Brief Exercise 23-9
Journalize the following transactions for Shelton, Inc
| (a) | Incurred direct labor costs of $24,300 for 4,590 hours. The standard labor cost was $25,888. | |
| (b) | Assigned 4,590 direct labor hours costing $24,300 to production. Standard hours were 4,770. |
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Round answers to 0
decimal places, e.g. 125.)
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No. |
Account Titles and Explanation |
Debit |
Credit |
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(a) |
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(b) |
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Homework Answers
| A | Factory labor | 25,888 | |
| Labor Rate Variance | 1,588 | ||
| Wages payable | 24,300 | ||
| B | Work in Process Inventory | 26903 | |
| Labor efficiency variance | 1015 | ||
| Factory labor | 25888 |
Add Answer to:
Brief Exercise 23-9 Journalize the following transactions for Shelton, Inc (a) Incurred direct labor costs of...
Journalize the following transactions for Cheyenne, Inc. (a) Incurred direct labor costs of $22,500 for 3,000...
Journalize the following transactions for Cheyenne, Inc. (a) Incurred direct labor costs of $22,500 for 3,000 hours. The standard labor cost was $22,950. (b) Assigned 3,000 direct labor hours costing $22,500 to production. Standard hours were 3,120. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round per unit values to 2 decimal places, e.g. 52.75 and final answers to decimal places, e.g. 52.) No. Account Titles and Explanation Debit Credit (b)
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 24-09 Journalize the following transactions for Shelton,...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 24-09 Journalize the following transactions for Shelton, Inc. (a) (b) Incurred direct labor costs of $24,380 for 4,600 hours. The standard labor cost was $25,990. Assigned 4,600 direct labor hours costing $24,380 to production. Standard hours were 4,780. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round per unit values to 2 decimal places, e.g. 52.75 and final answers to o decimal places, e.g. 52.)...
Question 6 Journalize the following transactions for Marigold, Inc. (a) Incurred direct labor costs of $23,700 for 3...
Question 6
Journalize the following transactions for Marigold, Inc.
(a)
Incurred direct labor costs of $23,700 for 3,000 hours. The
standard labor cost was $24,150.
(b)
Assigned 3,000 direct labor hours costing $23,700 to
production. Standard hours were 3,120.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Round per unit values to
2 decimal places, e.g. 52.75 and final answers to 0 decimal places,
e.g. 52.)
No.
Account Titles and Explanation
Debit
Credit
(a)...
Exercise 11-11 Machinery purchased for $71,400 by Vaughn Co. in 2013 was originally estimated to have...
Exercise 11-11
Machinery purchased for $71,400 by Vaughn Co. in 2013 was
originally estimated to have a life of 8 years with a salvage value
of $4,760 at the end of that time. Depreciation has been entered
for 5 years on this basis. In 2018, it is determined that the total
estimated life should be 10 years with a salvage value of $5,355 at
the end of that time. Assume straight-line depreciation.
Prepare the entry to correct the prior year's...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. 2. Raw Materials...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. 2. Raw Materials of $45,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. 3. Factory labor costs incurred were $68,000, of which $51,500 pertained to factory wages payable and $16,500 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,100 was direct labor and $12,900 was indirect labor. 5. Manufacturing overhead costs incurred...
Brief Exercise 107 Pole Co. at the end of 2018, its first year of operations, prepared...
Brief Exercise 107 Pole Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $480,000 Extra depreciation taken for tax purposes (1,056,000) Estimated expenses deductible for taxes when paid 950,000 Taxable income $374,000 Use of the depreciable assets will result in taxable amounts of $352,000 in each of the next three years. The estimated litigation expenses of $950,000 will be deductible in 2021 when...
Brief Exercise 23-5 Mordica Company’s standard labor cost per unit of output is $20.14 (1.90 hours...
Brief Exercise 23-5
Mordica Company’s standard labor cost per unit of output is
$20.14 (1.90 hours x $10.60 per hour). During August, the company
incurs 2,581 hours of direct labor at an hourly cost of $10.71 per
hour in making 1,300 units of finished product.
Compute the total, price, and quantity labor variances.
(Round answers to 2 decimal places, e.g.
52.75.)
Total labor variance
$
FavorableNeither favorable nor unfavorableUnfavorable
Labor price variance
$
UnfavorableNeither favorable nor unfavorableFavorable
Labor quantity variance...
On January 1, 2020, Buffalo Company sold 11% bonds having a maturity value of $600,000 for...
On January 1, 2020, Buffalo Company sold 11% bonds having a
maturity value of $600,000 for $622,744, which provides the
bondholders with a 10% yield. The bonds are dated January 1, 2020,
and mature January 1, 2025, with interest payable December 31 of
each year. Buffalo Company allocates interest and unamortized
discount or premium on the effective-interest basis.
Prepare the journal entry at the date of the bond issuance.
(Round answer to 0 decimal places, e.g. 38,548. If no
entry...
Exercise 16-8 Your answer is partially correct. Try again. Enos Printing Corp. uses a job order...
Exercise 16-8
Your answer is partially correct. Try again.
