CHART OF ACCOUNTS Cioffi Manufacturing Company General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 130 Materials 133 Work in Process 136 Factory Overhead 138 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 190 Office Equipment 191 Accumulated Depreciation Office Equipment 192 Machinery 193 Accumulated Depreciation Machinery 194 Factory 195 Accumulated Depreciation Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Direct Materials Quantity Variance 521 Direct Materials Price Variance 522 Direct Labor Time Variance 523 Direct Labor Rate Variance 530 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 560 Depreciation Expense Office Equipment 561 Depreciation Expense Machinery 562 Depreciation Expense Factory 590 Miscellaneous Expense 710 Interest Expense Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred Required Journalize the entries to record the following transactions a Purchased 2,450 units of copper tubing on account at $52 00 per unit The standard price is $48 50 per unit b Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners Ten units of copper tubing are required, at standard, to produce one air conditioner

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 30, 2024

CHART OF ACCOUNTS

Cioffi Manufacturing Company

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
130	Materials
133	Work in Process
136	Factory Overhead
138	Finished Goods
141	Supplies
142	Prepaid Insurance
143	Prepaid Expenses
181	Land
190	Office Equipment
191	Accumulated Depreciation-Office Equipment
192	Machinery
193	Accumulated Depreciation-Machinery
194	Factory
195	Accumulated Depreciation-Factory

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Direct Materials Quantity Variance
521	Direct Materials Price Variance
522	Direct Labor Time Variance
523	Direct Labor Rate Variance
530	Wages Expense
531	Selling Expenses
532	Insurance Expense
533	Utilities Expense
534	Office Supplies Expense
540	Administrative Expenses
560	Depreciation Expense-Office Equipment
561	Depreciation Expense-Machinery
562	Depreciation Expense-Factory
590	Miscellaneous Expense
710	Interest Expense

Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred.

Required:

Journalize the entries to record the following transactions.

a.	Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit.
b.	Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner.