The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm: Purchased $80,000 of materials on account. Issued $4,000 of supplies from the materials inventory. Purchased $56,000 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $68,000 in direct materials to the production department. Incurred direct labor costs of $100,000, which were credited to Wages Payable. Paid $106,000 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. Applied overhead on the basis of 125 percent of $100,000 direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $50,000. The following balances appeared in the accounts of Steve’s Cabinets for April: Beginning Ending Materials Inventory $ 148,200 ? Work-in-Process Inventory 33,000 ? Finished Goods Inventory 166,000 $ 143,200 Cost of Goods Sold 263,400 Required: a. Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. - need help with B
The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm: Purchased $80,000 of...
The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm: Purchased $18,000 of materials on account. Issued $1,000 of supplies from the materials inventory. Purchased $11,600 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $14,000 in direct materials to the production department. Incurred direct labor costs of $22,000, which were credited to Wages Payable. Paid $21,600 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant....
The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm. Purchased $17,000 of materials on account. Issued $900 of supplies from the materials inventory. Purchased $11,400 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $13,800 in direct materials to the production department. Incurred direct labor costs of $21,000, which were credited to Wages Payable. Paid $21,400 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant....
The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm. 1. Purchased $18,500 of materials on account. 2. Issued $1,050 of supplies from the materials inventory. 3. Purchased $11,700 of materials on account 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $14,100 in direct materials to the production department. 6. Incurred direct labor costs of $22,500, which were credited to Wages Payable. 7. Paid $21,700 cash for utilities, power, equipment maintenance, and...
The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm: Purchased $21,500 of materials on account. Issued $1,350 of supplies from the materials inventory. Purchased $12,300 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $14,700 in direct materials to the production department. Incurred direct labor costs of $25,500, which were credited to Wages Payable. Paid $22,300 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant....
The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm: 1. Purchased $16,500 of materials on account 2. Issued $850 of supplies from the materials inventory. 3. Purchased $11,300 of materials on account 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $13,700 in direct materials to the production department. lages Payable. 7. Paid $21,300 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8 Applied overhead on...
Exercise 7-22 (Static) Assigning Costs to Jobs (LO 7-1, 2) The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm. Purchased $80,000 of materials on account. Issued $4,000 of supplies from the materials inventory. Purchased $56,000 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $68,000 in direct materials to the production department. Incurred direct labor costs of $100,000, which were credited to Wages Payable. Paid $106,000 cash for utilities, power,...
The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm: 1. Purchased $23,000 of materials on account 2. Issued $1,500 of upplies from the m e inventory. 3. Purchased $12,600 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $15,000 in direct materials to the production department 6. Incurred direct labor costs of $27,000, which were credited to Wages Payable. 7. Paid $22,600 cash for utilities, power, equipment maintenance,...
Exercise 7-22 (Algo) Assigning Costs to Jobs (LO 7-1, 2) The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $22.500 of materials on account. 2. Issued $1,450 of supplies from the materials inventory. 3. Purchased $12,500 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $14,900 in direct materials to the production department. 6. Incurred direct labor costs of $26,500, which were credited to Wages Payable....
not sure what im dojng wrong here. The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $21,000 of materials on account. 2 Issued $1,300 of supplies from the materials inventory. 3. Purchased $12,200 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $14,600 in direct materials to the production department. 6. Incurred direct labor costs of $25,000, which were credited to Wages Payable. 7. Paid $22.200...
Forest Components makes aircraft parts. The following transactions occurred in July: Purchased $16,980 of materials on account. Issued $16,700 in direct materials to the production department. Issued $1,280 of supplies from the materials inventory. Paid for the materials purchased in transaction (1) using cash. Returned $2,000 of the materials issued to production in (2) to the materials inventory. Direct labor employees earned $32,900, which was paid in cash. Paid $17,330 for miscellaneous items for the manufacturing plant. Accounts Payable...