During the current month, a company that uses a job order costing purchases $70,000 in raw materials for cash. It then uses $23,000 of raw materials indirectly as factory supplies and uses $36,500 of raw materials as direct materials. Prepare journal entries to record these three transactions.
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- A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?The post-closing trial balance of Custer Products, Inc. on April 30 is reproduced as follows: During May, the following transactions took place: a. Purchased raw materials at a cost of 45,000 and general factory supplies at a cost of 13,000 on account (recorded materials and supplies in the materials account). b. Issued raw materials to be used in production, costing 47,000, and miscellaneous factory supplies costing 15,000. c. Recorded the payroll and the payments to employees as follows: factory wages (including 12,000 indirect labor), 41,000; and selling and administrative salaries, 7,000. Additional account titles include Wages Payable and Payroll. (Ignore payroll withholdings and deductions.) d. Distributed the payroll in (c). e. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-fifth of the building for its offices. f. Incurred other expenses totaling 11,000. One-fourth of this amount is allocable to the office function. g. Transferred total factory overhead costs to Work in Process. h. Completed and transferred goods with a total cost of 91,000 to the finished goods storeroom. i. Sold goods costing 188,000 for 362,000. (Assume that all sales were made on account.) j. Collected accounts receivable in the amount of 345,000. k. Paid accounts payable totaling 158,000. Required: 1. Prepare journal entries to record the transactions. 2. Set up T-accounts. Post the beginning trial balance and the journal entries prepared in (1) to the accounts and determine the balances in the accounts on May 31. 3. Prepare a statement of cost of goods manufactured, an income statement, and a balance sheet. (Round amounts to the nearest whole dollar.)A company has the following transactions during the week. Purchase of $1,000 raw materials inventory Assignment of $500 of raw materials inventory to Job 5 Payroll for 20 hours with $1,000 assigned to Job 5 Factory utility bills of $750 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week?
- Prepare the journal entry to record the factory wages of $25,000 incurred in the processing department and $15,000 incurred in the production department assuming payment will be made in the next pay period.Prepare the journal entry to record the factory wages of $28,000 incurred for a single production department assuming payment will be made in the next pay period.In January, Vaughn company requisitions raw materials for production as follows: Job 1 $930, Job 2 $1,200, Job 3 $770, and general factory use $700.Prepare a summary journal entry to record raw materials used.
- Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of the current period, management predicts total direct labor costs of $100,000 and total overhead costs of $20,000. On January 31, the direct labor for this job equals $2,700. Complete the following journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.During the current month, a company that uses job order costing purchases $50,000 in raw materials for cash. It then uses $12,000 of raw materials indirectly as factory supplies and uses $32,000 of raw materials as direct materials. Prepare journal entries to record these three transactions.During the current month, a company that uses job order costing purchases $76,000 in raw materials for cash. It then uses $20,000 of raw materials indirectly as factory supplies and uses $45,800 of raw materials as direct materials. Prepare journal entries to record these three transactions View transaction list Journal entry worksheet < 2 3 1 Record the raw materials purchase for $76,000, paid in cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
- During the current month, a company that uses job order costing incurred a monthly factory payroll of $180,000. Of this amount, $40,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions.During the current month, Carla Vista Company incurs the following manufacturing costs. (a) Purchased raw materials of $22,000 on account. (b) Incurred factory labor of $47,200. (c) Factory utilities of $3.390 are payable, prepaid factory insurance of $3,110 have expired, and depreciation on the factory building is $11.400. Prepare journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (b) (Purchases of raw materials on account) Debit 100 Credit 10In January, Dieker Company requisitions raw materials for production as follows: Job 1 $980, Job 2 $1,200, Job 3 $730, and general factory use $680.Prepare a summary journal entry to record raw materials used.