On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit.
Question:
On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (19 reviews)
May 7 Materials 80000 Accounts Payable 8...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
On August 4, Rothchild Company purchased on account 12,000 units of raw materials at $ 14 per unit. On August 24, raw materials were requisitioned for production as follows: 5,000 units for Job 40 at...
-
On February 8, Gross Company purchased on account 72,000 units of raw materials at $ 8 per unit. On February 19, raw materials were requisitioned for production as follows: 32,000 units for Job 60 at...
-
On April 6, Almerinda Company purchased on account 60,000 units of raw materials at $12 per unit. On April 21, raw materials were requisitioned for production as follows: 25,000 units for Job 50 at...
-
In Exercises 8182, graph each linear function. 3x - 4f(x) - 6 = 0
-
Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions: Jul 1 Yung deposited $68,000 cash in the...
-
Assume that GE Capital, a division of General Electric, has been displeased with the costs of servicing its consumer loans. Assume that it has decided to implement a Kaizen-based cost improvement...
-
Sauer Energy purchased land in fee for $100,000. The fair market values of the surface and mineral rights were determined by a qualified appraiser as follows: Prepare a journal entry to record the...
-
1. Charles Ponzi was a working-class Italian immigrant who was eager to find success in America. Bernard Madoff was already a multimillionaire before he started his scheme. Does that make one more...
-
xx-21 dx 1- (10x (x- (10x(x-21) (2) 4(x-1) (2)) ) ( 2 )) + C [7.69/7.69 Points] DETAILS PREVIOUS ANSWERS LARCALCET7 8.2.031. Find the indefinite integral. (Note: Solve by the simplest method-not all...
-
Rundle Trophies makes and sells trophies it distributes to little league ballplayers. The company normally produces and sells between 11,000 and 17,000 trophies per year. The following cost data...
-
Todd Johnson is the Vice President of Finance for Boz Zeppelin Industries Inc. At a recent finance meeting, Todd made the following statement: "The managers of a company should use the same...
-
During May, Bergan Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,000 hours on Job 305. The total direct labor was incurred at a rate of $28 per direct labor hour for Job 200...
-
Using the data from Problem 1.5: (a) Calculate the mean, median and mode of the distribution. Why do they differ? (b) Calculate the inter-quartile range, variance, standard deviation and coefficient...
-
Hojnik Inc produces part ABC used in several of its engine models. Monthly production costs for 1,000 units are as follows: Direct materials Direct labour $42,000 10,500 Variable overhead costs...
-
Several years ago, 35% of parents with children in grades K-12 were satisfied with the quality of education the students receive. A recent poll found that 481 of 1,1551 children in grades K-12 were...
-
How does the concept of cultural fit impact recruitment, selection, and socialization processes within organizations, and what are the potential implications for diversity, inclusion, and...
-
6. What is the significance of a security's risk-return tradeoff? 7. Can you explain the concept of primary and secondary markets in relation to securities? 8. What are the different types of...
-
1 Define big data analytics and explain how big data analytics can help improve a firm's value i.e. increase the company's share price. 2 Mohamed Salah's uncle is going to give him $250 a month...
-
The following inequalities give information on your credit scores. Let x represent your credit score. If x > 700, your credit score is excellent. If 680 < x < 700, your credit score is good. If...
-
Determine by direct integration the values of x for the two volumes obtained by passing a vertical cutting plane through the given shape of Fig. 5.21. The cutting plane is parallel to the base of the...
-
If you are not familiar with Priceline.com Inc., go to its Web site. Assume that an individual names a price of $ 85 on Priceline.com for a room in Seattle, Washington, on April 22. Assume that April...
-
If you are not familiar with Priceline.com Inc., go to its Web site. Assume that an individual names a price of $ 85 on Priceline.com for a room in Seattle, Washington, on April 22. Assume that April...
-
The following conversation took place between Juanita Jackson, vice president of marketing, and Les Miles, controller of Diamond Computer Company: Juanita: I am really excited about our new computer...
-
1. A farm business which is described as being highly leveraged is one where: a. Total liabilities are high relative to net worth. b. Total liabilities are low relative to net worth. c. Net farm...
-
1. Sarah is the sole shareholder and CEO of Orange, Inc., an S corporation that is a qualified trade or business. During the current year, Orange has net income of $650,000 after deducting Sarah's...
-
The purchase accounting method requires that:Multiple ChoiceOthe excess of the purchase price over the fair market value of the target firm be recordeon the income statement of the acquiring firm.the...
Study smarter with the SolutionInn App