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Bronco Company uses normal costing in its job-costing system. The company produces custom bikes for toddlers. The beginning balances (December 1) and ending balances
Bronco Company uses normal costing in its job-costing system. The company produces custom bikes for toddlers. The beginning balances (December 1) and ending balances (as of December 30) in their inventory accounts are as follows: (Click the icon to view the data.) (Click the icon to view the additional information.) Read the requirements. Requirement 1. Prepare journal entries for the December 31 payroll. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by preparing the journal entry to recognize indirect and direct payroll for the December 31 work day. (1a) Materials Control Work-in-Process Control Journal Entry Accounts Manufacturing Overhead Allocated Finished Goods Control Data table Materials Control Work-in-Process Control Manufacturing Department Overhead Control Finished Goods Control Debit Credit More info ... a. Beginning Balance 12/1 Ending Balance b. 12/30 C. No direct materials were returned to suppliers. $ 2,100 $ 8,500 d. 6,700 9,000 e. 0 94,000 f. 4,400 19,400 Additional information follows: Direct materials purchased during December were $66,300. Cost of goods manufactured for December was $234,000. No units were started or completed on December 31 and no direct materials were requisitioned on December 31. The manufacturing labor costs for the December 31 working day: direct manufacturing labor, $4,300, and indirect manufacturing labor, $1,400. Manufacturing overhead has been allocated at 110% of direct manufacturing labor costs through December 31. -
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