Direct labor and indirect labor are recorded, respectively, to: O Factory Overhead and Goods in Process. O Goods in Process and Finished Goods. O Finished Goods and Goods in Process. O Goods in Process and Factory Overhead. O Cost of Goods Sold and Finished Goods.

Direct labor and indirect labor are recorded, respectively, to: O Factory Overhead and Goods in Process. O Goods in Process and Finished Goods. O Finished Goods and Goods in Process. O Goods in Process and Factory Overhead. O Cost of Goods Sold and Finished Goods.

Name: Question 15Direct labor and indirect labor are recorded, respectively
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Description: Question 15Direct labor and indirect labor are recorded, respectively, to:O Factory Overhead and Goods in Process.O Goods in Process and Finished Goods.O Finished Goods and Goods in Process.O Goods in Process and Factory Overhead.O Cost of Goods Sol

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.9E: Recording issuing of materials Materials issued for the current month are as follows a. Determine...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.
Entries for process cost system Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is .spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpet backing is added at the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts arc maintained for factory overhead, and both have zero balances January 1. Manufacturing operations for January are summarized as follows: A. Materials purchased on account 500,000 B. Materials requisitioned for use: FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 C. Labor used: Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpinning Department 18,500 Indirect laborTufting Department 9,000 D. Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 E. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 F. Applied factory overhead: Spinning Department 80,000 Tufting Department 55,000 G. Production costs transferred from Spinning Department to Tufting Department 547,000 H. Production costs transferred from Tufting Department to Finished Goods 807,200 1. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.
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Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).:
Applying factory overhead Bergan Company estimates that total factory overhead costs will be 620,000 for the year. Direct labor hours are estimated to be 80,000. For Bergan Company, (A) determine the predetermined factory overhead rate using direct labor hours as the activity base, (B) determine the amount of factory overhead applied to Jobs 200 and 305 in May using the data on direct labor hours from BE 16-2, and (C) prepare the journal entry to apply factory overhead to both jobs in May according to the predetermined overhead rate.
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