Prepare T accounts for the following: Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory, Manufacturing Overhead, Cost of goods sold and Sales. Enter the beginning balances.
Q: All-of the following will appear in the Cost of Goods Manufactured Report EXCEPT: O Work In Process…
A: The manufacturing companies prepare the cost of goods manufactured schedule.
Q: the cost of all direct materials issued to production is debited to work in process inventory
A: Work in progress means where the raw material has enter in to phase of production but still finished…
Q: In a job order cost system, a credit to Work in Process Inventory will be accompanied by a debit to:…
A: The job order cost system is used to calculate the cost involved in the specific jobs.
Q: Which of the following is the correct journal entry to record direct materials put into production?…
A: Solution:- Preparation of journal entry to record direct material put into production as follows…
Q: Explain in narrative form the flow of direct materials, direct labor, and factory overhead cost…
A: Direct material: Direct material cost indicates the purchase price of raw material that is used in…
Q: All of the following would be reported on the balance sheet as current assets except a.factory…
A: All inventory are part of current assets. Whether it is material inventory, work in process…
Q: Analyze the following T-accounts and describe each lettered transaction. Note that some transactions…
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
Q: Prepare T-accounts for the following accounts: Direct Materials Inventory, Work in Process…
A: Work in process inventory is that inventory which is yet to be completed to take the form of…
Q: Show, using T-accounts, how production overhead is added to Work-in-Process Inventory when standard…
A:
Q: Items waiting to be used in production are considered to be * raw materials. O work in progress.…
A: Raw Materials - These are the material which will be used in production process . Work in progress…
Q: Identify the journal entry for indirect material returns to stores. a. Dr.Material inventory,…
A: Solution: The journal entry for indirect material returns to stores is as under: Dr.Material…
Q: What is the cost of beginning work in process inventory plus the cost added during the period for…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: The journal entry to record actual manufacturing overhead for indirect labor debits Manufacturing…
A: Work in progress Inventory: It refers to the organisation's goods which are not completely finished…
Q: The cost of inventory reported on the balance sheet may include all the following except: Wages of…
A: Balance sheet is one of the statement of financial position which shows all assets, all liabilities…
Q: As production takes place, all manufacturing costs are added to the: Work-in-Process Inventory…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: When raw materials are purchased, the cost is debited to an inventory account called ________.
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: When direct and indirect materials are issued into production from storage, an entry is made…
A: Direct material should be credited to work in process and indirect material to factory overhead.
Q: The total cost of direct material, direct labor, and manufacturing overhead transferred from…
A: Inventory- The things that a business keeps on hand in order to make money are referred to as…
Q: 2. Show how to prepare a journal entry to enter direct materials costs into the WIP Inventory…
A: The costing method in which the raw materials are processed through various processes to make a…
Q: Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials…
A: The cost of goods sold refers to the direct costs incurred by the business to sell the products. The…
Q: Which of the following would be included in the journ record the requisition of indirect materials?…
A: SOLUTION- MANUFACTURING OVERHEAD - IT IS ALSO KNOWN AS FACTORY OVERHEAD AND PRODUCTION OVERHEAD .…
Q: When goods are completed in the production process what is the journal entry a. Debit Manufacturing…
A: Process costing is one of the methods of costing used mainly in manufacturing industry where units…
Q: (c) Prepare the Work in Process Inventory _ Spraying Department T-account, clearly showing the…
A: Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct…
Q: Indicate whether each of the following costs incurred by a manufacturer would be considered a…
A: There are two type of cost-Product cost and period cost Product cost-these cost are directly related…
Q: When a manufacturing company uses indirect materials, it accumulates the cost by debiting a.…
A: Manufacturing company is a company that uses raw material by converting them into finished goods.
Q: Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.
A: To transfer of costs from work in process and finished goods, finished goods will be debited and…
Q: A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work…
A: Inventory in a production will go through different stages which is as follows: Raw…
Q: As production takes place, all manufacturing costs are added to the: Production Labor account. O a.…
A: Total manufacturing cost consist of direct materials, labor and other manufacturing overhead cost.
Q: Inventory for a manufacturer consists of raw materials, work in process, and finished goods.…
A: Inventory: Inventory refers to the raw materials, work-in process, and the finished goods products…
Q: "hich of the following accounts would be debited in the journal entry to record the issuance of…
A: Raw material means the item which is used to make the finished goods.
