Homework Answers
True, entry 4 represents transfer to production. Below is the representation of items in raw material account:
| Raw Materials A/c | |
| Opening Balance | Transferred to Production |
| Purchases | |
| Closing Balance | |
The Journal entry for the above transferred to production would be:
WIP A/c Dr.
Raw Materials A/c Cr.
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Entry (4) in the T-account below represents raw materials requisitioned for use in production. Bal. 87.000...
Entry (16) in the below T-account represents the cost of goods manufactured transferred to Finished Goods...
Entry (16) in the below T-account represents the cost of goods manufactured transferred to Finished Goods from Work in Process 520,000 Bal. (15) Bal. Finished Goods 40,000 (16) 540,000 60,000 True or False True False
Journal entry one is given. Journal entry 2 record the raw materials used in production, 189,000...
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....
18. Refer to the T-account below: 167,000 Manufacturing Overhead 9,000 (2) 15,000 80,000 30,000 25,000 159,000...
18. Refer to the T-account below: 167,000 Manufacturing Overhead 9,000 (2) 15,000 80,000 30,000 25,000 159,000 Bal. 167,000 8.000 The ending balance of $8,000 represents which of the following? A) Underapplied overhead. B) Manufacturing overhead that will be carried over to the next period. C) Overapplied overhead. D) A bookkeeping error. 19. Refer to the T-account below: Raw Materials 15,000 (9) 85,000 25.000 Bal. (5) Bal. 75,000 Entry (5) could represent which of the following? A) Payments for raw materials....
8) A credit to the Raw Materials Inventory account represents: 8) A) raw materials available for use. B) raw materi...
8) A credit to the Raw Materials Inventory account represents: 8) A) raw materials available for use. B) raw materials added to production. C) raw materials purchased. D) None of these.
a. $76,300 in raw materials were purchased for cash. b. $72,800 in raw materials were requisitioned...
a. $76,300 in raw materials were purchased for cash. b. $72,800 in raw materials were requisitioned for use in production. Of this amount, $66,200 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,600 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,800 were incurred and paid. e. Manufacturing overhead costs of $126,700 were applied to...
5) When materials are requisitioned for use in production in a job order costing firm, the...
5) When materials are requisitioned for use in production in a job order costing firm, the cost of materials is added to the a) Raw materials account b) Work-in-process account c) Finished goods account d) Accounts payable account e) Cost of goods sold account
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal....
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 15,000 Credits ? Debits 120,000 Bal. 12/31 25,000 Manufacturing Overhead Debits 230,000 Credits ? Work in Process Bal. 1/1 20,000 Credits 470,000 Direct materials 90,000 Direct labor 150,000 Overhead 240,000 Bal. 12/31 ? Factory Wages Payable Debits 185,000 Bal. 1/1 9,000 Credits 180,000 Bal. 12/31 4,000 Finished Goods Bal. 1/1 40,000 Credits ? Debits ? Bal. 12/31 60,000 Cost of Goods Sold Debits...
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal....
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 15,000 Credits ? Debits 120,000 Bal. 12/31 25,000 Manufacturing Overhead Debits 230,000 Credits ? Work in Process Bal. 1/1 20,000 Credits 470,000 Direct materials 90,000 Direct labor 150,000 Overhead 240,000 Bal. 12/31 ? Factory Wages Payable Debits 185,000 Bal. 1/1 9,000 Credits 180,000 Bal. 12/31 4,000 Finished Goods Bal. 1/1 40,000 Credits ? Debits ? Bal. 12/31 60,000 Cost of Goods Sold Debits...
STEP 1: Create the following Journal Entries: The raw materials were purchased for use in production,...
STEP 1: Create the following Journal
Entries:
The raw materials were purchased for use in production,
$205,000 on account.
The raw materials used in production (all direct materials),
$190,000.
The utility bills were incurred on account, $60,000 (90%
related to factory operations, and the remainder related to selling
and administrative activities).
