Which of the following journal entries correctly records the current month's activity where $88,000 of direct material and $38,000 of indirect materials were used in the production process? Raw materials inventory 126,000 88,000 Goods in process inventory Factory overhead 38,000 126,000 Raw materials inventory 126,000 38,000 88,000 126,000 88,000 38,000 126,000 126,000 126,000 O Goods in process O Goods in process Factory overhead Cash O Goods in process Factory overhead Raw materials inventory Raw materials inventory Cash
Q: Baekhyun Company distributes annual bonuses to its sales manager and two sales supervisors. The…
A: Bonus is the additional pay that a company pays to its employees over and above their regular…
Q: Morning Dove Company manufactures one model of birdbath, which is very popular. Morning Dove sells…
A: Note: As per our guidelines we will solve the first three subparts. 1. Production Costs Type…
Q: Which investment method did Patrick use to compute the $286,570 income from O'Brien? Determine the…
A: 1.computation of income from O'Brien.
Q: logs
A:
Q: Friends Partnership has three partners. The balance of each partner' capital is: Alia $48,000,…
A: Partnership means the agreement between the two or more person to do the business together and share…
Q: Nicanor, having a capital of Php 100,000, filed as a non-VAT taxpayer in 2019. The following is a…
A: Taxes are pressured contributions imposed via way of means of a central authority corporation on…
Q: S-1 A minimum of 15 incorporators is required. S-2 A close corporation can have a maximum of 20…
A: The company form of organization is one of the most successful form. And the incorporators are the…
Q: The following standard costs per unit, of one product, have been taken from the records of Bahrain…
A:
Q: Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively.…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Prepare an income statement, an owner's equity statement, and a balance sheet for the dental…
A: Introduction: Income statement, owner's equity statement and balance sheet are part of financial…
Q: Daniel Corporation's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet…
A: Depreciation is the systematic allocation of the cost of an asset (minus its salvage value) over the…
Q: Prepare the adjusting entries for the following independent cases on December 31, 2021, unless the…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Required: 1. Determine the total variable costs and the total fixed costs for the current year.…
A:
Q: 1. Cash balance according to the company's records at July 31, $49,910. 2. Cash balance according to…
A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the differences…
Q: GAAP does not allow cash basis accounting to be used in external financial reports. True or…
A: GAAP gives the accounting rules and standards that are used to prepare the financial reports of an…
Q: 2. How many regular hours will someone need to work to earn $250 at $12.50/h? 3. Determine two…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: Statement I. If the deposit or advance results from company’s operating activities, the liability is…
A: Answer : a)Both Statements are true. Reason : Before getting into the reason let's know what is…
Q: Account Cash A/R Rent Exp Dividends DR $40,000 20,000 12,000 5,000 CR
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: Statement I: In the absence of stipulation, the share of each partner in the profits and losses…
A: when partners agree to share profit and losses as well as share reward this is the case of…
Q: the information is said to be: Multiple Choice comparable. understandable. verifiable.…
A: Individual term relates to a single person.On the other hand party refers to two or more persons.
Q: Actuary and trustee reports indicate the following changes in the PBO and plan assets of…
A: Pension expense (PE) refers to the expense amount that the business charges in relation to the…
Q: Renata Corporation paid $366,400 for equipment in 2019 and took $164,880 in standard MACRS…
A: Any sort of income that is taxed at regular rates is referred to as ordinary income.Salaries,…
Q: Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $43,500.…
A: Cash flow from operating activities The cash flow statement represents the statement of inflow and…
Q: Date 6. The percent of gross income that is deducted for income tax usually depends on the amount…
A:
Q: On June 30, 2018, Mr. De Guzman received P50,000 as advance rental for 6 months. Gi the adjusting…
A: Adjusting Journal Entries: These are the journal entries which are recorded at the end of accounting…
Q: In one month, a c credit accounts a recorded in the s OA. $250, OB. $320, OC. $180, OD. $70,0
A: Cash Flow Statement- A cash flow statement is an important component of the company's financial…
Q: Which of the following statements about revenues and expenses is correct? Multiple Choice…
A: Correct Statement: Credits increase revenues and decrease expenses. There are three types of…
Q: Exercise 2-19A Record transactions, post to T-accounts, and prepare a trial balance (LO2-4, 2-5,…
A: Journal entries are the foremost reporting of business transactions in the books. These are posted…
Q: Friends Partnership has three partners. The balance of each partner' capital is: Alla $48,000,…
A: Partnership refers to the relationship among the partners which is contractual in nature. In short,…
Q: Critically appraise the Internal Audit function of the company. Add information about the internal…
A: Answer:- Internal Audit meaning:- Internal audit helps in the assessment of the company's internal…
Q: Net income may be based on estimates. true or False
A: Lets understand the basics. Net income is a main result of the business. It is a revenue less…
Q: Learning Task #3: Complete the accounting cycle using the adjusted trial balance below. JM…
A: Hi student, Since you have posted a question with multiple subparts, we will solve first three…
Q: Chloe's Cafe bakes croissants that it sells to local restaurants and grocery stores. The average…
A: Average Cost at 4,200=Total Cost at 4,2004,200
Q: February 25 February 28 Provide beauty services of $900 to customers on account. Pay utility bill…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: March 2021 1 The owner, Gina, invested the following: filing cabinets and fixtures- 15,000; cash,…
A: In the context of the given question, we are required to prepare the ledger of accounts of JUNNA BET…
Q: An earth quake damaged a warehouse of Kupal Girl Corporation On December 31, 2011. The entire…
A: Answer: Inventory lost =$2,275,920 computation of total credit sales during the year: Accounts…
Q: Week 5: Corporations • Due by the end of Week 5 at 11:59 pm, ET. It's the end of the month, and the…
A:
Q: Examine the purpose of the accounting function within an organization.
