Question

help please?

UULUU Journal Entries, T-Accounts, Cost of Goodanufacturernd Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; Indirect materials, $8,800. c. Payroll for the month: direct labor, $75,000; Indirect labor, $35,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,500. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on the factory expired with a credit to the prepaid Insurance account, $6,200. 9. Factory utilities, $5,500. h. Advertising paid with cash, $7,900. I. Depreciation on office equipment, $800; on sales vehicles, $1,650. 1. Legal fees incurred but not yet paid for preparation of lease agreements, $750. k. Overhead is charged to production at a rate of $18 per direct labor hour. Records show 4,000 direct labor hours were worked during the month. 1. Cost of jobs completed during the month, $160,000. The company also reported the following beginning balances in its inventory accounts: Materials Inventory $7,500 Work-in-Process Inventory 37,000 Finished Goods Inventory 50,000 Required: 1. Prepare journal entries to record the transactions occurring in May. For a compound transaction, if an amount box does not require an entry, leave it blar Materials a. Accounts Payable b. Work in Process Check My Work 1 more Check My Work uses remaining, Emainstructor Save and Exit Submit Assignme

Answer 1

Answer

Jerico Company
1) Journal Entries:- For the month of May
S.No	Particulars	Debit ($)	Credit ($)
a	Materials	60,200
	To Accounts Payable		60,200
b	Work in process	50,000
	Overhead control	8,800
	To Materials		58,800
c	Work in process	75,000
	Overhead control	35,000
	Administrative expenses	28,000
	Selling expense	19,000
	To Wages Payable		1,57,000
d	Overhead control	10,500
	To Accumulated Depreciation		10,500
e	Overhead control	1,450
	To Property tax payable		1,450
f	Overhead control	6,200
	To Prepaid Insurance		6,200
g	Overhead control	5,500
	To Utilities Payable		5,500
h	Selling expense	7,900
	To Cash		7,900
i	Administrative expenses	800
	Selling expense	1,650
	To Accounts Payable		2,450
j	Administrative expenses	750
	To Legal Fee Payable		750
k	Work in process	72,000
	To Overhead control		72,000
l	Finished Goods	1,60,000
	To Work in process		1,60,000

2) T- accounts
Dr.	Material Inventory	Cr.
Particulars	Amount ($)	Particulars	Amount ($)
To Balance b/d	7,500	By Work in process inventory	50,000
To Accounts Payable	60,200	By Overhead control	8,800
		By balance c/d	8,900
Total	67,700	Total	67,700
Dr.	Work in process Inventory	Cr.
Particulars	Amount ($)	Particulars	Amount ($)
To Balance b/d	37,000	By Finished inventory	1,60,000
To Material inventory	50,000
To Wages Payable	75,000
To Overhead control	72,000
		By balance c/d	74,000
Total	2,34,000	Total	2,34,000
Dr.	Finished Goods Inventory	Cr.
Particulars	Amount ($)	Particulars	Amount ($)
To Balance b/d	50,000
To work in process inventory	1,60,000
		By balance c/d	2,10,000
Total	2,10,000	Total	2,10,000
Dr.	Overhead Control	Cr.
Particulars	Amount ($)	Particulars	Amount ($)
To Material inventory	8,800	By Work in process inventory	72,000
To Wages Payable	35,000
To Accumulated Depreciation	10,500
To Property tax payable	1,450
To Prepaid Insurance	6,200
To Utilities Payable	5,500
To Balance C/d (VARIANCE)	4,550
Total	72,000	Total	72,000