Enos Printing Corp. uses a job order cost system. The following
data summarize the operations related to the first quarter’s
production.
1.
Materials purchased on account $193,600, and factory wages
incurred $94,300.
2.
Materials requisitioned and factory labor used by job:
Job Number
Materials
Factory Labor
A20
$37,540
$19,300
A21
45,820
23,300
A22
37,300
17,100
A23
41,470
26,600
General factory use
4,770
8,000
$166,900
$94,300
3.
Manufacturing overhead costs incurred on...
On June 10, Crane Company purchased $9,000 of merchandise on account from Pronghorn Company, FOB shipping...
On June 10, Crane Company purchased $9,000 of merchandise on
account from Pronghorn Company, FOB shipping point, terms 2/10,
n/30. Crane pays the freight costs of $550 on June 11. Damaged
goods totaling $350 are returned to Pronghorn for credit on June
12. The fair value of these goods is $80. On June 19, Crane pays
Pronghorn Company in full, less the purchase discount. Both
companies use a perpetual inventory system.
----->>>>> QUESTION:: Prepare separate
entries for each transaction for...
Journalize the following transactions for Cheyenne, Inc. (a) Incurred direct labor costs of $22,500 for 3,000 hours. The standard labor cost was $22,950. (b) Assigned 3,000 direct labor hours costing $22,500 to production. Standard hours were 3,120. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round per unit values to 2 decimal places, e.g. 52.75 and final answers to decimal places, e.g. 52.) No. Account Titles and Explanation Debit Credit (b)
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 24-09 Journalize the following transactions for Shelton, Inc. (a) (b) Incurred direct labor costs of $24,380 for 4,600 hours. The standard labor cost was $25,990. Assigned 4,600 direct labor hours costing $24,380 to production. Standard hours were 4,780. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round per unit values to 2 decimal places, e.g. 52.75 and final answers to o decimal places, e.g. 52.)...
Question 6
Journalize the following transactions for Marigold, Inc.
(a)
Incurred direct labor costs of $23,700 for 3,000 hours. The
standard labor cost was $24,150.
(b)
Assigned 3,000 direct labor hours costing $23,700 to
production. Standard hours were 3,120.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Round per unit values to
2 decimal places, e.g. 52.75 and final answers to 0 decimal places,
e.g. 52.)
No.
Account Titles and Explanation
Debit
Credit
(a)...
Exercise 11-11
Machinery purchased for $71,400 by Vaughn Co. in 2013 was
originally estimated to have a life of 8 years with a salvage value
of $4,760 at the end of that time. Depreciation has been entered
for 5 years on this basis. In 2018, it is determined that the total
estimated life should be 10 years with a salvage value of $5,355 at
the end of that time. Assume straight-line depreciation.
Prepare the entry to correct the prior year's...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. 2. Raw Materials of $45,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. 3. Factory labor costs incurred were $68,000, of which $51,500 pertained to factory wages payable and $16,500 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,100 was direct labor and $12,900 was indirect labor. 5. Manufacturing overhead costs incurred...
Brief Exercise 23-5
Mordica Company’s standard labor cost per unit of output is
$20.14 (1.90 hours x $10.60 per hour). During August, the company
incurs 2,581 hours of direct labor at an hourly cost of $10.71 per
hour in making 1,300 units of finished product.
Compute the total, price, and quantity labor variances.
(Round answers to 2 decimal places, e.g.
52.75.)
Total labor variance
$
FavorableNeither favorable nor unfavorableUnfavorable
Labor price variance
$
UnfavorableNeither favorable nor unfavorableFavorable
Labor quantity variance...
On January 1, 2020, Buffalo Company sold 11% bonds having a
maturity value of $600,000 for $622,744, which provides the
bondholders with a 10% yield. The bonds are dated January 1, 2020,
and mature January 1, 2025, with interest payable December 31 of
each year. Buffalo Company allocates interest and unamortized
discount or premium on the effective-interest basis.
Prepare the journal entry at the date of the bond issuance.
(Round answer to 0 decimal places, e.g. 38,548. If no
entry...
Exercise 16-8
Your answer is partially correct. Try again.
Enos Printing Corp. uses a job order cost system. The following
data summarize the operations related to the first quarter’s
production.
1.
Materials purchased on account $193,600, and factory wages
incurred $94,300.
2.
Materials requisitioned and factory labor used by job:
Job Number
Materials
Factory Labor
A20
$37,540
$19,300
A21
45,820
23,300
A22
37,300
17,100
A23
41,470
26,600
General factory use
4,770
8,000
$166,900
$94,300
3.
Manufacturing overhead costs incurred on...
On June 10, Crane Company purchased $9,000 of merchandise on
account from Pronghorn Company, FOB shipping point, terms 2/10,
n/30. Crane pays the freight costs of $550 on June 11. Damaged
goods totaling $350 are returned to Pronghorn for credit on June
12. The fair value of these goods is $80. On June 19, Crane pays
Pronghorn Company in full, less the purchase discount. Both
companies use a perpetual inventory system.
----->>>>> QUESTION:: Prepare separate
entries for each transaction for...
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