Q: In a process cost system, machinery depreciation expense incurred is debited to a. manufacturing…
A: Process costing is a part of cost analysis which is used by organizations that have more than 1…
Q: The entry to record a transfer of direct materials for use in production would include a debit to…
A: On the issue of direct material for use in production, the work-in-process inventory is debited…
Q: In a manufacturing business, inventory that is ready for sale is called * O raw materials inventory.…
A: The inventory can be recorded as work in process, raw materials and finished goods in the…
Q: As production takes place, all manufacturing costs are added to the: a. Finished-Goods Inventory…
A:
Q: Which one of the following appear on the balance sheet of a manufacturing company? Finished goods…
A: The balance sheet is a financial statement of the business which shows the financial position of the…
Q: Q3) As production takes place, all manufacturing costs are debited to the: A. work in process…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Prepare T-accounts for the following accounts: Direct Materials Inventory, Work in Process…
A: T accounts are the account wise ledgers in which financial transactions are posted.
Q: Which of the following entry is recorded when indirect materials are transferred to office dept.? a.…
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
Q: Explain the flow of manufacturing costs through the inventories and into cost of goods sold.
A: Cost of goods sold: It refers to the direct cost associated with producing the goods sold by a…
Q: Following are the inventories of Manufacturing Concern except: a. Fuel and Power b. Work-in Process…
A: Inventories of manufacturing concern are those whose stock is directly concerned with the production…
Q: s production takes place, all material costs are added to the: Work-in-process Inventory account…
A: Under production process, various manufacturing costs are added. These include direct materials,…
Q: b. Determine the ending balance of raw and in process inventory and finished goods invent Raw and In…
A: Budgeted conversion cost per unit = $78,120 / 155 *10/60 = $84 per unit
Q: From this information, prepare a cost of goods manufactured schedule.
A: Given below is the statement of cost of goods manufactured
Q: The entry to record the cost of goods completed would include: a. credit to Finished Goods Inventory…
A: All the expenses are debited to WIP a/c and the Cost of goods of completed during the year are…
Q: As production takes place, all manufacturing costs are added to the: O A. Manufacturing Overhead…
A: Solution: As production takes palce, all manufacturing costs are added to the "work in process…
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- Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600The 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: $100Selected account balances and transactions of Titan Foundry Inc. follow: May Transactions: a. Purchased raw materials and factory supplies on account at costs of 45,000 and 10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of 65,000 (15,000 was for indirect labor). c. Incurred factory overhead costs in the amount of 42,000 on account. d. Made adjusting entries to record 10,000 of factory overhead for items such as depreciation (credit Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred to Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare journal entries for the following: 1. The purchase of raw materials and factory supplies. 2. The issuance of raw materials and supplies into production. (Hint: Be certain to consider the beginning and ending balances of raw materials and supplies as well as the amount of the purchases.) 3. The recording of the payroll. 4. The distribution of the payroll. 5. The payment of the payroll. 6. The recording of factory overhead incurred. 7. The adjusting entry for factory overhead. 8. The entry to transfer factory overhead costs to Work in Process. 9. The entry to transfer the cost of completed work to Finished Goods. (Hint: Be sure to consider the beginning and ending balances of Work in Process as well as the manufacturing costs added to Work in Process this period.) 10. The entry to record the cost of goods sold. (Hint: Be sure to consider the beginning and ending balances of Finished Goods as well as the cost of the goods finished during the month.)
- Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.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?
- Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.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: $100OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
- During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.Hughes Products Inc. uses a job order cost system. Selected transactions dealing with factory items for the month follow: a. Requisitioned indirect materials from storeroom, 3,200. b. Purchased, on account, factory supplies for future needs, 4,400. c. Purchased parts, on account, for repairing a machine, 1,400. d. Requisitioned factory supplies from storeroom, 900. e. Returned other defective factory supplies to vendor, 700. f. Factory rent accrued for the month, 2,400. g. Returned previously requisitioned factory supplies to store room, 350. h. Depreciation of machinery and equipment, 2,800. i. Payroll taxes liability for month, 3,200. j. Heat, light, and power charges payable for the month, 6,400. k. Expired insurance on inventories, 1,350. l. Factory overhead applied to production, 34,600. m. Indirect labor for the month, 2,600. n. Goods completed and transferred to finished goods: materials, 14,400; labor, 40,400; factory overhead, 30,400. Required: Record the previous transactions. Assume that the records include a control account and a subsidiary ledger for factory overhead, to which the entries will be posted at some later date.Entries for costs in a job order cost system Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: A. Materials purchased on account, 770,000. B. Materials requisitioned, 680,000, of which 75,800 was for general factory use. C. Factory labor used, 756,000, of which 182,000 was indirect. D. Other costs incurred on account for factory overhead, 245,000; selling expenses, 171,500; and administrative expenses, 110,600. E. Prepaid expenses expired for factory overhead were 24,500; for selling expenses, 28,420; and for administrative expenses, 16,660. F. Depreciation of factory equipment was 49,500; of office equipment, 61,800; and of office building, 14,900. G. Factory overhead costs applied to jobs, 568,500. H. Jobs completed, 1,500,000. I. Cost of goods sold, 1,375,000. Instruction Journalize the entries to record the summarized operations.