FUND ACCOUNTING PRINCIPLES BUNDLE
25th Edition
ISBN: 9781265380311
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 19, Problem 8E
Exercise 19-8
P1
Use information in Exercise 19- 7 to prepare journal entries for the following events for the month of May.
1. Raw materials purchases for cash.
2. Direct materials usage.
3. Indirect materials usage.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Question 6
Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for October and November
<
CDOOR
a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.
Received
Receiving
Report
Number
Received
Quantity
Received
Unit
Price
Issued
Materials
Requisition
Number
Balance
Issued
Quantity
Issued
Balance
Balance
Unit
Balance
Amount
Date
Quantity
price
Amount
May 1
230
$8
$1,840
27
160
$10
May 4
104
260
33
110
12
117
150
b. Determine the materials inventory balance at the end of May.
A
May 10
May 21
May 27
c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.
d. Comparing
causes idle time.
as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)
Can you kindly assist me with the first 3 questions
Question 4
Study the information provided below and prepare journal entries to record the following: 4.1 Purchases of materials
4.2 Issue of materials
4.3 Labour costs incurred
4.4 Allocation of labour costs
4.5 Overhead costs incurred
4.6 Transfer of overheads to the Overheads Control account.
Chapter 19 Solutions
FUND ACCOUNTING PRINCIPLES BUNDLE
Ch. 19 - Jobs and job lots C1 Determine which of the...Ch. 19 - Job cost sheets C2 Clemens Cars's job cost sheet...Ch. 19 - Documents in job order costing P1 P2 P3 The left...Ch. 19 - Raw materials journal entries P1 During the...Ch. 19 - Prob. 5QSCh. 19 - Prob. 6QSCh. 19 - Prob. 7QSCh. 19 - Prob. 8QSCh. 19 - Prob. 9QSCh. 19 - Prob. 10QS
Ch. 19 - Prob. 11QSCh. 19 - Prob. 12QSCh. 19 - Jab order costing of services A1 An advertising...Ch. 19 - Job order costing of services A1 An advertising...Ch. 19 - Job cost sheet C2 Eco Skate makes skateboards from...Ch. 19 - Prob. 16QSCh. 19 - Prob. 17QSCh. 19 - Prob. 18QSCh. 19 - Prob. 19QSCh. 19 - Prob. 20QSCh. 19 - Prob. 21QSCh. 19 - Prob. 22QSCh. 19 - Prob. 23QSCh. 19 - Prob. 24QSCh. 19 - Exercise 19-1 Job order production C1 Match each...Ch. 19 - Exercise 19-2 Job cost computation C2 The...Ch. 19 - Exercise 19-3 Analysis of cost flows C2 As of the...Ch. 19 - Exercise 19-4 Recording product costs P1 P2 P3...Ch. 19 - Exercise 19-5 Manufacturing cost flows P1 P2 P3...Ch. 19 - Exercise 19-6 Recording events in job order...Ch. 19 - Exercise 19-7 Cost flows in a jab order costing...Ch. 19 - Exercise 19-8 Journal entries for materials P1 Use...Ch. 19 - Exercise 19-9 Journal entries for labor P2 Use...Ch. 19 - Exercise 19-10 Journal entries for overhead P3 Use...Ch. 19 - Exercise 19-11 Overhead rate; costs assigned to...Ch. 19 - Exercise 19-12 Analyzing costs assigned to work in...Ch. 19 - Exercise 19-13 Adjusting factory overhead P4 Refer...Ch. 19 - Exercise 19-14 Adjusting factory overhead P4...Ch. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Exercise 19-17 Overhead rate calculation,...Ch. 19 - Exercise 19-18 Job order costing for services A1...Ch. 19 - Exercise 19-19 Job order costing of services A1...Ch. 19 - Exercise 19-20 Direct materials journal entries P1...Ch. 19 - Prob. 21ECh. 19 - Prob. 22ECh. 19 - Prob. 23ECh. 19 - Prob. 24ECh. 19 - Prob. 25ECh. 19 - Prob. 26ECh. 19 - Prob. 27ECh. 19 - Prob. 28ECh. 19 - Prob. 29ECh. 19 - Prob. 30ECh. 19 - Prob. 31ECh. 19 - Problem 19-1A Production costs computed and...Ch. 19 - Problem 19-2 A Source documents, journal entries,...Ch. 19 - Prob. 3PSACh. 19 - Prob. 4PSACh. 19 - Problem 19-5A Production transactions, subsidiary...Ch. 19 - Problem 19-1B Production costs computed and...Ch. 19 - Prob. 2PSBCh. 19 - Prob. 3PSBCh. 19 - Problem 19-4B Overhead allocation and adjustment...Ch. 19 - Problem 19-5B Production transactions, subsidiary...Ch. 19 - The computer workstation furniture manufacturing...Ch. 19 - The General Ledger tool in Connect automates...Ch. 19 - Manufacturers and merchandisers can apply...Ch. 19 - Prob. 2AACh. 19 - Apple and Samsung compete in the global...Ch. 19 - Prob. 1DQCh. 19 - Some companies use labor cost to apply factory...Ch. 19 - Prob. 3DQCh. 19 - In a job order costing system, what records serve...Ch. 19 - What journal entry is recorded when a materials...Ch. 19 - Prob. 6DQCh. 19 - Google uses a "time ticket" for some employees....Ch. 19 - What events cause debits to be recorded in the...Ch. 19 - Prob. 9DQCh. 19 - Assume that Apple produces a batch of 1,000...Ch. 19 - 11. Why must a company use predetermined overhead...Ch. 19 - How would a hospital apply job order costing?...Ch. 19 - Harley-Davidson manufactures 30 custom-made,...Ch. 19 - Prob. 14DQCh. 19 - Prob. 15DQCh. 19 - Assume that your company sells portable housing to...Ch. 19 - Assume that you are preparing for a second...Ch. 19 - Prob. 3BTNCh. 19 - Consider the activities undertaken by a medical...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Raw materials inventory 160,500 Work in process inventory-Cutting Work in process inventory-Stitching 122,500 Finished goods inventory 48,250 The following additional information describes the company's production activities for May Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overbead (Actual costs)) Indirect materials used, Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 25,600 102,400 Beginning Inventory $ 106,000 243,500 263,300 60,100 (a) Transferred to work in process-Stitching (b) Transferred to finished goods (c) Cost of goods sold $ 125,000 26,750 0 Ending Inventory $…arrow_forwardRefer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.arrow_forwardEntry for issuing materials Instructions Instructions Materials issued are as follows: Requisition No. 201 202 203 Chart of Accounts 204 205 Material Aluminum Plastic Rubber Glue Steel E Job No. 500 503 504 Indirect 510 General Journal Amount $976,000 379,400 187,700 170,000 619,000 Required: Journalize the entry on Dec. 31 to record the issuance of materials.arrow_forward
- Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Receiving Report Number 25 31 Received Quantity 200 140 Unit Price $7 9 Materials Requisition Number 108 121 Issued Quantity 330 190 Amount b. Determine the materials inventory balance at the end of May. $ c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.arrow_forward15 Factory security and assembly activities at an appliance manufacturing plant would be best classified as unit- level, batch-level, product-level, or organization-sustaining activities? Security Product-level А. Assembly В. Batch-level Unit-level С. Unit-level Batch-level D. Batch-level Organization-sustaining activity Organization-sustaining activity Product-level Unit-level Assume a merchandising company provides the following information from its master budget for the month of September $ 79,800 $ 74,900 Cost of goods sold Cash paid for merchandise purchases $ 34,800 $ 26,400 $ 19,900 $ 26,800 Selling and administrative expenses Cash paid for selling and administrative expenses Retained earnings, May 1 Retained earnings, May 31 Dividends declared and paid in September $10,000 16 The company does not have any loans. What is its budgeted sales for September? Ignore taxes. A. $ В. $ 24 123,100 121,500 131,500 113,500 May 26800 С. 2$ D. 79800 E. None of the above.arrow_forwardRequired 1 Required 2 Determine budgeted cost of materials purchased for April and May. (Use rounded Budgeted Production units in intermediate calculations. Round your answers to 2 decimal places.) April May Budgeted Cost of Material Purchasedarrow_forward
- Recording materials transactionsPrepare a journal entry to record each of the following materialstransactions:a. Total materials purchased on account during the monthamounted to $200,000.b. Direct materials requisitioned for the month totaled $175,000.c. Indirect materials requisitioned during the month totaled$12,000.d. Direct materials returned to the storeroom from the factoryamounted to $2,500.e. Total materials returned to vendor during the month amountedto $1,800.f. Payment during the month for materials purchased on accounttotaled $165,000arrow_forwardTASK B Journalize Materials Purchases The following are the transactions of Dolphin Company for the month of November 2021: Nov.4 :Purchase Requisition 100 for 9,600 units of MaterialA-44 is prepared by the storeroom clerk. The material is to be ordered from the Toddlers Corporation for P 21.50 per unit. Terms 1/10, n/30. 5 : Purchase order 148 is prepared for materials requisitioned on Requisition 100. 21 :Materials ordered from ToddlersCorporation on Purchase Order 148 are received. Of the 4,800 units, all are rejected for imperfections and retumed at once. Receiving Report 001 is prepared. The purchase invoice is included in the carton. 21 :A debit memorandum to the Toddlers Corporation for materials returned is prepared. : Materials received today from Toddlers Corporation are transferred to the storeroom and entered in the materials ledger. : Disbursement Voucher 014 to Toddlers Corporation is prepared for the amount owned on the firm's invoice. :A check to ToddlersCorporation for…arrow_forwardCost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials isuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 260 $8 $2,080 25 $10 260 V 2,080 V 180 May 4 180 V 10 V 1,800 103 290 May 10 10 V 31 120 12 May 21 10 V 12 V 116 170 May 27 12 Feedback V Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. b. Determine the materials inventory balance at the end of May. Feedback V Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.arrow_forward
- Direct materials used during the month? Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2? Cost of goods placed in process during the period? Prime cost during the period?arrow_forwardRecording materials transactions Prepare a journal entry to record each of the following materials transactions: a. Total materials purchased on account during the month amounted to 200,000. b. Direct materials requisitioned for the month totaled 175,000. c. Indirect materials requisitioned during the month totaled 12,000. d. Direct materials returned to the storeroom from the factory amounted to 2,500. e. Total materials returned to vendor during the month amounted to 1,800. f. Payment during the month for materials purchased on account totaled 165,000.arrow_forwardEntry for issuing materials Materials issued for the current month are as follows: Journalize the entry to record the issuance of materials.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Accounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningPrinciples of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage LearningCornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
- Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningAccounting Information SystemsFinanceISBN:9781337552127Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan HillPublisher:Cengage Learning
Accounting (Text Only)
Accounting
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Accounting Information Systems
Finance
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Cengage Learning
7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY