please answer parts A to L h. Other costs incurred on account for factory overhead included $40,000.Descriptionj. Close out the factory overhead balance to cost of goods sold.Descriptioni. Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 hours. Assuming that overheadis applied based on direct labor hours and that the company used 42,000 direct labor hours during the period, apply factory overhead.DescriptionDebitCreditk. Jobs completed during the period, $900,000.Description1. Cost of goods sold, $850,000.DebitDescriptionDebitDebitCreditDebitCreditCreditCredit a. Materials purchased on account, $412,000.Descriptionc. Factory labor during the period was $550,000. $30,000 of this was indirect.Descriptionb. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use.DescriptionDebitCreditd. Depreciation of the factory equipment, $26,000.Descriptione. Depreciation of the office equipment, $15,000.Descriptionf. Factory prepaid rent that expired during the period, $6,000.DescriptionDebitg. Office prepaid rent that expired during the period, $2,000.DescriptionDebitDebitDebitDebitCreditDebitCreditCreditCreditCreditCredit

a. Materials purchased on account, $412,000. Description c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. Description Debit Credit d. Depreciation of the factory equipment, $26,000. Description e. Depreciation of the office equipment, $15,000. Description f. Factory prepaid rent that expired during the period, $6,000. Description Debit g. Office prepaid rent that expired during the period, $2,000. Description Debit Debit Debit Debit Credit Debit Credit Credit Credit Credit Credit

a. Materials purchased on account, $412,000. Description c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. Description Debit Credit d. Depreciation of the factory equipment, $26,000. Description e. Depreciation of the office equipment, $15,000. Description f. Factory prepaid rent that expired during the period, $6,000. Description Debit g. Office prepaid rent that expired during the period, $2,000. Description Debit Debit Debit Debit Credit Debit Credit Credit Credit Credit Credit

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12PA: The following data summarize the operations during the year. Prepare a journal entry for each...

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The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
Selected information from Hernandez Corporation shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2
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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
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The following data summarize the operations during the year. Prepare a journal entry for each transaction. Purchase of raw materials on account: $3000 Raw materials used by Job 1: $500 Raw materials used as indirect materials: $100 Direct labor for Job 1: $300 Indirect labor incurred: $50 Factory utilities incurred on account: $700 Adjusting entry for factory depreciation: $250 Manufacturing overhead applied as percent of direct labor: 200% Job 1 is transferred to finished goods Job 1 is sold: $3,000 Manufacturing overhead is over applied: $100
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Larned 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 used 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 paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.d. Depreciation of $175,000 was incurred on factory equipment.Required:Record the above transactions in journal entries.
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Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense—administrative office $ 36,200 Depreciation expense—plant and equipment 92,000 Direct labor—wages 534,300 Materials Inventory, Dec. 31 35,000 Materials Inventory, Jan. 1 25,000 Direct materials purchases 185,000 Finished goods inventory, Dec. 31 24,400 Finished goods inventory, Jan. 1 16,200 Heat, light, and power—plant 47,600 Indirect labor 27,400 Property taxes—plant 37,000 Sales representatives’ salaries 151,000 Sales revenue 1,628,000 Factory supervisor’s salary 67,800 Supplies—administrative office 18,400 Supplies—plant 30,200 Work-in-process inventory, Dec. 31 11,400 Work-in-process inventory, Jan. 1 26,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Huntersville for the year ended December 31.…