LSC BARUCH COLL COMBO LL INTRO MANAGERI
8th Edition
ISBN: 9781260572063
Author: BREWER
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 3, Problem 1E
Prepare
Larned Corporation recorded the f0110'öing transactions for the just completed month
a. $80,000 in raw materials were purchased on account,
b. $71,000 in raw materials were used in production. Of this amount $62,000 was for direct materials and the remainder was for indirect materials.
c. Total labor wages of $112,000 were paid in cash. Of this amount $101,000 was for indirect labor.
d
Record the transactions in journal
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Book
Hint
Larned Corporation recorded the following transactions for the just completed month.
a. $79,000 in raw materials were purchased on account.
b. $77,000 in raw materials were used in production. Of this amount, $63,000 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $111,000 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect
labor.
d. Depreciation of $191,000 was incurred on factory equipment.
Prepare Journal Entries
Larned Corporation recorded the following transactions for the just completed month.
a. $80,000 in raw materials were purchased on account.
b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.
c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.
d. Depreciation of $ 175,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries.
Charlie Corporation provided the following account balances for the year ended December 31:Selling expenses, P215,000Purchases of raw materials, P260,000Administrative expenses, P160,000Direct labor, P?Manufacturing overhead, P240,000Inventory balances at the beginning of the year were as follows:Raw materials, P50,000Work in process, P33,000Finished goods, P30,000The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.How much are the ending balances of raw materials, work in process, and finished goods inventory?
RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000
RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000
RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000
RM Inventory, end – P25,000 ; WIP inventory, end –…
Chapter 3 Solutions
LSC BARUCH COLL COMBO LL INTRO MANAGERI
Ch. 3.A - Carmen Company is a manufacturer that completed...Ch. 3.A - Transaction Analysis L03-5 Adams Company is a...Ch. 3.A - Transaction Analysis L03-5 Dixon Company is a...Ch. 3.A - A Transaction Analysis L03-5 Morrison Company uses...Ch. 3.A - Prob. 5PCh. 3.A - Transaction Analysis Brooks Corporation uses a...Ch. 3 - What is the link that connect the schedule of cost...Ch. 3 - What account is credited when overhead cost is...Ch. 3 - What is under applied overhead? Over applied...Ch. 3 - Provide two reason why overhead might be under...
Ch. 3 - What adjustment is made for under applied overhead...Ch. 3 - How do you compute the raw materials used in...Ch. 3 - How do you compute the total manufacturing cost...Ch. 3 - How do you compute the cost of goods manufactured?Ch. 3 - How do you compute the unadjusted cost of goods...Ch. 3 - How do direct labor costs flows through a...Ch. 3 - The Excel work sheet form that appears below is to...Ch. 3 - The Excel worksheet form that appears below is to...Ch. 3 - The Excel worksheet form that appears below is to...Ch. 3 - The Excel worksheet form that appears below is to...Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Prob. 4F15Ch. 3 - Prob. 5F15Ch. 3 - Prob. 6F15Ch. 3 - Prob. 7F15Ch. 3 - Prob. 8F15Ch. 3 - Prob. 9F15Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Prob. 11F15Ch. 3 - Prob. 12F15Ch. 3 - Prob. 13F15Ch. 3 - Prob. 14F15Ch. 3 - Prob. 15F15Ch. 3 - Prepare Journal Entries L03-1 Larned Corporation...Ch. 3 - Prepare Accounts L03-2, L03-4 Jurvin Enterprises...Ch. 3 - Schedules of Cost of Goods Manufactured and Cost...Ch. 3 - Under applied and Overapplied Overhead Osborn...Ch. 3 - Journal Entries and T-Accounts 103-1,103-2 The...Ch. 3 - EXERCISE 3-6 Schedules of Cost of Goods...Ch. 3 - Applying Overhead; Cost of Goods Manufactured...Ch. 3 - Applying Overhead; Journal Entries; Disposing of...Ch. 3 - Applying Overhead; T-Accounts; Journal Entries...Ch. 3 - Applying Overhead; Journal Entries; T-accounts...Ch. 3 - PROBLEM 3-11 T-Account Analysis of cost Flows...Ch. 3 - PROBLEM 3-12 Predetermined Overhead Rate;...Ch. 3 - Schedules of Cost of Goods Manufactured and Cost...Ch. 3 - Schedule of Cost of Goods Manufactured; Overhead...Ch. 3 - Journal Entries; T-Accounts; Financial Statements...Ch. 3 - Comprehensive problem L03-1, L03-2, L03-4 Gold...Ch. 3 - Cost Flows; T-Accounts; Income Statement L03-z...
