a. Purchased $101,700 of raw materials on credit. b. Materials requisitions show the following materials used...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
a. Purchased $101,700 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials. Indirect materials Total materials used c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 49,900 25,300 75,200 10,320 $ 85,520 Tanzania $ 40,900 14,300 55,200 25,900 $ 81,100 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. No Exercise 15-7 (Algo) Recording materials, labor, overhead, and sales LO P1, P2, P3 Prepare journal entries to record the transactions reflected in items a through g. Answer is not complete. 1 2 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance. Total other factory overhead costs 3 Transaction : a. b(1). b(2) Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Factory overhead $ 33,700 670 970 4,700 $ 40,040 General Journal Raw materials inventory ›› 00 00 Debit 101,700 75,200 10,320 Credit 101,700 75,200 10,320 Required information No 1 2 3 5 6 Transaction a. b(1). b(2). c(1). c(2). d. Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Factory overhead General Journal Raw materials inventory Work in process inventory Factory wages payable Factory overhead Factory wages payable Work in process inventory Factory overhead ›› ›› ›› >> ›› Debit 101,700 75,200✔ 10,320 55,200 25,900 44,160 Credit 101,700 75,200 10,320 55,200 25,900 44,160 x Required information 6 7 8 9 10 d. e. f(1). f(2). g. Work in process inventory Factory overhead Finished goods inventory Work in process inventory Accounts receivable Sales Cost of goods sold Finished goods inventory Factory overhead Accumulated depreciation-Factory building Accounts payable Prepaid insurance 33 44,160 X 123,520 168,860 123,520 40,040 44,160 123,520 16,860 123,520 33,700 1,640 4,700 a. Purchased $101,700 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials. Indirect materials Total materials used c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 49,900 25,300 75,200 10,320 $ 85,520 Tanzania $ 40,900 14,300 55,200 25,900 $ 81,100 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. No Exercise 15-7 (Algo) Recording materials, labor, overhead, and sales LO P1, P2, P3 Prepare journal entries to record the transactions reflected in items a through g. Answer is not complete. 1 2 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance. Total other factory overhead costs 3 Transaction : a. b(1). b(2) Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Factory overhead $ 33,700 670 970 4,700 $ 40,040 General Journal Raw materials inventory ›› 00 00 Debit 101,700 75,200 10,320 Credit 101,700 75,200 10,320 Required information No 1 2 3 5 6 Transaction a. b(1). b(2). c(1). c(2). d. Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Factory overhead General Journal Raw materials inventory Work in process inventory Factory wages payable Factory overhead Factory wages payable Work in process inventory Factory overhead ›› ›› ›› >> ›› Debit 101,700 75,200✔ 10,320 55,200 25,900 44,160 Credit 101,700 75,200 10,320 55,200 25,900 44,160 x Required information 6 7 8 9 10 d. e. f(1). f(2). g. Work in process inventory Factory overhead Finished goods inventory Work in process inventory Accounts receivable Sales Cost of goods sold Finished goods inventory Factory overhead Accumulated depreciation-Factory building Accounts payable Prepaid insurance 33 44,160 X 123,520 168,860 123,520 40,040 44,160 123,520 16,860 123,520 33,700 1,640 4,700
Expert Answer:
Related Book For
Concepts in Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
Posted Date:
Students also viewed these accounting questions
-
Journalize the following transactions for Slocombe Manufacturing. (a) Purchased 6,000 units of raw materials on account for $11,100. The standard cost was $12,000. (b) Issued 5,500 units of raw...
-
Journalize the following transactions for Gillaspie Manufacturing. (a) Incurred direct labor costs of $24,000 for 3,000 hours. The standard labor cost was $25,200. (b) Assigned 3,000 direct labor...
-
Journalize the following transactions for Martelle Manufacturing. (a) Purchased 6,000 units of raw materials on account for $11,100. The standard cost was $12,000. (b) Issued 5,500 units of raw...
-
Segment Analysis Winston Sylvester Corporation is a brokerage and financial service company. The company recently provided information about its major business segments as follows (in millions):...
-
A salesperson goes door-to-door in a residential area to demonstrate the use of a new household appliance to potential customers. At the end of a demonstration, the probability that the potential...
-
LaTreme Company has sales of \($1,210,000,\) cost of goods sold of \($735,000,\) other operating expenses of 148,000, average invested assets of \($5,335,000,\) and a hurdle rate of 13 percent....
-
Rogers Paints, Inc., is considering the sale of two bond issues. Choice A is a $600,000 bond issue that pays semiannual interest of $32,000 and is due in 20 years. Choice B is a $600,000 bond issue...
-
Ramirez Wholesalers operates at capacity and sells furniture items to four department-store chains (customers). Mr. Ramirez commented, We apply ABC to determine product-line profitability. The same...
-
you are an Audit Senior on a client called Smell Good Ltd , a public company that sells cosmetics with a year - end of 3 1 July 2 0 2 3 . Smell Good Ltd has an inventory count scheduled for 4 August...
-
CMSC 335 Project 3 Overview In this project you will construct a Java Swing GUI that uses event handlers, listeners and incorporates Java's concurrency functionality and the use of threads. The...
-
3 3 points A company is conducting staff development training remotely for its 65 management staff across the nation During specialty sections participants were assigned to three breakout rooms...
-
Briefly explain the difference between a Boolean operator and a relational (conditional) operator used in a selection expression for generalized audit software. Be sure to explain their different...
-
What purposes might auditors seek to achieve in using generalized audit software to examine the quality of data maintained on an application system files?
-
Briefly discuss the motivations for developing generalized software specifically for audit purposes. Even though generalized retrieval software already existed before audit software was developed,...
-
How are spool/printer files useful for backup and recovery purposes? From a backup and recovery viewpoint, what factors determine how long a spool file should be kept?
-
Outline some controls that could be instituted to prevent alteration of fields on a printer file produced as a result of spooling. What controls could be used to ensure a printer file is printed only...
-
i have two questions i need help with please: Find the derivative of the function. Need Help? _' Submit Answer "1 Points] DETAILS PREVIOUS ANSWERS SESSCALCET2 2.5.011 Find the derivative of the...
-
In your readings, there were many examples given for nurturing close family relationships in this ever-evolving technological society we live in Based upon your readings and research describe three...
-
Carter owns 1,200 shares of Echo Corporation stock. He purchased 400 shares of the stock on December 23, 2009, for $48,000, and the other 800 shares on October 31, 2010, for $84,000. On August 14,...
-
The rules for deducting business expenses assure that virtually all expenses related to a trade or business or a production-of-income activity are deductible at some time during the life of the...
-
A taxpayer has the following income (losses) for the current year: What is the taxpayers taxable income (loss) if a. The taxpayer is a publicly held corporation? b. The taxpayer is a closely held...
-
Talias Tutus bought a new sewing machine for $40,000 that will be depreciated using the MACRS depreciation schedule for a 5-year recovery period. a. Find the depreciation charge each year. b. If the...
-
Sec uses 60 000 tons of salt over a 50-week working year. It costs 100 to order salt and delivery follows two weeks later. Storage costs for the salt are expected to be 0.10 per ton per year. The...
-
Calculate the following values assuming a discount rate of 12 per cent: (a) 500 compounded for five years; (b) the present value of 500 to be received in five years time; (c) the present value of 500...
Study smarter with the SolutionInn App