Munoz Manufacturing Company was started on January 1, Year 1. The company was affected by the...
Conway Manufacturing Company was started on January 1, 2014. The company was affected by the following events during its first year of operation. 1. Acquired $1,700 cash from the issue of common stock 2. Paid $510 cash for direct raw materials. 3. Transferred $380 of direct raw materials to work in process. 4. Paid production employees $640 cash 5. Paid $380 cash for manufacturing overhead costs. Applied $200 of manufacturing overhead costs to work in process. 7. Completed work on...
Please use excel for answering
the questions a-b. You will need to make a horizontal statements
model, as pictured in the text, for this problem.
Exercise 11-14A Product cost flow and financial statements D Loveland Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of...
Page 512 LO 11-1, 11-2, 11-3 Exercise 11-14A Product cost flow and financial statements Loveland Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production employees $720 cash. 5. Paid $360 cash for manufacturing overhead...
Munoz Manufacturing Company experienced the following accounting
events during its first year of operation. With the exception of
the adjusting entries for depreciation, assume that all
transactions are cash transactions and that financial statement
data are prepared in accordance with GAAP.
Acquired $51,000 cash by issuing common stock.
Paid $7,800 for the materials used to make its products, all of
which were started and completed during the year.
Paid salaries of $4,400 to selling and administrative
employees.
Paid wages of...
Finch Manufacturing started in 2018 with the following account
balances:
Cash
$
5,300
Common stock
4,313
Retained earnings
5,900
Raw materials inventory
1,700
Work in process inventory
840
Finished goods inventory (420 units @ $5.65 each)
2,373
Transactions during 2018
Purchased $2,910 of raw materials with cash.
Transferred $3,830 of raw materials to the production
department.
Incurred and paid cash for 190 hours of direct labor @ $15.10
per hour.
Applied overhead costs to the Work in Process Inventory...
Job-order costing system Ladora Construction Company began operations on January 1, 2019, when it acquired $30,000 cash from the issuance of common stock. During the year, Ladora purchased $6,000 of direct raw materials and used $5,640 of the direct materials. There were 108 hours of direct labor worked at an average rate of $20 per hour paid in cash. The predetermined overhead rate was $9 per direct labor hour. The company started construction on three prefabricated buildings. The job cost...
Problem 12-13A Job-order costing system 0 Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Page 568 Direct Raw Materials Used Direct Labor Job 1 $ 2,800 $ 6,000 Job 2 4,000 8,000 Job 3 6.000 4,000 Total $12,800 $18,000 Factory overhead is applied using a predetermined...
Ladora Construction Company began operations on January 1, 2019,
when it acquired $30,000 cash from the issuance of common stock.
During the year, Ladora purchased $6,000 of direct raw materials
and used $5,640 of the direct materials. There were 108 hours of
direct labor worked at an average rate of $20 per hour paid in
cash. The predetermined overhead rate was $9 per direct labor hour.
The company started construction on three prefabricated buildings.
The job cost sheets reflected the...
15 Campbell Manufacturing started in 2018 with the following account balances: Cash $5,700 5,120 6, 000 2,200 Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (400 units $5.90 each) 860 2,360 Transactions during 2018 1. Purchased $2,890 of raw materials with cash. 2. Transferred $3,770 of raw materials to the production department. 3. Incurred and paid cash for 180 hours of direct labor$15.20 per hour 4. Applied overhead costs to the Work in Process...
Vernon Manufacturing started in 2018 with the following account balances: Cash Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (380 units @ $5.95 each) $6,000 5,151 5,400 1,400 890 2,261 Transactions during 2018 1. Purchased $2,890 of raw materials with cash. 2. Transferred $3,770 of raw materials to the production department. 3. Incurred and paid cash for 240 hours of direct labor @ $15.30 per hour. 4. Applied overhead costs to the Work in...