Exercise 3-1 (Algo) Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. a. $75,000 in raw materials were purchased on account. b. $73,000 in raw materials were used in production. Of this amount, $58,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $104,300 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 $75,000 in raw materials were purchased on account.

Exercise 3-1 (Algo) Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. a. $75,000 in raw materials were purchased on account. b. $73,000 in raw materials were used in production. Of this amount, $58,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $104,300 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 $75,000 in raw materials were purchased on account.

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 17P: Review Problem for Chapters 1 and 2 UltraLift Corp. manufactures chain hoists. The raw materials...

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Prepare Journal Entries Larned Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $ 175,000 was incurred on factory equipment. Required: Record the above transactions in journal entries.
Book Hint Larned Corporation recorded the following transactions for the just completed month. a. $79,000 in raw materials were purchased on account. b. $77,000 in raw materials were used in production. Of this amount, $63,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $111,000 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $191,000 was incurred on factory equipment.
Prepare T-Accounts Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $ 152,000 was applied to production using the company’s predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods…
provide Answer Granger Products recorded the following transactions for the just-completed month. The company had no beginning inventories: a. $75,000 In raw materials was purchased for cash.b. $73,000 in raw materials was requisitioned for use in production. Of this amount, $67,000 was for direct materials and the remainder was for Indirect materials.c. Total wages of $152,000 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor.d. Additional manufacturing overhead costs of $126,000 were incurred and paid.e. Manufacturing overhead costs of $178,000 were applied to jobs using the company's predetermined overhead rate.f. All of the jobs in process at the end of the month were completed and shipped to customers.g. If overhead is underapplied in the period, it is closed out to the cost of goods sold. If overhead is overapplied in the period, It is based on the basis of the amount of allocated overhead that is in the ending…
Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.d. Depreciation of $175,000 was incurred on factory equipment.Required:Record the above transactions in journal entries.
Larned Corporation recorded the following transactions for the just completed month. a. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $120,500 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 23 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal a. Record entry Clear entry Debit Credit View general journal
Larned Corporation recorded the following transactions for the just completed month. a. $73,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110,000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Question 2.4 Hamilton Company recorded the following transactions for the just-completed month. Journalize these entries. a. $45,000 in raw materials was purchased on account. b. $125,000 in raw materials was requisitioned for use in production. Of this amount, $70,000 was for direct materials and the remainder was for indirect materials. c. Total labour wages of $212,000 were incurred. Of this amount, $183,000 was for direct labour and the remainder were for indirect labor. d. Additional manufacturing overhead costs of $189,000 were incurred. e. There was $400,000 of manufactured products completed by the end of the month.
1. Record the proper journal entry for each transaction. a. $215,000 of materials was purchased on account. b. $190,000 of materials was used in production; of this amount, $164,000 was used on specific jobs. Manufacturing labor and salaries for the month totaled $210,000. A total of $180,000 of manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. 000,0ASC. d. The company recorded $15,000 of depreciation on the plant and plant equip- ment. The company also received a plant utility bill for $8,000 which will be paid at a later date. e. $70,000 of manufacturing overhead was allocated to specific jobs. f. The company received a bill for CAD design services for $9,000. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much?
Q. 8. Dula Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900, Work in Process-Assembly S10,600, and Finished Goods $31,000. During July, the following transactions occurred. (a) Purchased $85,200 of raw materials on account. (b) Incurred $60,000 of factory labor. (Credit Wages Payable.) (c) Incurred $60,000 of manufacturing overhead; $34,000 was paid and the remainder is unpaid. (d) Requisitioned materials for Cutting $15,500 and Assembly $9,200. (e) Used factory labor for Cutting $38,000 and Assembly $22,000. (f) Applied overhead at the rate of S16 per machine hour. Machine hours were Cutting 1,870 and Assembly 1,260. (g) Transferred goods costing $87,800 from the Cutting Department to the Assembly Department. (h) Transferred goods costing $120,700 from Assembly to Finished Goods. (i) Sold goods costing $190,000 for $205,000 on account. Instructions Journalize the transactions. (Omit…
5) During the month of April, Candice Ltd. provides the following information: direct materials purchases of $35,200; direct materials used S32,000; direct labour cost of $20,700, and manufacturing overhead cost of $25,600. The work in process balance on April 1 and 30 were $8,000 and $9,500 respectively. What was the cost of goods manufactured? a) S80,000 b) S76,800 c) S83,000 d) S79,800
Transaction Analysis Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below: a. Raw materials purchased on account, $100,000. b. Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials. c. Sales commissions paid in cash, $45,000. d. Depreciation was recorded for the month. $60,000 (65% related to factory equipment, and the remainder related to selling and administrative equipment). e. Sales for the month, $450,000 (70% cash sales and the remainder were sales on account). f. Factory utilities paid in cash, $12,000. g. Applied $138,000 of manufacturing overhead to production during the month. h. Various jobs costing a total of $190,000 were completed during the month and transferred to Finished Goods. i. Cash receipts from customers who had previously purchased on credit, $115,000. j. Various completed jobs costing a total of $220,000 were sold to customers. k. Cash paid to raw material…