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
- 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.arrow_forwardSCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000arrow_forwardDuring 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.arrow_forward
- Record the following journal entries for turner Company. a. Purchased materials on account , $11,000 b. Used $8,000 in direct materials and $700 in indirect materials in production c. Incurred $9.000 in labor costs, of which 70% was direct labor.arrow_forwardLarned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.d. Depreciation of $175,000 was incurred on factory equipment.Required:Record the above transactions in journal entries.arrow_forwardLarned Corporation recorded the following transactions for the just completed month. a. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $120,500 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 23 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal a. Record entry Clear entry Debit Credit View general journalarrow_forward
- Larned Corporation recorded the following transactions for the just completed month. a. $73,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110,000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)arrow_forwardPrepare T-Accounts Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $ 152,000 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…arrow_forwardprovide Answer Granger Products recorded the following transactions for the just-completed month. The company had no beginning inventories: a. $75,000 In raw materials was purchased for cash.b. $73,000 in raw materials was requisitioned for use in production. Of this amount, $67,000 was for direct materials and the remainder was for Indirect materials.c. Total wages of $152,000 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor.d. Additional manufacturing overhead costs of $126,000 were incurred and paid.e. Manufacturing overhead costs of $178,000 were applied to jobs using the company's predetermined overhead rate.f. All of the jobs in process at the end of the month were completed and shipped to customers.g. If overhead is underapplied in the period, it is closed out to the cost of goods sold. If overhead is overapplied in the period, It is based on the basis of the amount of allocated overhead that is in the ending…arrow_forward
- Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was fordirect materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and theremainder was for indirect labor.d. Additional manufacturing overhead costs of $175,000 were incurred.Required:Record the above transactions in journal entries.arrow_forward1. Record the proper journal entry for each transaction. a. $215,000 of materials was purchased on account. b. $190,000 of materials was used in production; of this amount, $164,000 was used on specific jobs. Manufacturing labor and salaries for the month totaled $210,000. A total of $180,000 of manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. 000,0ASC. d. The company recorded $15,000 of depreciation on the plant and plant equip- ment. The company also received a plant utility bill for $8,000 which will be paid at a later date. e. $70,000 of manufacturing overhead was allocated to specific jobs. f. The company received a bill for CAD design services for $9,000. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much?arrow_forwardThe below transactions pertain to La Pharma Co. during the current year:1. Purchase of Direct Materials on credit: $512,0002,Usage of $275,000 Direct material and $62,000 indirect material3. Direct labor incurred amounted to $ 28,000 and was paid in cash4.Indirect labor incurred amounted to $5,000 on account5.Manufacturing overhead costs incurred are: Plant insurance $11,000 (paid cash), Utilities $8,000 (paid cash).Manufacturing repairs $4,800 (on account), Depreciation on manufacturing machinery $15,0006.Manufacturing overhead allocated amounted to $104,0007.Completion and transfer of jobs to finished goods: $605,0008. Sale of finished goods on account: cost of goods sold amount to $260,000 and sales amount to $392,000. Thecompany uses a perpetual inventory system. 1) Journalize the above transactions. Number your entries.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax CollegeCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
INVENTORY & COST OF GOODS SOLD; Author: Accounting Stuff;https://www.youtube.com/watch?v=OB6RDzqvNbk;License: Standard Youtube License