The salary and wage costs accrued were $235,000 (Direct labor),
$91,000 (Indirect labor), $115,000 (Selling and administrative
salaries).
The maintenance costs were incurred on account in the factory,
$55,000....
Question 20 3 pts A materials requisition slip showed that materials requisitioned for Job 105 were...
Question 20 3 pts A materials requisition slip showed that materials requisitioned for Job 105 were $78,000 and materials for general use requisitioned were $15,000. The entry to record the transfer of materials from the storeroom to production is O "Debit" Finished Goods Inventory $93,000 and "Credit" Raw Materials Inventory $93,000 O "Debit" Finished Goods Inventory $78,000, "Debit" Manufacturing Overhead $15,000 and "Credit" Work-in-Process Inventory $93,000 O "Debit" Work-in-Process Inventory $78,000, "Debit" Manufacturing Overhead $15,000 and "Credit" Raw Materials Inventory...
Entry (16) in the below T-account represents the cost of goods manufactured transferred to Finished Goods from Work in Process 520,000 Bal. (15) Bal. Finished Goods 40,000 (16) 540,000 60,000 True or False True False
Journal entry one is given.
Journal entry 2 record the raw materials used in production,
189,000 (151,200 direct materials and 37,800 indirect
materials).
Journal entry 3 record the entry for accrued direct Labor
costs incurred, 50,000; indirect Labor cost incurred, 22,000.
Journal entry 4 depreciation recorded on factory equipment,
105,000.
Journal entry 5 other manufacturing overhead costs accrued
during October, 130,000.
Journal entry 6 The company applies manufacturing overhead
cost to production on the basis of 6$ per machine hour....
18. Refer to the T-account below: 167,000 Manufacturing Overhead 9,000 (2) 15,000 80,000 30,000 25,000 159,000 Bal. 167,000 8.000 The ending balance of $8,000 represents which of the following? A) Underapplied overhead. B) Manufacturing overhead that will be carried over to the next period. C) Overapplied overhead. D) A bookkeeping error. 19. Refer to the T-account below: Raw Materials 15,000 (9) 85,000 25.000 Bal. (5) Bal. 75,000 Entry (5) could represent which of the following? A) Payments for raw materials....
8) A credit to the Raw Materials Inventory account represents: 8) A) raw materials available for use. B) raw materials added to production. C) raw materials purchased. D) None of these.
a. $76,300 in raw materials were purchased for cash. b. $72,800 in raw materials were requisitioned for use in production. Of this amount, $66,200 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,600 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,800 were incurred and paid. e. Manufacturing overhead costs of $126,700 were applied to...
5) When materials are requisitioned for use in production in a job order costing firm, the cost of materials is added to the a) Raw materials account b) Work-in-process account c) Finished goods account d) Accounts payable account e) Cost of goods sold account
STEP 1: Create the following Journal
Entries:
The raw materials were purchased for use in production,
$205,000 on account.
The raw materials used in production (all direct materials),
$190,000.
The utility bills were incurred on account, $60,000 (90%
related to factory operations, and the remainder related to selling
and administrative activities).
The salary and wage costs accrued were $235,000 (Direct labor),
$91,000 (Indirect labor), $115,000 (Selling and administrative
salaries).
The maintenance costs were incurred on account in the factory,
$55,000....
Question 20 3 pts A materials requisition slip showed that materials requisitioned for Job 105 were $78,000 and materials for general use requisitioned were $15,000. The entry to record the transfer of materials from the storeroom to production is O "Debit" Finished Goods Inventory $93,000 and "Credit" Raw Materials Inventory $93,000 O "Debit" Finished Goods Inventory $78,000, "Debit" Manufacturing Overhead $15,000 and "Credit" Work-in-Process Inventory $93,000 O "Debit" Work-in-Process Inventory $78,000, "Debit" Manufacturing Overhead $15,000 and "Credit" Raw Materials Inventory...
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