Raw materials purchased on account, $60,000. Date Debit Credit $
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Raw materials purchased on account, $60,000.
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- Direct materials purchased during the year amount to $517,800, and the cost of goods sold for the year was $1,895,000. Prepare a cost of good sold statement.Income tax was $200,000 for the year. Income tax payable was $20,000 at the beginning of the year and $30,000 at end of the year. Cash payments for income tax reported on the cash flow statement using the direct method is: A.$200,000 B.$220,000 C.$230,000 D.$190,000 Conversion costs are a.direct materials and factory overhead b.direct materials and indirect labor c.factory overhead and direct labor d.direct materials and direct laborPerez Manufacturing purchased raw materials worth $8,000 on account. The journal entry to record the purchase of raw materials on account is ________. Process costing is used. A. debit Raw Materials Inventory, $8,000; credit Accounts Payable, $8,000 B. debit Account Payable, $8,000; credit Raw Materials Inventory, $8,000 C. debit Cash, $8,000; credit Raw Materials Inventory, $8,000 D. debit Raw Materials Inventory, $8,000; credit Cash,
- Trial Balance as at 31 December 2022 of Kamagong Enterprise. Debit Credit Inventory of raw materials 01/01/2022 21,000 Inventory of finished goods 01/01/2022 38,900 Work in progress 01/01/2022 13,500 Wages (direct P180, 000; factory indirect P145, 000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost P280,000) 230,000 Administration computers (cost P20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales reps’ salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discounts allowed 4,800 Carriage outwards 5,900 Sales 1,000,000 Trade receivables and trade payables 142,300 64,000…Jason Construction began work on a contract for $3,700,000. Costs which have been incurred during the year =$1,800,000Estimated costs to complete as of December 31= 1,200,000Billings done during the year1,650,000Collections during the year 975,000 The company uses percentage of Completion method. Calculate gross profit for the year.Cost incurred: Direct labor cost Rs. 70,000 Purchases of raw materials 165,000 Manufacturing overhead 85,000 Selling & administrative expenses 142,000 Sales 450,000 Beginning of End of the Year the year Inventories: Raw materials Rs. 8,000 13,000 Work in process 16,000 21,000 Finished goods 40,000 60,000 Prepare a schedule of cost of goods manufactured. Prepare the cost of goods sold section and Income statement of Fast company for the year 2019.
- Direct labor incurred for January, $55,000. Date Debit CreditPrepare journal entries to record the production activities. Purchased $80,000 of raw materials on credit.What is the average collection period for the year for company ERT ( show your work) Sales-$2,600(30% cash, 70% credit); Inventory-$700;Depreciation -$1,200; Plant & Equipment $3,000; Accounts Receivable - $245; Notes Payable- $155
- Chicago Company purchased on account and used 500 pounds of direct materials to produce a product with a 520-pound standard direct materials requirement. The standard materials price is $1.90 per pound. The actual materials price was $2.00 per pound. Prepare the journal entries to record (1) the purchase of the materials and (2) the material entering production.The following information is from the records of the Silver Company: Net direct materials purchase cost 450,000 Direct materials used 550,000 Materials beginning inventory 250,000 What is the materials ending inventory? a. 150,000 b. 200,000 c. 100,000 d. 350,000Prepare journal entries to record the production activities. Sold $315,000 of goods on credit. Their cost is $175,000.