Homework Answers
a. $80000 in raw material were purchased on accounts
| Journal Entries | |||
| Transaction | Particular | Debit $ | credit $ |
| A. | Raw Material A/c | 80000 | |
| To Account Payable | 80000 | ||
| [Being raw material were purchased on accounts] |
b. $78000 in raw matierals were used in production. Of this amount, $67000 was for direct materials and the reminder was for indirect materials.
| Journal Entries | |||
| Transaction | Particular | Debit $ | credit $ |
| B. | Work in process | 67000 | |
| Manufacturing overhead | 11000 | ||
| To Raw material | 78000 | ||
| [Being raw matierals were used in production.for direct materials and the reminder was for indirect materials.] |
c. Total labour wages of $106000 were paid in cash. of this amount, $102100 was for direct labour and the reminder was for indirect labour.
| Journal Entries | |||
| Transaction | Particular | Debit $ | credit $ |
| C. | Work in process | 102100 | |
| Manufacturing overhead | 3900 | ||
| To Cash | 106000 | ||
| [Being Total labour wages were paid in cash] |
d. Depreciation of $195000 was incurred on factory equipment,
| Journal Entries | |||
| Transaction | Particular | Debit $ | credit $ |
| D. | Manufacturing overhead | 195000 | |
| To Accumulated depreciation-factory equipmen | 195000 | ||
| [Being Depreciation of was incurred on factory equipment,] |
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Chapter 3 G Hel Saved Larned Corporation recorded the following transactions for the just completed month. a. $84,000 In raw materlals were purchased on account. b. $82,000 In raw materlals were used In production. Of this amount, $71,000 was for direct materlals and the remalnder was for 10 points Indirect materials Sklpped C. Total labor wages of $114,500 were paid in cash. Of this amount, $101,100 was for direct labor and the remainder was for indirect labor d. Depreclation of...
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Larned Corporation recorded the following transactions for the just completed month. $89,000 in raw materials were...
Larned Corporation recorded the following transactions for the
just completed month.
$89,000 in raw materials were purchased on account.
$87,000 in raw materials were used in production. Of this
amount, $78,000 was for direct materials and the remainder was for
indirect materials.
Total labor wages of $128,000 were paid in cash. Of this
amount, $104,100 was for direct labor and the remainder was for
indirect labor.
Depreciation of $197,000 was incurred on factory
equipment.
Required:
Record the above transactions in...
Larned Corporation recorded the following transactions for the just completed month. a. $89,000 in raw materials...
Larned Corporation recorded the following transactions for the just completed month. a. $89,000 in raw materials were purchased on account. b. $87,000 in raw materials were used in production. Of this amount, $79,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $111,500 were paid in cash. Of this amount, $104,100 was for direct labor and the remainder was for indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record...
Required information [The following information applies to the questions displayed below.) The following information is available...
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Exercise 3-1 Prepare Journal Entries (L03-1) Larned Corporation recorded the following transactions for the just completed...
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A Anime Gmail Youtube University Alban. Chapter 3A Graded Homework O - Cro s s Help Save & Exh Submit Check my work Exercise 3-1 Prepare Journal Entries (LO3-1) Larned Corporation recorded the following transactions for the just completed month 02:25:40 a. $84,000 in raw materials were purchased on account. b. $82,000 in raw materials were used in production of this amount, $74,000 was for direct materials and the remainder was for indirect materials. C. Total labor wages of $123,500...
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Help Save & Exte Check Tex Hardware sells many of its products overseas. The following are some selected transactions. 1. Tex sold electronic subassemblies to a firm in Denmark for 120,000 Danish kroner (Dkr) on June 6, when the exchange rate was Dkr 1 + $0.1715. Collection was made on July 3 when the rate was Dkr 1 - $0.1718 2. On July 22, Tex sold copper fittings to a company in London for £38,000 with payment due on September...
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...
Chapter 3 G Hel Saved Larned Corporation recorded the following transactions for the just completed month. a. $84,000 In raw materlals were purchased on account. b. $82,000 In raw materlals were used In production. Of this amount, $71,000 was for direct materlals and the remalnder was for 10 points Indirect materials Sklpped C. Total labor wages of $114,500 were paid in cash. Of this amount, $101,100 was for direct labor and the remainder was for indirect labor d. Depreclation of...
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:...
Larned Corporation recorded the following transactions for the
just completed month.
$89,000 in raw materials were purchased on account.
$87,000 in raw materials were used in production. Of this
amount, $78,000 was for direct materials and the remainder was for
indirect materials.
Total labor wages of $128,000 were paid in cash. Of this
amount, $104,100 was for direct labor and the remainder was for
indirect labor.
Depreciation of $197,000 was incurred on factory
equipment.
Required:
Record the above transactions in...
Larned Corporation recorded the following transactions for the just completed month. a. $89,000 in raw materials were purchased on account. b. $87,000 in raw materials were used in production. Of this amount, $79,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $111,500 were paid in cash. Of this amount, $104,100 was for direct labor and the remainder was for indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record...
Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $39,000 9,500 52,000 54,000 19,600 34,500 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...
Exercise 3-1 Prepare Journal Entries (L03-1) Larned Corporation recorded the following transactions for the just completed month. a. $89,000 in raw materials were purchased on account. b. $87,000 in raw materials were used in production. Of this amount, $75,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $107.000 were paid in cash. Of this amount, $102,900 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 was...
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