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Boeing Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $17,000 of materials on account. 2. Issued $16,810 in direct materials to the production department. 3. Issued $1,270 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,150 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $32,800, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,200 on account. 8. Recognized depreciation on manufacturing plant of $36,400. 9. Applied manufacturing overhead for the month. 4 Boeing uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,900. Estimated overhead for the year was $409,746. The following balances appeared in the inventory accounts of Boeing Components for July. Begining ↑ $2.610 Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Ending $12, 410 10, 570 Complete this question byu 7,080 75,300 Required: a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. ring your answers in the abs below.

Boeing Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $17,000 of materials on account. 2. Issued $16,810 in direct materials to the production department. 3. Issued $1,270 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,150 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $32,800, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,200 on account. 8. Recognized depreciation on manufacturing plant of $36,400. 9. Applied manufacturing overhead for the month. 4 Boeing uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,900. Estimated overhead for the year was $409,746. The following balances appeared in the inventory accounts of Boeing Components for July. Begining ↑ $2.610 Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Ending $12, 410 10, 570 Complete this question byu 7,080 75,300 Required: a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. ring your answers in the abs below.

Principles of Accounting Volume 2
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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Boeing Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $17,000 of materials on account. 2. Issued $16.810 in direct materials to the production department. 3. Issued $1,270 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,150 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $32,800, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,200 on account. 8. Recognized depreciation on manufacturing plant of $36,400. 9. Applied manufacturing overhead for the month. Boeing uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,900. Estimated overhead for the year was $409,746. The following balances appeared in the inventory accounts of Boeing Components for July. Beginning ↑ Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold $2.610 9 Ending $12, 410 10,570 7,080 75,300 Required: a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below.
Transcribed Image Text:Boeing Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $17,000 of materials on account. 2. Issued $16.810 in direct materials to the production department. 3. Issued $1,270 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,150 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $32,800, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,200 on account. 8. Recognized depreciation on manufacturing plant of $36,400. 9. Applied manufacturing overhead for the month. Boeing uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,900. Estimated overhead for the year was $409,746. The following balances appeared in the inventory accounts of Boeing Components for July. Beginning ↑ Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold $2.610 9 Ending $12, 410 10,570 7,080 75,300 Required: a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below.
View Ganda Journal entry worksheet < A B Purchased $17,000 of materials on account. Transaction C D E F G H I Note: Enter debits before credits. Record entry General Journal Materials inventory Accounts payable Clear entry Debit 17,000 Credit 17,000 View general journal >
Transcribed Image Text:View Ganda Journal entry worksheet < A B Purchased $17,000 of materials on account. Transaction C D E F G H I Note: Enter debits before credits. Record entry General Journal Materials inventory Accounts payable Clear entry Debit 17,000 Credit 17,000 View general journal >
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