- Record the purchase of material
- Record the transfer of materials to production
- Record the cost of labor
- Record the application of manufacturing overhead
Homework Answers
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| Please find below the answer | ||
| Statementshowing Computations | ||
| Paticulars | Amount | |
| a) | ||
| Raw material inventory Dr | 94,000.00 | |
| To Account payable | 94,000.00 | |
| Work in process inventory Dr | 68,000.00 | |
| To Raw material inventory | 68,000.00 | |
| Work in process inventory Dr | 34,000.00 | |
| To Wages payable | 34,000.00 | |
| Work in process inventory Dr | 24,000.00 | |
| To Overhead | 24,000.00 | |
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Record the purchase of material Record the transfer of materials to production Record the cost of...
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....
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were requisitioned for use 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 incurred. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $175,000 were incurred. Required: Record...
Skolnick Corporation has provided the following information: Cost per Period Cost per Unit $5.30 $ 3.50...
Skolnick Corporation has provided the following information: Cost per Period Cost per Unit $5.30 $ 3.50 1.60 Direct materials Direct labor Variable manufacturing overhead S Fixed manufacturing overhead Sales comissions Variable administrative expense Fixed selling and administrative expense $150,000 1.40 $ 45,000 Required: a. If 10,000 units are produced, what is the total amount of direct manufacturing cost incurred? (Do not round Intermediate calculations.) b. If 10,000 units are produced, what is the total amount of indirect manufacturing costs incurred?...
Verizox Company uses a job order cost system with manufacturing overhead applied to products based on...
Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $198,970. Estimated direct labor cost was $474,770 for 19,700 hours. Actual costs for the most recent month are summarized here: Total Cost $ 47, 478 Item Description Direct labor (1,970 hours) Indirect costs Indirect labor Indirect materials Factory rent Factory supervision Factory depreciation Factory janitorial...
During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw...
During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw materials inventory. A total of $70,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $10,000 of indirect materials, Required: Prepare journal entries to record the purchase of materials and their use in production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal...
During June, Briganti Corporation purchased $88,000 of raw materials on credit to add to its raw...
During June, Briganti Corporation purchased $88,000 of raw
materials on credit to add to its raw materials inventory. A total
of $73,000 of raw materials was requisitioned from the storeroom
for use in production. These requisitioned raw materials included
$13,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and
their use in production. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Journal entry worksheet 2...
Fairfield Company's payroll costs for the most recent month are summarized here: Total Cost Item Description...
Fairfield Company's payroll costs for the most recent month are summarized here: Total Cost Item Description Hourly labor wages 790 hours @ $16 per hour 160 hours for Job 101 = 270 hours for Job 102 - 360 hours for Job 103 = Factory supervision Production engineer Factory janitorial work Selling, general, and administrative salaries Total payroll costs $2,560 4,320 5,760_$12,640 4,250 6,300 1,300 9,900 $34,390 1. & 2. Prepare the journal entries for payroll and to apply manufacturing overhead...
1. what is the journal entey to record raw materials used in production? (if no entry...
1. what is the journal entey to record raw materials used in
production? (if no entry is required for a transaction/event,
select "no journal entey required" in the first account
field.)
2. What is the ending balance in Raw Materials?
3. What is the journal entry to record the labor costs
incurred during the year?
4. What is the total amount of manufacturing overhead applied
to production during the
year?
5. What is the total manufacturing cost added to Work...
4 Verizox Company uses a job order cost system with manufacturing overhead applied to products based...
4 Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $186,120. Estimated direct labor cost was $469,260 for 19,800 hours. oints Actual costs for the most recent month are summarized here: Total Cost $ 46,927 Iten Description Direct labor (1,980 hours) Indirect costs Indirect labor Indirect materials eBook 2,540 3,45e 3,210 4,770 5,740 1,220...
1. Prepare entries dated June 30 to record: (a) raw materials purchases, (b) direct materials usage(c)...
1.
Prepare entries dated June 30 to record: (a) raw materials
purchases, (b) direct materials usage(c) Indirect materials usage
d) direct labor usage, ) labor usageoverhead costs, () overhead
applied, and () payment of total payroll costs.
Required information [The following information applies to the questions displayed below.) Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories: Raw materials inventory Work in process inventory-Weaving...
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....
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were requisitioned for use 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 incurred. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $175,000 were incurred. Required: Record...
Skolnick Corporation has provided the following information: Cost per Period Cost per Unit $5.30 $ 3.50 1.60 Direct materials Direct labor Variable manufacturing overhead S Fixed manufacturing overhead Sales comissions Variable administrative expense Fixed selling and administrative expense $150,000 1.40 $ 45,000 Required: a. If 10,000 units are produced, what is the total amount of direct manufacturing cost incurred? (Do not round Intermediate calculations.) b. If 10,000 units are produced, what is the total amount of indirect manufacturing costs incurred?...
Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $198,970. Estimated direct labor cost was $474,770 for 19,700 hours. Actual costs for the most recent month are summarized here: Total Cost $ 47, 478 Item Description Direct labor (1,970 hours) Indirect costs Indirect labor Indirect materials Factory rent Factory supervision Factory depreciation Factory janitorial...
During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw materials inventory. A total of $70,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $10,000 of indirect materials, Required: Prepare journal entries to record the purchase of materials and their use in production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal...
During June, Briganti Corporation purchased $88,000 of raw
materials on credit to add to its raw materials inventory. A total
of $73,000 of raw materials was requisitioned from the storeroom
for use in production. These requisitioned raw materials included
$13,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and
their use in production. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Journal entry worksheet 2...
Fairfield Company's payroll costs for the most recent month are summarized here: Total Cost Item Description Hourly labor wages 790 hours @ $16 per hour 160 hours for Job 101 = 270 hours for Job 102 - 360 hours for Job 103 = Factory supervision Production engineer Factory janitorial work Selling, general, and administrative salaries Total payroll costs $2,560 4,320 5,760_$12,640 4,250 6,300 1,300 9,900 $34,390 1. & 2. Prepare the journal entries for payroll and to apply manufacturing overhead...
1. what is the journal entey to record raw materials used in
production? (if no entry is required for a transaction/event,
select "no journal entey required" in the first account
field.)
2. What is the ending balance in Raw Materials?
3. What is the journal entry to record the labor costs
incurred during the year?
4. What is the total amount of manufacturing overhead applied
to production during the
year?
5. What is the total manufacturing cost added to Work...
4 Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $186,120. Estimated direct labor cost was $469,260 for 19,800 hours. oints Actual costs for the most recent month are summarized here: Total Cost $ 46,927 Iten Description Direct labor (1,980 hours) Indirect costs Indirect labor Indirect materials eBook 2,540 3,45e 3,210 4,770 5,740 1,220...
1.
Prepare entries dated June 30 to record: (a) raw materials
purchases, (b) direct materials usage(c) Indirect materials usage
d) direct labor usage, ) labor usageoverhead costs, () overhead
applied, and () payment of total payroll costs.
Required information [The following information applies to the questions displayed below.) Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories: Raw materials inventory Work in process inventory-Weaving...
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