Please do not give solution in image format thanku Required 1 Required 2Post the above transactions to T-accounts.Beginning BalanceEnding BalanceDebitEnding BalanceBeginning BalanceDebitEnding BalanceDebitBeginning BalanceCashWork in ProcessManufacturing OverheadCreditCreditCreditRequired 1 Required 2Required:1. Post the above transactions to T-accounts.2. Determine the adjusted cost of goods sold for the period.Beginning BalanceEnding BalanceEnding BalanceDetermine the adjusted cost of goods sold for the period.Adjusted cost of goods soldBeginning Balance< Required 1Ending BalanceDebitc. Total labor wages of $152,100 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was forindirect labor.d. Additional manufacturing overhead costs of $126,700 were incurred and paid.e. Manufacturing overhead of $129,000 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.CreditCreditCredit Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during arecent month is shown below.a. $75,200 in raw materials were purchased for cash.b. $72,900 in raw materials were used in production. Of this amount, $66,200 was for direct materials and the remainder was forindirect materials.c. Total labor wages of $152,100 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was forindirect labor.d. Additional manufacturing overhead costs of $126,700 were incurred and paid.e. Manufacturing overhead of $129,000 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 sold for the period.Complete this question by entering your answers in the tabs below.Required 1 Required 2Post the above transactions to T-accounts.DebitBeginning BalanceEnding BalanceDebitBeginning BalanceCashWork in ProcessCreditCreditDebitBeginning BalanceEnding BalanceDebitBeginning BalanceRaw MaterialsFinished GoodsPrev1 of 4***ICreditCreditNext >

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Description: Please do not give solution in image format thanku Required 1 Required 2Post the above transactions to T-accounts.Beginning BalanceEnding BalanceDebitEnding BalanceBeginning BalanceDebitEnding BalanceDebitBeginning BalanceCashWork in ProcessManufactu

T Account :— It is the ledger accounts that are prepared to post journal entries. It is the second…

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Required 1 Required 2 Post the above transactions to T-accounts. Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Cash Work in Process Manufacturing Overhead Credit Credit Credit Beginning Balance Ending Balance Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Ending Balance Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold Beginning Balance < Required 1 Debit Ending Balance c. Total labor wages of $152,100 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,700 were incurred and paid. e. Manufacturing overhead of $129,000 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. Credit Credit Credit

Required 1 Required 2 Post the above transactions to T-accounts. Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Cash Work in Process Manufacturing Overhead Credit Credit Credit Beginning Balance Ending Balance Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Ending Balance Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold Beginning Balance < Required 1 Debit Ending Balance c. Total labor wages of $152,100 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,700 were incurred and paid. e. Manufacturing overhead of $129,000 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. Credit Credit Credit

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
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.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
The books of Petry Products Co. revealed that the following general journal entry had been made at the end of the current accounting period: The total direct materials cost for the period was $40,000. The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)
The post-closing trial balance of Custer Products, Inc. on April 30 is reproduced as follows: During May, the following transactions took place: a. Purchased raw materials at a cost of 45,000 and general factory supplies at a cost of 13,000 on account (recorded materials and supplies in the materials account). b. Issued raw materials to be used in production, costing 47,000, and miscellaneous factory supplies costing 15,000. c. Recorded the payroll and the payments to employees as follows: factory wages (including 12,000 indirect labor), 41,000; and selling and administrative salaries, 7,000. Additional account titles include Wages Payable and Payroll. (Ignore payroll withholdings and deductions.) d. Distributed the payroll in (c). e. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-fifth of the building for its offices. f. Incurred other expenses totaling 11,000. One-fourth of this amount is allocable to the office function. g. Transferred total factory overhead costs to Work in Process. h. Completed and transferred goods with a total cost of 91,000 to the finished goods storeroom. i. Sold goods costing 188,000 for 362,000. (Assume that all sales were made on account.) j. Collected accounts receivable in the amount of 345,000. k. Paid accounts payable totaling 158,000. Required: 1. Prepare journal entries to record the transactions. 2. Set up T-accounts. Post the beginning trial balance and the journal entries prepared in (1) to the accounts and determine the balances in the accounts on May 31. 3. Prepare a statement of cost of goods manufactured, an income statement, and a balance sheet. (Round amounts to the nearest whole dollar.)
OReilly 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.
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
During the month, a company with no departmentalization incurred costs of 45,000 for materials, 36,000 for labor, and 22,500 for factory overhead. There were no units in process at the beginning or at the end of the month, and 20,000 units were completed. Determine the unit cost for the month for materials, labor, factory overhead, and the total unit cost. (Round unit costs to three decimal places.)
Argo Manufacturing Co. had 500 units, three-fifths completed, in process at the beginning of the month. During the month, 2,000 units were started in process and finished. There was no work in process at the end of the month. Unit cost of production for the month was 1.20. Costs for materials, labor, and factory overhead incurred in the current month totaled 2,655. Calculate the unit cost for the prior month. (Hint: You must first determine what the dollar balance in work in process must have been at the beginning of the month, as well as the equivalent production of the units in beginning inventory.)
Comacho Chemical Co. recorded costs for the month of 18,900 for materials, 44,100 for labor, and 26,250 for factory overhead. There was no beginning work in process, 8,000 units were finished, and 3,000 units were in process at the end of the period, two-thirds completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)