1) | Transaction | General Journal | Debit | Credit | ||||
b. | Work in process inventory | 567,600 | ||||||
Raw materials inventory | 567,600 | |||||||
2) | Ending balance in Raw Materials | |||||||
Raw materials | ||||||||
Beg.bal | 84,500 | |||||||
a. | 614,000 | 567,600 | b. | |||||
End bal | 130,900 | |||||||
3) | Transaction | General Journal | Debit | Credit | ||||
c. | Work in process inventory | 450,000 | ||||||
Manufacturing overhead | 150,000 | |||||||
Selling & administrative salaries | 290,000 | |||||||
Factory wages payable | 890,000 | |||||||
4) | Manufacturing overhead applied | (41000*12.5) | 512500 | answer | ||||
5) | Total manufacturing cost added during the year | |||||||
Direct materials | 567,600 | |||||||
Direct labor | 450,000 | |||||||
overhead applied | 512,500 | |||||||
Total. | 1,530,100 | |||||||
total manufacturing cost | 1,530,100 | answer | ||||||
6) | Transaction | General Journal | Debit | Credit | ||||
g. | Finished goods inventory | 1,461,900 | ||||||
Work in process inventory | 1,461,900 | |||||||
7) | Work in process | |||||||
Beg.bal | 35,000 | 1,461,900 | g. | |||||
b. | 567,600 | |||||||
c. | 450,000 | |||||||
f. | 512,500 | |||||||
End bal | 103,200 | |||||||
8) | total actual manufacturing overhead cost | 500,000 | answer | |||||
indirect labor | 150000 | |||||||
Various manfuacturing cost | 350,000 | |||||||
total | 500000 | |||||||
9) | overapplied overhead | 12,500 | answer | |||||
10) | Cost of goods available for sale | 1,506,000 | answer | |||||
(44,100+1,461,900) | ||||||||
11) | Transaction | General Journal | Debit | Credit | ||||
h. | cost of good sold | 1,471,900 | ||||||
Finished goods inventory | 1,471,900 | |||||||
12) | Finished goods | Finished Goods | ||||||
Beg.bal | 44,100 | |||||||
g. | 1,461,900 | 1,471,900 | h. | |||||
End bal | 34,100 | |||||||
13) | Adjusted cost of goods sold | 1,459,400 | ||||||
(1,471,900-12,500) | ||||||||
14) | Gross margin | 1,713,100 | ||||||
(sales - adjusted cost of goods sold) | ||||||||
15) | Net operating income | 1,048,100 | answer | |||||
Gross margin | 1,713,100 | |||||||
less | ||||||||
Selling & adm salaries | -290,000 | |||||||
Various selling & adm | -375,000 | |||||||
Net operating income | 1,048,100 |
1. what is the journal entey to record raw materials used in production? (if no entry...
1. what is the journal entey to record raw materials used in production? (if no entry is required for a transaction/event, select "no journal entey required" in the first account field.) 2. What is the ending balance in Raw Materials? 3. What is the journal entry to record the labor costs incurred during the year? 4. What is the total amount of manufacturing overhead applied to production during the year? Required information The following information applies to the questions displayed...
1. What is the journal entry to record raw materials used in production? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)2. What is the ending balance in Raw Materials?3. What is the journal entry to record the labor costs incurred during the year? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)4. What is the total amount of manufacturing overhead applied...
1. What is the journal entry to record raw materials used in production? 2. What is the ending balance in Raw Materials? 3. What is the journal entry to record the labor costs incurred during the year? 4. What is the total amount of manufacturing overhead applied to production during the year? Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 79,000...
Journal entry one is given. Journal entry 2 record the raw materials used in production, 189,000 (151,200 direct materials and 37,800 indirect materials). Journal entry 3 record the entry for accrued direct Labor costs incurred, 50,000; indirect Labor cost incurred, 22,000. Journal entry 4 depreciation recorded on factory equipment, 105,000. Journal entry 5 other manufacturing overhead costs accrued during October, 130,000. Journal entry 6 The company applies manufacturing overhead cost to production on the basis of 6$ per machine hour....
Required: 1. a)Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b) Prepare the journal entry to record the overhead cost applied to production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) c) How many units were completed and transferred to finished goods...
1. Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the journal entry to record the overhead cost applied to production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. How many units were completed and transferred to finished goods during...
please complete the JOURNAL ENTRY to record the manufactured goods completed during this year Line Following information applies 10 me questions Urspido Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw saterials Work in process Finished goods $ 40,eve $18.ee $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $16.25 per direct labor-hour...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 40,000 Work in process $ 18,000 Finished goods $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
were as TOHOWS. Raw materials Work in process Pinished goods $ 84,500 $ 35,000 $ 44,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.50 per direct labor-hour was based on a cost formula that estimated $500,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account,...
The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 72,500 Work in process $ 18,200 Finished goods $ 46,500 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $15.50 per direct labor-hour was based on a cost formula that estimated $620,000 of...