alize Materials Purchases The following are the transactions of Dolphin Company for the month of November 2021: Nov.4 :Purchase Requisition 100 for 9,600 units of MaterialA-44 is prepared by the storeroom clerk. The material is to be ordered from the Toddlers Corporation for P 21.50 per unit. Tems 1/10, n/30. 5 : Purchase order 148 is prepared for materials requisitioned on Requisition 100. 21 : Materials ordered from ToddlersCorporation on Purchase Order 148 are received. Of the 4,800 units, all are rejected for imperfections and retumed at once. Receiving Report 001 is prepared. The purchase invoice is included in the carton, 21 :A debit memorandum to the Toddlers Corporation for materials returned is prepared. : Materials received today from Toddlers Corporation are transferred to the storeroom and entered in the materials ledger. : Disbursement Voucher 014 to Toddlers Corporation is prepared for the amount owned on the firm's invoice. :A check to ToddlersCorporation for the amount due, less discount, is prepared and 21 24 25 mailed. Record in general journal for the transactions needing entries.

alize Materials Purchases The following are the transactions of Dolphin Company for the month of November 2021: Nov.4 :Purchase Requisition 100 for 9,600 units of MaterialA-44 is prepared by the storeroom clerk. The material is to be ordered from the Toddlers Corporation for P 21.50 per unit. Tems 1/10, n/30. 5 : Purchase order 148 is prepared for materials requisitioned on Requisition 100. 21 : Materials ordered from ToddlersCorporation on Purchase Order 148 are received. Of the 4,800 units, all are rejected for imperfections and retumed at once. Receiving Report 001 is prepared. The purchase invoice is included in the carton, 21 :A debit memorandum to the Toddlers Corporation for materials returned is prepared. : Materials received today from Toddlers Corporation are transferred to the storeroom and entered in the materials ledger. : Disbursement Voucher 014 to Toddlers Corporation is prepared for the amount owned on the firm's invoice. :A check to ToddlersCorporation for the amount due, less discount, is prepared and 21 24 25 mailed. Record in general journal for the transactions needing entries.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 5E: Recording materials transactions Prepare a journal entry to record each of the following materials...

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Issuance of materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at 8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at 8 per unit and 1,480 units for Job 305 at 5 per unit. Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom.
Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance pad the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.
Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
Recording materials transactions Prepare a journal entry to record each of the following materials transactions: a. Total materials purchased on account during the month amounted to 200,000. b. Direct materials requisitioned for the month totaled 175,000. c. Indirect materials requisitioned during the month totaled 12,000. d. Direct materials returned to the storeroom from the factory amounted to 2,500. e. Total materials returned to vendor during the month amounted to 1,800. f. Payment during the month for materials purchased on account totaled 165,000.
Issuance of Materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 fill in the blank a41f3905c060fe1_2 fill in the blank a41f3905c060fe1_3 fill in the blank a41f3905c060fe1_5 fill in the blank a41f3905c060fe1_6 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31 fill in the blank 1e9f01facf80054_2 fill in the blank 1e9f01facf80054_3 fill in the blank 1e9f01facf80054_5 fill in the blank 1e9f01facf80054_6
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
Accounting At the end of 2019, Alonzo Company’s manufacturing inventory and expense accounts held the following costs. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Direct Materials P120,000 P190,000 P350,000 Direct Labor P100,000 P250,000 P580,000 Factory Overhead P60,000 P300,000 P480,000 Alonzo’s accountant applied overhead during the year using a budgeted rate of P8.40 per hour. At year end, they computed the actual rate of P10.00 per machine hour. The beginning balances of both work in process inventory and finished goods inventory were zero. Over/underapplied overhead are to be allocated to appropriate inventories how much is the Adjusted Finished Goods inventory?
Issuance of Materials On May 7, Salinger Company purchased on account 720 units of raw materials at $19 per unit. During May, raw materials were requisitioned for production as follows: 317 units for Job 200 at $15 per unit and 266 units for Job 305 at $19 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 fill in the blank 91b49dfc3022030_2 fill in the blank 91b49dfc3022030_3 fill in the blank 91b49dfc3022030_5 fill in the blank 91b49dfc3022030_6 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31
provide working notes Elite Home Decor manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labor-intensive production process, so it assigns manufacturing overhead based on direct labor costs. Elite expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labor costs of $3,150,000 during 2020. At the end of December 2019, Elite reported work in process inventory (Job 551) of $93,000 The following events occurred during January - March 2020. Purchased materials on account, $392,000 Incurred manufacturing wages of $400,000 Requisitioned direct materials and used direct labor in manufacturing 4. Issued indirect materials to production, $30,000 5.Charged indirect manufacturing wages to production, $60,000 6.Depreciation of production machinery, $85,000 7. Other manufacturing overhead costs incurred on units 551 to 554 amounted to $49,000 8.Allocated overheads to jobs at the predetermined rate 9.…
HOMEWORK: raw material movements for the month of May, a company engaged in the production of raw materials using the H2022 is given below. (All raw materials were purchased with cash payments.)
show working notes for c,d,e,f,g Elite Home Decor manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labor-intensive production process, so it assigns manufacturing overhead based on direct labor costs. Elite expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labor costs of $3,150,000 during 2020. At the end of December 2019, Elite reported work in process inventory (Job 551) of $93,000 The following events occurred during January - March 2020. Direct Materials Direct Labour Job 551 Job 552 Job 553 Job 554 $70,200 97,500 105,300 117,000 $61,200 115,600 78,200 85,000 Purchased materials on account, $392,000 Incurred manufacturing wages of $400,000 Requisitioned direct materials and used direct labor in manufacturing Issued indirect materials to production, $30,000 5.Charged indirect manufacturing wages to production, $60,000 6.Depreciation of…
Issuance of materialsOn May 7, Bergan Company purchased on account 10,000 units of rawmaterials at $8 per units. During May, raw material were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480units for Job 305 at $5 per unit. Journalize the entry on May 7 to recordthe purchase and on May 31 to record the requisition from the materialsstoreroom.