A: Accounting is the art and science of identifying, recording, classifying, summarising, and…
Q: Journal entries? 1. Depreciation on the equipment for the year is $7,000. 2. Salaries earned (but…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Only need the answer to number 4
A: The total cost of production of a good comprises of the total fixed cost of production and the total…
Q: 1 All corporations acquire financing by issuing stock for sale on public stock exchanges.…
A: Stock is financial security issued by corporations for raising permanent capital. Stock represents…
Q: Diego, age 28, married Dolores, age 27, in 2021. Their salaries for the year amounted to $48,000.…
A: Federal income tax - The Internal Revenue Service (IRS) levies a tax on the annual earnings of…
Q: 5. How much is 5% commission on $15 000 sales?
A: Note: 3 shall be answered under the Mathematics subject. 5. The amount of money paid to a person…
Q: dividends paid as financing activities. If you determine that any of the items do not belong in any…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: All. Basel and Ziad are sharing income and loss in a 4:3:2 ratio respectively and decided to…
A: Since Ali is not able to pay the amount he owes to the partnership , his share of deficient amount…
Q: we know that depreciation is linked to the net cash flows of the company's investments. In fact, any…
A: Cash Flow from Investing Activites: It is the cash flow related to investment activities , that…
Q: 20. Marta purchased a sweater for $15.67, a pair of socks for $2.13, and a bracelet for $6.78. For…
A: State where county tax is also applicable then total tax on purchases is equal to the sum of County…
Q: Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory…
A: Introduction: Job-order costing: Job order costing approach for determining the cost of producing…
Q: For many years, Manama Corporation has used a straightforward absorption costing approach to…
A: Manama Corporation has been following absorption based costing approach. Absorption costing is the…
Q: circumstances under which a member can lose their limited liability in a close corporation
A: A corporation other than a public corporation, which does not exceed the number of shareholders…
Step by step
Solved in 2 steps
- 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.Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).: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. 40,600
- Compute cost of goods manufactured and cost of goods sold from the followingamounts. Beginning of Year End of YearDirect materials inventory $22,000 $26,000Work in process inventory $38,000 $30,000Finished goods inventory $18,000 $23,000Purchases of direct materials $75,000Direct labour $82,000Manufacturing overhead $39,000M&M Company had raw materials on hand on January 1 of the current year of P540,000 and on June 30 of P570,000. Work in process inventory was P600,000 on January 1 and P440,000 on June 30. The balance of finished goods inventory was P580,000 on January 1 and P400,000 on June 30. The company purchased materials for the period amounting to P1,640,000. Of the raw materials issued, 20% are indirect materials. The labor charges for the period were: direct labor, P840,000; indirect labor, P180,000; office salaries, P140,000, and sales salaries of P80,000. The total factory utilities expense incurred for the period was P360,000, repair and maintenance of factory equipment, P20,000 and depreciation on factory equipment was reported to be P120,000. The company uses the actual costing method of accumulating costs and it maintains a 35% mark up on costs for establishing its selling price. Compute for: a) The total factory costs for the period. b) The cost of goods sold for the period. c)…The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.
- The following are information provided for Norman Company for the month of August 2019 (refer to the attached picture): Raw materials purchased during the period costs P40,800; overhead incurred and paid or accrued for the period was P21,750; and 23,600 direct labor hours were incurred at a rate of P13.75 per hour. inventories beginning ending raw materials 9900 7600 work in process 44500 31800 finished goods 36580 61300 1. conversion cost 3. total manufacturing cost 4. cost of goods put into process 5. cost of goods manufactured 6. cost of goods soldThe following data from the just completed year are taken from the accounting records of MasonCompany:Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $524,000Direct labor cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,000Raw material purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $118,000Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,000Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $63,000Manufacturing overhead applied to work in process . . . . . . . . . $90,000Actual manufacturing overhead costs . . . . . . . . . . . . . . . . . . . . $80,000InventoriesBeginning ofYear End of YearRaw materials . . . . . . . . . . . . . . . . . . . . . . . . $7,000 $15,000Work in process . . . . . . . . . . . . . . . . . . . . . . $10,000 $5,000Finished goods . . . . . . . . . . . . . . . . . . . . . . .…The following data were taken from the records of Jun Company for the year ended Dec. 31, 2021: Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…
- The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $347,900 $438,350 Work in process 626,220 596,160 Finished goods 601,870 609,310 Advertising expense $297,640 Depreciation expense-office equipment 42,080 Depreciation expense-factory equipment 56,550 Direct labor 675,060 Heat, light, and power-factory 22,360 Indirect labor 78,900 Materials purchased 661,910 Office salaries expense 231,010 Property taxes-factory 18,410 Property taxes-headquarters building 38,140 Rent expense-factory 31,120 Sales 3,099,130 Sales salaries expense 380,490 Supplies-factory 15,340 Miscellaneous costs-factory 9,640 Required: 1. Prepare the statement of cost of goods manufactured. 2. Prepare the income statement.The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $345,000 $436,800 Work in process 634,600 591,600 Finished goods 607,800 575,500 December 31 Advertising expense $ 294,800 Depreciation expense-office equipment 42,000 Depreciation expense-factory equipment 55,940 Direct labor 669,000 Heat, light, and power-factory 22,100 Indirect labor 78,500 Materials purchased 658,000 Office salaries expense 185,900 Property taxes-factory 19,000 Property taxes-office building 31,800 Rent expense-factory 32,300 Sales 3,010,000 Sales salaries expense 416,000 Supplies-factory 15,300 Miscellaneous costs-factory 9,300 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for…The following data were taken from the records of JunCompany for the current period:Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…