The following data summarize the operations during the year. Prepare a journal entry for each transaction.
Q: month ended February 29, 2019, the following data were registered by Lumabat Corp.: Work in Process,…
A: Solution: Work in process at the end of the month is the production which is not completed till the…
Q: The following information is available for Robstown Corporation for 20Y8: Inventories January 1…
A: Robstown Corporation Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y8…
Q: The following information is available for Shanika Company for 20Y6: Inventories January 1 December…
A: The cost of goods manufactured is necessary to calculate the Net income. Cost of goods…
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: Prepare Journal Entries Larned Corporation recorded the following transactions for the just…
A: Transaction Account Titles and Explanation Debit Credit a. Raw material $80,000 Accounts…
Q: During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of…
A: Cost of material used in production = Opening Material + Material Purchases - closing Material Cost…
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 August, Darling Company incurred factory overhead costs as follows: indirect materials,…
A: Factory Overheads:- Expenses related to the manufacturing of products are includes in Factory…
Q: The following information has been obtained from the records of XYZ coroporation for the period from…
A: PARTICULAR DIRECT MATERIAL CONSUMED : OPENING STOCK OF RAW MATERIAL 30,000 OPENING…
Q: he following information is available for Lagakos Corporation for 20Y8: Inventories January 1…
A:
Q: Stuart Manufacturing Company began operations on January 1. During the year, it started and…
A: The total cost of a product comprises of direct materials, direct labor, manufacturing overhead and…
Q: During the current month, Barnum Company incurs the following manufacturing costs: (a) Purchased raw…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Comvita management have provided you with the following data for the year ended in 31st December…
A: Cost of Goods manufactured is total cost of goods which are manufactured in the factory. Prime cost…
Q: The following is a list of manufacturing costs incurred by Eros Manufacturing Co. during April:…
A: 1. Factory overhead cost incurred = Indirect materials + Indirect labor + Utilities expense + Rent…
Q: During August, Rothchild Company incurred factory overhead costs as follows: indirect materials,…
A:
Q: Record the following journal entries for turner Company. a. Purchased materials on account ,…
A: Direct cost means cost which is incurred on production directly and indirect cost means which help…
Q: Journalize the entries to record the following summarized operations related to production for a…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Larned Corporation recorded the following transactions for the just completed month. a. $86,000 in…
A: While accounting for factory expenses all the direct expenses are transferred to the…
Q: In June Paul CableSource has the following transactions: Purchased $145666 of materials on account…
A: Journal entries refer to recording and classifying business transactions into books of accounts…
Q: 2. During the current month, Barnum Company incurs the following manufacturing costs: (a) Purchased…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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: The following transactions were incurred by Augustine Fabricators during January, the first month of…
A: Manufacturing overhead cost is defined as the sum of all the indirect costs that are incurred while…
Q: The following information is taken from the accounts of Latta Company. The entries in the T-accounts…
A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…
Q: The following information is available for Robstown Corporation for 20Y8: Inventories January 1…
A: Manufacturing cost: When an item is made, all the cost incurred in it, whether it is the direct cost…
Q: The following calendar-year information is taken from the adjusted trial balance and other records…
A: Compute the following as explained below: 1. The amount of materials used: 2. Factory overheads: 3.…
Q: FJW Manufacturing Co. produces only one product. You have obtained the following information from…
A: Cost of goods manufactured means total cost of manufacturing of goods. It includes direct material…
Q: The followung cost data relate to the manufacturing activities of the Kamas Company during the most…
A: Cost of Goods Manufactured: The cost of goods manufactured (COGM) is a metric that determines if…
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: The following information is available for Shanika Company for 20Y6: Inventories January 1 December…
A: Required statements are given below:
Q: The following information is available for Robstown Corporation for 20Y8: Inventories January 1…
A: Cost of goods manufactured is computed by adding the beginning work-in-process with the total…
Q: The following information for the year ended December 31, 2005 is obtained from the books and…
A: Completed Jobs Account Particulars Amount (Kshs.) Particulars Amount (Kshs.) To Raw Material…
Q: The following data summarize the operations during the year. A. Purchase of raw materials on…
A: Journalization is done chronologically as per the rules of accounting. Manufacturing overhead…
Q: The following information is available for Robstown Corporation for 20Y8: Inventories January…
A: In the required problem, we need to compute the cost of goods sold and the income statement. Cost of…
Q: The following data summarize the operations during the year. A. Purchase of raw materials on…
A: There are two type of costs being incurred in business of manufacturing or purchases. These may be…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Overheads are applied as follows - It is given that estimated overhead cost is…
Q: Helza manufacturing provided that for last year, cost of goods sold is 565, 000, factory overhead is…
A: Introduction Cost of Goods sold may be defined as the direct cost of producing or purchasing the…
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: The following data was taken from the books of Rocka Ltd for the year ended December 31, 2010…
A: The Numerical has covered the concept of Cost of Goods Manufactured. The Schedule of Cost of Goods…
Q: Following information for the year ended December 31, 2018 is obtained from the books and records of…
A:
Q: 1. Prepare journal entries to record the information given above. 2. Prepare T-accounts for…
A: Job order costing is a method of costing that is used to calculate the cost of goods manufactured…
Q: During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $8,800;…
A:
Q: During the current month, Wacholz Company incurs the following manufacturing costs. (a)…
A: A journal entry is a means of recording all of a company's individual financial transactions in its…
Q: Ahlia Corporation had the following transactions during its first month of operations: 1. Purchased…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The following data were taken from the cost records: Depreciation, factory 7000 Indirect…
A: Cost sheet is the statement which includes cost of certain level and helps to set the sale price.…
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: During May, Bergan Company incurred factory overhead costs as follows; indirect materials $8800,…
A: General Journal Debit Credit Factory Overhead $29,200 Indirect materials…
Q: The following data summarize the operations during the year. A. Purchase of raw materials on…
A: Journal entry A journal entry is the act of maintaining or producing records of any economic or…
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: 1.Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were…
A:
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…
The following data summarize the operations during the year. Prepare a
transaction.
A. Purchase of raw materials on account: $3,000
B. Raw materials used by Job 1: $500
C. Raw materials used as indirect materials: $100
D. Direct labor for Job 1: $300
E. Indirect labor incurred: $50
F. Factory utilities incurred on account: $700
G.
H. Manufacturing overhead applied as percent of direct labor: 200%
I. Job 1 is transferred to finished goods
J. Job 1 is sold: $3,000
K. Manufacturing overhead is over applied: $100
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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: $100During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.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.)
- 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.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.)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.
- A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?Selected information from Hernandez Corporation shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2During 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.
- The Following events occurred during March for Ajax Company. Prepare a journal entry for each transaction. Materials were purchased on account for $5,429. Materials were requisitioned to begin work on Job C15 In the amount of $2,500. Direct labor expense for job C15 was $4,250. Actual overhead was incurred on account for $5,385. Factory overhead was charged w Job C15 at the rate of 200% direct labor. Job C15 was transferred to finished goods at $15,250. Job C15 was sold on account for $28,000.Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)The following events occurred during March for Ajax Company. Prepare a journal entry for each transaction. Materials were purchased on account for $35,429. Materials were requisitioned to begin work on Job C1S In the amount of $25,259. Direct labor expense for Job C15 was $24,129. Actual overhead was incurred on account of $32,852. Factory overhead was charged to Job C15 at the rate of 200% of direct labor. Job C15 was transferred to finished goods at $97,646. Job C15 was sold on account for $401,000.