Materials requisitioned and used in production: Job 120: Paper, $950, Job 121: Paper, $7,900, Indirect matęrials $1 200 (Prenare a sinale iournal entoy for this event ) Date Accounts Debit Credit More Info е. a. Collections on account, $145,000. b. Selling and administrative expenses incurred and paid, c. Payments on account, $39,000. d. Materials purchased on account: Paper, $24,000; indire e. Materials requisitioned and used in production: oose from any list or enter any number in the input fields and then click Check Answer. Job 120: Paper, 2$ 950 parts remaining $ 7,900 Job 121: Paper, Indirect materials 1 200

Materials requisitioned and used in production: Job 120: Paper, $950, Job 121: Paper, $7,900, Indirect matęrials $1 200 (Prenare a sinale iournal entoy for this event ) Date Accounts Debit Credit More Info е. a. Collections on account, $145,000. b. Selling and administrative expenses incurred and paid, c. Payments on account, $39,000. d. Materials purchased on account: Paper, $24,000; indire e. Materials requisitioned and used in production: oose from any list or enter any number in the input fields and then click Check Answer. Job 120: Paper, 2$ 950 parts remaining $ 7,900 Job 121: Paper, Indirect materials 1 200

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13PB: Selected information from Hernandez Corporation shows the following: Prepare journal entries to...

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The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.
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The following data summarize the operations during the year. Prepare a journal entry for each transaction. Purchase of raw materials on account: $3000 Raw materials used by Job 1: $500 Raw materials used as indirect materials: $100 Direct labor for Job 1: $300 Indirect labor incurred: $50 Factory utilities incurred on account: $700 Adjusting entry for factory depreciation: $250 Manufacturing overhead applied as percent of direct labor: 200% Job 1 is transferred to finished goods Job 1 is sold: $3,000 Manufacturing overhead is over applied: $100
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Issuance of materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at 8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at 8 per unit and 1,480 units for Job 305 at 5 per unit. Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom.
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During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
During June, the following transactions took place at the Inoue Corp. June 3 Purchased materials, P30,000. 5 Requisitioned materials from inventory, P20,000 (75% of these were direct; 25% were indirect). Direct materials of P3,000 and indirect materials of P1,000 were for Job 00‑1. The remainders were for Job 00‑2. 7 For Job 00‑2, returned P150 of direct materials and P200 of indirect materials. 8 Recorded liabilities for payroll: direct labor, P15,000 and indirect labor, P5,000. Of the direct labor cost, 60% was for Job 00‑1; the remainder was for Job 00‑2. 10 Incurred other factory overhead costs, P20,000 (all applicable to Jobs 00‑1 and 00‑2). 14 Applied overhead at the rate of 200% of direct labor cost to Jobs 00‑1 and 00‑2, which were completed and transferred to finished goods account today. Required: Assuming that Jobs 00‑1 and 00‑2 were the only jobs during the period and that all overhead…
The following information taken from Jejai Limited: Particulars DebitRM CreditRMPurchase of raw materials 258,000Fuel and light 21,000Administration salaries 17,000Factory wages 59,000Carriage outwards 4,000Rent and business rates 21,000Sales 482,000Return inward 7,000General office expenses 9,000Repairs to plant and machinery 9,000Inventory at 1 January 2020:Raw materialsWork in processFinished goods 21,00014,00023,000 Sundry accounts payable 37,000Capital 457,000Freehold premises 410,000Plant and machinery 80,000Accounts receivable 20,000Accumulated provision for depreciation on plant andmachinery 8,000 Cost in hand 11,000 TOTAL 984,000 984,000 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory in hand at 31 December 2020:a. Raw materials RM25,000b. Work in process RM11,000c. Finished goods RM26,000ii. Depreciation of 10% on plant and machinery using the straight-line methodiii. 80% of fuel and light and 75% of rent and rates to be charged to…
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $352,000 $436,200 Work in process 632,000 590,800 Finished goods 606,200 574,000 December 31 Advertising expense $ 295,400 Depreciation expense-office equipment 43,800 Depreciation expense-factory equipment 56,340 Direct labor 669,400 Heat, light, and power-factory 22,220 Indirect labor 77,000 Materials purchased 659,200 Office salaries expense 185,300 Property taxes-factory 18,500 Property taxes-office building 31,600 Rent expense-factory 33,000 Sales 3,015,000 Sales salaries expense 418,000 Supplies-factory 15,200 Miscellaneous costs-factory 9,700 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions…
Journalize the entries to record the following transactions: Mar. 10: 500 units of raw materials were purchased on account at $6.50 per unit. Mar. 15: 400 units of raw materials were requisitioned at $7.00 per unit for production, Job 872. Mar. 25: 300 units of raw materials were requisitioned at $6.50 per unit for production, Job 879. If an amount box does not require an entry, leave it blank. Mar. 10 Mar. 15 Mar. 25