1. Materials purchased on account were $256,500, and wages for factory workers were $110,840. 2. Materials...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. Materials purchased on account were $256,500, and wages for factory workers were $110,840. 2. Materials requisitioned and factory labour used by each job were as follows: Job Number A1 A2 A3 A4 General factory use Total Materials $43,550 33,250 39,770 39,560 3,240 $159,370 Factory Labour $28,100 34,500 17,900 25,200 5,140 $110,840 3. Manufacturing overhead costs incurred on account were $69,100. 4. Depreciation on machinery and equipment was $16,720. 5. The manufacturing overhead rate is 75% of the direct labour cost. Prepare entries for manufacturing costs and assigning costs to production. (List all debit entries before credit entries are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To record purchases of raw materials on account) (To record factory labour costs) (To assign raw matoriale to Debit Credit 1. Materials purchased on account were $256,500, and wages for factory workers were $110,840. 2. Materials requisitioned and factory labour used by each job were as follows: Job Number A1 A2 A3 A4 General factory use Total Materials $43,550 33,250 39,770 39,560 3,240 $159,370 Factory Labour $28,100 34,500 17,900 25,200 5,140 $110,840 3. Manufacturing overhead costs incurred on account were $69,100. 4. Depreciation on machinery and equipment was $16,720. 5. The manufacturing overhead rate is 75% of the direct labour cost. Prepare entries for manufacturing costs and assigning costs to production. (List all debit entries before credit entries are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To record purchases of raw materials on account) (To record factory labour costs) (To assign raw matoriale to Debit Credit
Expert Answer:
Answer rating: 100% (QA)
Answer Here are the entries for manufacturing costs and assigning costs to production D... View the full answer
Related Book For
Discrete and Combinatorial Mathematics An Applied Introduction
ISBN: 978-0201726343
5th edition
Authors: Ralph P. Grimaldi
Posted Date:
Students also viewed these accounting questions
-
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the...
-
job order st of goods dule. P2-3A Case Inc. is a construction company specializing in custom patios. The patios are preference. On June 1, 2017, the general ledger for Case Inc. contains the...
-
Cullumber Manufacturing Company employs a job order cost system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: 1. Direct materials...
-
Calculate the labour turnover rate according to replacement method from the following: No. of workers on the payroll: - At the beginning of the month: 500 - At the end of the month: 600 During the...
-
What are unit-level, batch-level, product-level, customer-level, and organization-sustaining activities?
-
In Figure 9. 41, a typical dynamic model of urban water management has been shown. Using your own city data, create this model with system dynamic simulation software. Explain the relations you have...
-
Presented below are the consolidated financial statements of The Mann Corporavane, CHECK tion as of year-end 2016 and 2015. Required Using the above financial data, prepare the statement of cash flow...
-
A countershaft carrying two V-belt pulleys is shown in the figure. Pulley A receives power from a motor through a belt with the belt tensions shown. The power is transmitted through the shaft and...
-
A 30-year project is estimated to cost $35 million and provide annual cash flows of $5 million per year in years 1-5; $4 million per year in years 6-20 and $2 million per year in years 21-30. If the...
-
Get It Right, CPAs, has been retained to review its client's corporate formation calculations for 20XX. Maria, Roger, and Novak created Grassroots Tennis, Inc. (GTI), which began operations on March...
-
The Psychiatric Hospitals P&L is a classic two-sided marketplace that matches Healthcare Facilities (HCFs) who need last minute shifts filled with Healthcare Professionals (HCPs) nearby who happen to...
-
What are some advanced techniques used in persuasive business writing to influence decision-making? Illustrate with examples how these techniques can be applied in a corporate context .
-
How might someone study law from the standpoint of sociology of law? Compare and contrast between top down and bottom up approaches to the study of law.
-
Suppose that a 1-year zero-coupon bond with the face value of $100 currently sells at $94.34, while a 2-year zero sells at $84.99. You are considering the purchase of a 2-year-maturity bond making...
-
What is Weber's definition of the juristic person? What is the role of such a person in Weber's sociology of law?
-
Andrew Buckner earns $ 1 , 6 8 0 per week. He is married and files jointly. What is Andrew's federal income tax? Use the percentage method.
-
A corporation buys $2.5 million (face value) of a 20-year bond with a 5% semi-annual coupon priced at 102.25 with a duration of 16.36. What position should the corporation take in a 10-year zero...
-
What are the principal differences among asset liquidity management, liability management, and balanced liquidity management?
-
For a Boolean algebra R the relation "" on B, defined by x y if xy = x, was shown to be a partial order. Prove that: (a) If x y then x + y = y; and (b) If x y then .
-
(a) Let R be the relation on A = {1, 2, 3, 4, 5, 6, 7}, where the directed graph associated with R consists of the two components, each a directed cycle, shown in Fig. 7.14. Find the smallest integer...
-
Suppose two opposite comer squares are removed from an 8 Ã 8 chessboard - as in part (a) of Fig. 2.4. Can the remaining 62 squares be covered by 31 dominos (rectangles consisting of two...
-
A pipeline containing \(99.0 \mathrm{~mol} \%\) ammonia and \(1.0 \mathrm{~mol} \%\) hydrogen gas is vented to ambient air via a \(15 \mathrm{~m}\) long, \(3.5 \mathrm{~mm}\) diameter tube....
-
For accounting purposes, how are liabilities defined?
-
What does the term current liabilities mean?
Study smarter with the SolutionInn App