69,000 in raw materials. Its mixing department requisitioned $56,500 of those materials for use in production. Prepare journal entries to record its purchase of raw materials and requisition of direct materials. View transaction list Journal entry worksheet < 1 2 2 Record purchase of raw materials inventory on account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Chapter 16 Homework Saved 4 Prepare journal entries to record the following production activities for Hotwax. 15 points 1. Requisitioned $14,500 of indirect materials for use in production of surfboard wax. 2. Incurred $184,000 overhead costs (credit Other accounts). 3. Applied overhead at the rate of 140% of direct labor costs. Direct labor costs were $145,000 in the Mixing department and $95,000 in the Shaping department.. Book View transaction ist References Journal entry worksheet Requisitioned $14,500 of indirect materials for...
Prepare journal entries to record the following production activities for Hotwax 1. Incurred $100,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department (credit Factory Wages Payable) 2. Incurred indirect labor of $13,500 (credit Factory Wages Payable). 3. Total factory payroll of $203,500 was paid in cash View transaction list Journal entry worksheet 1 2 3 > Record direct labor used, but not yet pald. Note: Enter debits before credits Transaction General Journal...
Prepare journal entries to record the following production activities for Hotwax. 16 1. Requisitioned $9,000 of indirect materials for use in production of surfboard wax. 2. Incurred $156.000 overhead costs (credit Other Accounts). 3. Applied overhead at the rate of 140% of direct labor costs. Direct labor costs were $125,000. 0.25 points View transaction list References Journal entry worksheet 2 3 Requisitioned $9,000 of indirect materials for use in production of surfboard Note: Enter debits before credits Transaction General Journal...
Prepare journal entries to record the following production activities for Hotwax. 1. Incurred $85,000 of direct labor in its Mixing department and $85,000 of direct labor in its Shaping department (credit Factory Wages Payable) 2. incurred indirect labor of $20,500 (credit Factory Wages Payable) 3. Total factory payroll of $190,500 was paid in cash. View transaction list Journal entry worksheet > Record direct labor used, but not yet paid. Note: Enter debits before credits General Journal Transaction 1 Debit Credit...
a. $80,000 in raw materials were purchased on account b. $71,000 in raw materials were used in production of this amount, $62,000 was for direct materials and the remainder was for Indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $175,000 was incurred on factory equipment. eBook Required: Record the above transactions in journal entries. (If no entry is...
Prepare journal entries to record the following production activities. 1. Purchased $40,000 of raw materials on credit. 2. Used $17,000 of direct materials in the Roasting department. 3. Used $21,000 of indirect materials in production. Journal entry worksheet 2 3 Record materials purchased on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record direct materials used in production. Note: Enter debits before credits. Transaction General Journal Debit...
Larned Corporation recorded the following transactions for the just completed month. a $71,000 in raw materials were purchased on account b. $69,000 in raw materials were used in production. Of this amount, $56,000 was for direct materials and the remainder was for indirect materials. c Total labor wages of $127,000 were paid in cash. Of this amount, $102,600 was for direct labor and 32 the remainder was for indirect labor d. Depreciation of $195,000 was incurred on factory equipment. Required:...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $175,000 were incurred. Required: Record...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account b. $71,000 in raw materials were used in production of this amount. $62.000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $175,000 was incurred on factory equipment. Required: Record...
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