Wealth Company has the following transactions for the month of November: Purchased materials on account...
Wealth Company has the following transactions for the month of November:
|
Purchased materials on account for $300,000 |
|
Materials requisitioned for $75,000 |
|
Direct labor for the month was incurred (but not yet paid) of $50,000. |
|
Actual overhead for the month was $30,000. It has not been paid yet. (Charge to various payables.) |
|
Overhead is applied to production at the rate of 50% of direct labor. |
|
Jobs totaling $50,000 were transferred from Work-in-Process to Finished Goods. |
|
Jobs costing $34,000 were sold. |
Balances at the beginning of the month were:
|
Materials |
34,240 |
|
Work-in-Process |
0 |
|
Finished Goods |
12,000 |
Calculate the ending balance of raw materials.
| a. |
$123,900 |
|
| b. |
$300,000 |
|
| c. |
$200,000 |
|
| d. |
$345,850 |
|
| e. |
$259,240 |
Homework Answers
Answer . e. $259,240
Explanation :
Ending balance of raw materials = Beginning Bal. + Purchased materials - Materials requisitioned
= $34,240 + $300,000 - $75,000 = $259,240
Add Answer to:
Wealth Company has the following transactions for the month of
November:
Purchased materials on account...
#5-26 During May, the following transactions were completed and reported by Jerico Company: Materials purchased on...
#5-26 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 the prepaid insurance account, $6,200. Factory utilities, $5,500....
X Company's beginning and ending inventories for the month of November were as follows: November 1...
X Company's beginning and ending inventories for the month of November were as follows: November 1 November 30 Raw Materials $60,000 $58,000 Work in Process $125,000 $180,000 Finished Goods $50,000 $75,000 Production data for month follow: Direct labor cost incurred Actual manufacturing overhead cost incurred Raw materials purchased (all direct) $200,000 $125,000 $152,000 X applies manufacturing overhead cost to jobs at the rate of 80% of direct labor cost incurred. X Company had the following additional information for November: Administrative...
Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred:...
Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: Materials were purchased on account for $45,760. Materials totaling $40,980 were requisitioned for use in producing various jobs. Direct labor payroll for the month was $25,600 with an average wage of $16 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 costing $60,000 were...
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...
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 $19,200 with
an average wage of $12 per hour. Actual overhead of $8,870 was
incurred and paid in cash. Manufacturing overhead is charged to
production at the rate of $5.40 per direct labor hour. Completed
jobs...
Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred:...
Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: Materials were purchased on account for $45,670. Materials totaling $40,990 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 $9,020 was incurred and paid in cash. Manufacturing overhead is charged to production at the rate of $5.50 per direct labor hour. Completed jobs costing $58,000 were...
Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred:...
Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,570. 3 Requisitioned materials totaling $24,530 for use in production. Of the total, $9,200 was for Job 58, $8,950 for Job 59, and the remainder for Job 60. 31 Incurred direct labor for the month of $30,770, with an average wage of $17 per hour. Job 58 used 820 hours; Job 59, 580 hours; and Job 60,...
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: a. Materials were purchased on account for $45,760. b. Materials totaling $40,980 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. d. Actual overhead of $8,850 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per...
1. 2. Crane Corporation incurred the following transactions. Purchased raw materials on account $46,400. Raw Materials...
1. 2. Crane Corporation incurred the following transactions. Purchased raw materials on account $46,400. Raw Materials of $36,100 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,900 was classified as indirect materials. Factory labor costs incurred were $60,000. Time tickets indicated that $54,100 was direct labor and $5,900 was indirect labor. Manufacturing overhead costs incurred on account were $81,500. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing...
Mckeighan Inc. has provided the following data for the month of November. There were no beginning...
Mckeighan Inc. has provided the following data for the month of November. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials.... Direct labor Manufacturing overhead applied..... Total... Work in Process $ 5,500 6,780 3.960 $16,240 Finished Goods $18,060 24,080 11.220 $53,360 Cost of Goods Sold $ 84,630 112,840 50.820 $248,290 Total $108,190 143,700 66.000 $317.890 Manufacturing overhead for the month was underapplied by $3,000....
X Company's beginning and ending inventories for the month of November were as follows: November 1 November 30 Raw Materials $60,000 $58,000 Work in Process $125,000 $180,000 Finished Goods $50,000 $75,000 Production data for month follow: Direct labor cost incurred Actual manufacturing overhead cost incurred Raw materials purchased (all direct) $200,000 $125,000 $152,000 X applies manufacturing overhead cost to jobs at the rate of 80% of direct labor cost incurred. X Company had the following additional information for November: Administrative...
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...
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 $19,200 with
an average wage of $12 per hour. Actual overhead of $8,870 was
incurred and paid in cash. Manufacturing overhead is charged to
production at the rate of $5.40 per direct labor hour. Completed
jobs...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: a. Materials were purchased on account for $45,760. b. Materials totaling $40,980 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. d. Actual overhead of $8,850 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per...
1. 2. Crane Corporation incurred the following transactions. Purchased raw materials on account $46,400. Raw Materials of $36,100 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,900 was classified as indirect materials. Factory labor costs incurred were $60,000. Time tickets indicated that $54,100 was direct labor and $5,900 was indirect labor. Manufacturing overhead costs incurred on account were $81,500. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing...
Mckeighan Inc. has provided the following data for the month of November. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials.... Direct labor Manufacturing overhead applied..... Total... Work in Process $ 5,500 6,780 3.960 $16,240 Finished Goods $18,060 24,080 11.220 $53,360 Cost of Goods Sold $ 84,630 112,840 50.820 $248,290 Total $108,190 143,700 66.000 $317.890 Manufacturing overhead for the month was underapplied by $3,000....
Most questions answered within 3 hours.
-
C++
Write a class Fraction that defines adding, subtracting,
multiplying, and dividing fractions by overloading standard...
asked 58 minutes ago -
This java code won't run and I can't figure out the problem with
it. Please help...
asked 1 hour ago -
Trace the following recursive methods:
a) isPal with the string “abccda”
b) isAnBn with the string...
asked 2 hours ago -
1. Which of the following is false about photosynthesis?
A. ATP is the molecule used to...
asked 3 hours ago -
A simple random sample of size n=64 is obtained from a
population with a mean of...
asked 4 hours ago -
(2 dimensions, 1 object, 2 accelerations)
1) A projectile is thrown with a wind. The wind...
asked 5 hours ago -
Brian makes $34,100 per year. How much can Brian expect to
contribute to FICA taxes in...
asked 6 hours ago -
To buy a new house you must borrow $155,000. To do this you take
out a...
asked 6 hours ago -
Spacely Sprockets is evaluating the construction of a new plant
on land the company purchased for...
asked 7 hours ago -
1. Consider a linear regression model of y on K regressors and
an intercept.
(i) Describe...
asked 7 hours ago -
Enter a balanced equation for the reaction between hydrochloric
acid and sodium sulfite.
Express your answer...
asked 7 hours ago -
Give a regular expression describing the language
{x | x ∈ Σ* and x does not...
asked 7 hours ago