Crawford Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $52,200. Raw Materials of $42,600 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,500 was classified as indirect materials. Factory labor costs incurred were $60,700, of which $50,200 pertained to factory wages payable and $10,500 pertained to employer payroll taxes payable. Time tickets indicated that $55,000 was direct labor and $5,700 was indirect labor. Manufacturing overhead costs incurred on account were $81,500. Depreciation on the company's office building was $8,500. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $93,200 were completed and transferred to finished goods. Finished goods costing $84,300 to manufacture were sold on account for $113,200. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually)

Crawford Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $52,200. Raw Materials of $42,600 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,500 was classified as indirect materials. Factory labor costs incurred were $60,700, of which $50,200 pertained to factory wages payable and $10,500 pertained to employer payroll taxes payable. Time tickets indicated that $55,000 was direct labor and $5,700 was indirect labor. Manufacturing overhead costs incurred on account were $81,500. Depreciation on the company's office building was $8,500. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $93,200 were completed and transferred to finished goods. Finished goods costing $84,300 to manufacture were sold on account for $113,200. 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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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.
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.)
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…
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…
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.
The Anthony Company, a sole proprietorship, reports the following information pertaining to its operating activities: During the year, the company purchased $40,000 of direct materials and incurred $21,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $18,000. Selling and administrative expenses amounted to $60,000, and the company’s annual sales amounted to $250,000. Prepare Anthony’s schedule of the cost of finished goods manufactured. Prepare Anthony’s income statement (ignore income taxes).
DJV Corporation incurred the following costs while manufacturing its product. Materials used in product $ 120,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant 19,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,000 Salaries paid to sales clerks 50,000 Work-in-process inventory was $22,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31. Instructions Compute cost of goods manufactured. Compute cost of goods sold.
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
During the current year, CF Manufacturing Co. incurred $370,000 of indirect labor costs, $15,000 of indirect materials costs, and $163,000 of other overhead costs. It also incurred $125,000 in rent costs on a warehouse for storing finished goods. What amount did CF Manufacturing assign to the Work in Process Inventory account from the Manufacturing Overhead account?
b. Incurred manufacturing wages of $11,000, 75% of which was direct labor and 25% of which was indirect labor. Date Accounts Debit Credit b. c. Purchased raw materials on account, $23,000. Date Accounts Debit Credit c. d. Used in production: direct materials, $7,500; indirect materials, $2,000. Date Accounts Debit Credit d. e. Recorded manufacturing overhead: depreciation on plant, $18,000; plant insurance (previously paid), $1,900; plant property tax, $4,200 (credit Property Tax Payable). Date Accounts Debit Credit e.…
The Darwin Company reports the following information that occurred during the current period: Sales commissions expense $15,600 Administrative office supplies 7,300 Depreciation on factory equipment 4,700 Indirect factory labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities 1,200 Sales 76,500 Administrative Office salaries expense 8,900 Indirect materials used 1,200 Manufacturing Overhead applied 17,200 Using the information provided above for Darwin Company, calculate the total costs that will be expensed when incurred on the income statement for the period:
During the current month, Wacholz Company incurs the following manufacturing costs. (a) Purchased raw materials of $ 18,000 on account. (b) Incurred factory labor of $ 40,000. Of that amount, $ 31,000 relates to wages payable and $ 9,000 relates to payroll taxes payable. (c) Factory utilities of $ 3,100 are payable, prepaid factory property taxes of $ 2,700 have expired, and depreciation on the factory building is $ 9,500. Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (Purchases of raw materials on account) (b) (To record factory labor costs) (c) (To record overhead costs)