On August 4, Keenan Company purchased on account 540 units of raw materials at $16 per unit. During August, raw materials were requisitioned for production as follows: 211 units for Job 40 at $12 per unit and 167 units for Job 42 at $16 per unit. Journalize the entry on August 4 to record the purchase. Aug. 4               Journalize the entry on August 31 to record the requisition from the materials storeroom.

Q: Record the journal entries for the following transactions: March 10: 500 units of raw materials…

A: Solution:- Preparation of journal entries as follows under:-

Q: hornton Manufacturing Company began operations on January 1. During the year, it started and…

A: Product costs are all costs incurred to obtain a product or provide a service. These costs can be…

Q: On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: On August 4, Rothchild Company purchased on account 12,000 units of raw materials at $14 per unit.…

A: In any business, first materials is purchased from a party and then as per the requisition of…

Q: n January​ 1, Standard Manufacturing had a beginning balance in Work−in−Process Inventory of $81,500…

A: The profit a company makes after deducting all costs associated with manufacturing and selling its…

Q: During July at Loeb Corporation, $83,000 of raw materials were requisitioned from the storeroom for…

A: Journal entry paass when issue raw materials from storeroom to use in production. Separate entry…

Q: During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for…

A: The correct answer is  A. Credit to Raw materials of OMR 85000.

Q: y, Econo Company purchased materials costing $16,400 and incurred direct labor costs of $27,000.…

A: Solution: Total manufacturing costs in a month include direct materials costs, direct labor costs…

Q: On May 7, Bergan Company purchased on account 59,600 units of raw materials at $11.00 per unit.…

A: Total amount of material requisitioned for production = [(24,000*$9) + (26,700*$11)]…

Q: During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for…

A: Direct material = Total material-Indirect material=OMR 85,000-OMR 7,000=OMR 78,000

Q: On May 7, Jernigan Company purchased on account 700 units of raw materials at $21 per unit. During…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During…

A: Materials requisitioned are debited to Work in process to calculate the cost of goods.  The 1,480…

Q: On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During…

A: The question is based on the concept of Cost Accounting.

Q: During the month, Job #2 used specialized machinery for 350 hours and incurred $700 in utilities on…

A: Applied overhead = predetermined overhead rate x no. of hours = 1.50 per machine hour x 350 hours =…

Q: On November 1, Arvelo Corporation had $39,000 of raw materials on hand, During the month, the…

A: Direct materials used = $81,000 - $4,400 Direct materials used = $76,600

Q: During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for…

A:

Q: During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for…

A: Direct material=Total raw material-Indirect material=OMR 85,000-OMR 7,000= OMR 78,000

Q: On May 7, Bergan Company purchased on account 59,000 units of raw materials at $12.00 per unit.…

A: Total purchase = No. of units purchased x cost per unit = 59,000 units x $12.00 per unit = $708,000

Q: Crane Corporation had the following transactions during its first month of operations: 1. Purchased…

A: No General Journal Debit Credit 1 Raw material $69,700     Accounts payable   $69,700   (to…

Q: During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for…

A: SOLUTION- Requisitioning materials, also known as putting materials into production, is the second…

Q: During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for…

A: Direct materials are charged to Work in process Indirect materials are charged to manufacturing…

Q: Enter the following entries for the month of August 2021. Purchased raw materials on…

A: Journal entry: It is the activity of the accountant to record and summarize business economic…

Q: The following events occurred during March for Ajax Company. A. Materials were purchased on account…

A: The journal entries follow the job costing process from the purchase of raw materials, allocation of…

Q: During July at Loeb Corporation, $83,000 of raw materials were requisitioned from the storeroom for…

A: Direct materials are those materials which are directly used for the production of goods. Indirect…

Q: Yurman Inc. uses a job-order costing system. During the month of May, the following transactions…

A: 1. Prepare journal entries for transactions from May 1 through 31.

Q: Time tickets indicated 8,000 labor hours in the production of Job .115, out of which 1,000 were…

A: Direct Labor Hours = 7,000 Indirect Labor Hours = 1,000 Factory Wages = 7000 x $ 10 = $ 70,000…

Q: During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for…

A: Raw material can be used directly in factory knows as direct material cost and indirectly known as…

Q: The cost of materials transferred into the Filling Department of Ivy Cosmetics Company is $18,300,…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: On June 30 a company finished job 110 with total costs of $119,000 and transferred the costs to…

A: The cost of goods sold is recorded in the books when the goods are sold to the customers. The cost…

Q: On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During…

A: Materials purchased on account = 10,000 units x $8 per unit = $80,000. Requisition from the…

Q: In July, Econo Company purchased materials costing $18,400 and incurred direct labor costs of…

A: The direct material used can be calculated as raw material purchase plus changes in inventory of raw…

Q: During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for…

A: Ans. Indirect materials that cannot be traced directly to products should be debited as…

Q: Journalize the following transactions: March 10: 400 units of raw materials were purchased on…

A: The materials requisitioned for production is debited to the Work in Process till the goods are…

Q: Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on…

A: Job cost is used to estimate any customized order on the basis of customer specifications.

Q: In September, Lauren Ashley Company purchased materials costing $240,000 and incurred direct labor…

A: We need to prepare the cost sheet to calculate the cost of goods sold.

Q: On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During…

A: The journal entry is prepared as follows:

Q: Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the…

A: The following journal entry will be passed to record the purchase of raw material: Raw material A/c.…

Q: The following data summarize the operations during the year. Prepare a journal entry for each…

A: Direct labor : $300 Manufacturing overhead applied = $300 * 200% = $600 Job 1 is transferred to…

Q: Warner Company purchases $52,500 of raw materials on account, and it incurs $62,200 of the factory…

A: Cost allocation: The cost allocation refers to the process of allocating the costs associated with…

Q: In January, Reyes Tool & Die Company requisitions raw materials for production as follows: Job 1…

A: Given the following information: Job 1 Raw materials: $970 Job 2 Raw materials: $1,120 Job 3 Raw…

Q: Record the journal entries for the following transactions: March 10: 600 units of raw materials…

A:

Q: The cost of materials transferred into the Bottling Department of Mountain Springs Water Company is…

A: (1) the cost of transferred-in materials:   Account title and explanation Debit Credit…

Q: During January, its first month of operations, Ivanhoe Company accumulated the following…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: on August 4, Carrothers Company purchased on account 31,000 units of materials at $16 per unit.…

A: Inventory: Inventory refers to the goods which are available for sale and raw materials which are…

Q: Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from…

A: Issuance of materials   The material storeroom releases raw materials for used in manufacturing…

Q: On August 4, Rothchild Company purchased on account 12,000 units of raw materials at $14 per unit.…

A:

Q: Warwick Company has the following transactions for the month of September:   ​ Purchased…

A: Following are the calculation of ending balance in work-in-process:

Q: Warwick Company has the following transactions for the month of September: Purchased materials on…

A: Overhead applied = Direct labor cost x 65% = $69,000 x 65% = $44,850

Q: Determine the total product cost for the year. Determine the total cost of the ending inventory.…

A: Product Cost Product cost refers to the costs incurred to create a product. These costs include…