3)
Jerico Company
Statement of cost of goods manufactured
for the month ended May 31, 20XX
Particulars	Amount ($)	Amount ($)
Direct Material (i)		50,000
Direct Labour (ii)		75,000
Overheads
Material inventory	8,800
Wages Payable	35,000
Accumulated Depreciation	10,500
Property tax payable	1,450
Prepaid Insurance	6,200
Utilities Payable	5,500
Sub total	67,450
Variance in Work in process	4,550
Add a comment Know the answer? Add Answer to: help please? UULUU Journal Entries, T-Accounts, Cost of Goodanufacturernd Sold During May, the following transactions were... Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free. Similar Homework Help Questions Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,400. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. Payroll for the month: direct labor, $75,000; indirect labor, $35,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,500. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. Payroll for the month: direct labor, $75,000; indirect labor, $35,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,400. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. c. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,400. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on the... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,200. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. Payroll for the month: direct labor, $75,000; indirect labor, $35,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,500. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed... Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,100. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800. C. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,400. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on the... Appendix 4A) Journal Entries, T-Accounts structions Chart of Accounts Amount Descriptions Instructions Lowder Inc. builds custom... Appendix 4A) Journal Entries, T-Accounts structions Chart of Accounts Amount Descriptions Instructions Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. During the month of July, the following occurred Ju 2 28 Purchased materials on account for $42.630 Requisitioned materials totaling $27.000 for use in production: $12.500 for Job 703 and the remainder for Job 704 Recorded direct labor payroll for the month of $26,320 with an average wage of 14 per hour, Job 703 required 780 direct... PROBLEMS Problem 5.26 Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following... PROBLEMS Problem 5.26 Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,100. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800. c. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,400. e. Property taxes on the factory accrued during the month, $1,450. f.... Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July,... Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: Materials were purchased on account for $45,620. Materials totaling $40,880 were requisitioned for use in producing various jobs. Direct labor payroll for the month was $22,400 with an average wage of $14 per hour. Actual overhead of $8,860 was incurred and paid in cash. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. Completed jobs... Basic Cost Flows Instructions Chart of Accounts Tra Instructions Gardner Company produces 1-ounce boxes of a... Basic Cost Flows Instructions Chart of Accounts Tra Instructions Gardner Company produces 1-ounce boxes of a w ateral in three departments: mixing, cooking, and packaging. During August, Gardner produced 150.000 Dores with the following costs Mixing Department 5413,000 60.600 74200 Direct materials Direct labor Cooking Department $187,900 37.500 40.750 Packaging Department $164.800 8900 .500 9 115,000 led overhead 24 Required: 1. Calculate the cost transferred out of each der 2. Prepare uma maltres < Previous Next > Check My Work... ADVERTISEMENT Free Homework Help App Download From Google Play Scan Your Homework to Get Instant Free Answers Need Online Homework Help? Ask a Question Get Answers For Free Most questions answered within 3 hours. ADVERTISEMENT Share Your Knowledge Post an Article +5 Coins Post an Answer +5 Coins Post a Question with Answer +5 Coins ADVERTISEMENT Active Questions Write a program to solve the Josephus problem, with the following modification: Sample Input: ./a.out n... asked 49 minutes ago At the start of a CD it is spinning at a rate of 525 rpm (revolutions... asked 1 hour ago 4. Without doing any calculations, predict whether the observed ∆T would increase, decrease or remain the... asked 2 hours ago Based on the range, which of the following sets of scores has the greatest variability? 3,... asked 3 hours ago Ripples in a pond travel at a velocity of 3 m/s with one peak passing a... asked 3 hours ago A man stands on the roof of a building of height 13.0 mm and throws a... asked 3 hours ago The extent to which assets are financed by borrowed funds and other liabilities is indicated by:... asked 4 hours ago Explain in detail Germany is the fifth largest economy explain what goods and services Germany specializes... asked 5 hours ago The density of platinum is 21.45 g/mL. If a cube of platinum with a mass of... asked 5 hours ago Accounts Receivable Sales A/R Posting Extended Sales Invoice Packing Slip Compare invoice to packing slip 2... asked 5 hours ago Michaella, age 23, is a full-time law student and is claimed by her parents as a... asked 5 hours ago Why are polymers not typically casted into products? asked 5 hours ago ADVERTISEMENT DMCA About Contact Terms of Use Privacy Policy Academic Honesty Policy Homework Answer Scanner App © 2013-2022 ZuoTi.Pro user contributions licensed under cc by-sa 4.0