1. 2 3. 4 5. 6 7. 8 9. rd Corporation incurred the following transactions. Purchased raw materials on account $54,500. Raw Materials of $38.500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,000 was classified as indirect materials. Factory labor costs incurred were $62.500, of which $50.500 pertained to factory wages payable and $12,000 pertained to employer payroll taxes payable. Time tickets indicated that $54,700 was direct labor and $7,800 was indirect labor Manufacturing overhead costs incurred on account were $84,900 Depreciation on the company's office building was $8.800. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $91,400 were completed and transferred to finished goods. Finished goods costing $75,300 to manufacture were sold on account for $109,700, Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

1. 2 3. 4 5. 6 7. 8 9. rd Corporation incurred the following transactions. Purchased raw materials on account $54,500. Raw Materials of $38.500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,000 was classified as indirect materials. Factory labor costs incurred were $62.500, of which $50.500 pertained to factory wages payable and $12,000 pertained to employer payroll taxes payable. Time tickets indicated that $54,700 was direct labor and $7,800 was indirect labor Manufacturing overhead costs incurred on account were $84,900 Depreciation on the company's office building was $8.800. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $91,400 were completed and transferred to finished goods. Finished goods costing $75,300 to manufacture were sold on account for $109,700, Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the underapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the debit balance in Under-and Overapplied Factory Overhead.
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,800. 2. Raw Materials of $36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,500 was classified as indirect materials. 3. Factory labor costs incurred were $61,900, of which $50,000 pertained to factory wages payable and $11,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,900 was direct labor and $7,000 was indirect labor. 5. Manufacturing overhead costs incurred on account were $82,300. 6. Depreciation on the company’s office building was $9,000. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $96,600 were completed and transferred to finished goods. 9. Finished goods costing $79,400 to manufacture were sold on account for $106,800. Journalize the transactions. (Credit account titles are automatically…
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,000. 2. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials. 3. Factory labor costs incurred were $61,000, of which $51,600 pertained to factory wages payable and $9,400 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,300 was direct labor and $6,700 was indirect labor. 5. Manufacturing overhead costs incurred on account were $82,100. 6. Depreciation on the company’s office building was $8,400. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $90,200 were completed and transferred to finished goods. 9. Finished goods costing $85,000 to manufacture were sold on account for $108,200. Journalize the transactions. (Credit account titles are automatically…
Charter Corporation incurred the following transactions. a) $300,000 of raw materials were purchased on account. b) Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials. c) Labor costs incurred: $40,000 direct, $130,000 indirect, sales commissions $50,000, administrative salaries $100,000.d) Overhead costs incurred on account were $80,500. e) Manufacturing overhead was applied at the rate of 150% of direct labor cost. f) Depreciation recorded was $500,000 (70% related to factory; 30% related to administrative offices).g) Goods costing $88,000 were completed and transferred to finished goods. h) Finished goods costing $75,000 to manufacture were sold on account for $103,000. i) Closed the under/over applied overhead for the year. Required: journalize the transactions
Sheffield Corporation incurred the following transactions. 1. Purchased raw materials on account $ 53,800. 2. Raw Materials of $ 36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 8,500 was classified as indirect materials. 3. Factory labor costs incurred were $ 61,900. 4. Time tickets indicated that $ 54,900 was direct labor and $ 7,000 was indirect labor. 5. Manufacturing overhead costs incurred on account were $ 82,300. 6. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 7. Goods costing $ 96,600 were completed and transferred to finished goods. 8. Finished goods costing $ 79,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Work in…
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,300. 2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials. 3. Factory labor costs incurred were $59,900. 4. Time tickets indicated that $54,000 was direct labor and $5,900 was indirect labor. 5. Manufacturing overhead costs incurred on account were $80,500. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $88,000 were completed and transferred to finished goods. 8. Finished goods costing $75,000 to manufacture were sold.
Crane Corporation incurred the following transactions. 1. Purchased raw materials on account $58,430. 2. Raw Materials of $45,360 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,660 was classified as indirect materials. 3. Factory labor costs incurred were $75,520. 4. Time tickets indicated that $68,040 was direct labor and $7,480 was indirect labor. 5. Manufacturing overhead costs incurred on account were $101,430. 6. Depreciation on the company’s office building was $10,160. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $110,880 were completed and transferred to finished goods. 9. Finished goods costing $94,500 to manufacture were sold on account for $129,780. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No.…
During the current accounting period, a manufacturing company purchased P70,000 of raw materials, of which P50,000 of direct materials and P5,000 of indirect materials were used in production. The company also incurred P45,000 of total labor cost and P20,000 of other factory overhead cost. An analysis of the work-in-process control account revealed P40,000 of direct labor cost. Based upon the above information, what is the total amount accumulated in the factory overhead control account? a. P25,000 c. P45,000 b. P30,000 d. P50,000
Ryan Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Instructions $100,000 60,000 7,500 110,000 13,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,000 14,000 21,000 35,000 50,000 (a) Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period costs. (b) Explain the basic difference in accounting for product costs and period costs.