Cost accounting 1 questions. There are 8 questions. They include T charts and Journal Entries.

The following transactions occurred in October at Pawnee Workshops, a custom manufacturer of furniture: 1. Purchased $24,500 of materials. 2. Issued $1,650 of supplies from the materials inventory. 3. Purchased $12,900 of materials. 4. Paid for the materials purchased in transaction (1). 5. Issued $15,300 in direct materials to the production department. 6. Incurred direct labor costs of $28,500, which were credited to Wages Payable. 7. Paid $22,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 120 percent of $28,500 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $11,700. The following balances appeared in the accounts of Pawnee Workshops for October: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning Ending $32,190 8,300 34,900 $29,490 55,230 Required: (a) Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (b) Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. The following transactions occurred in January at Tarnsdale Fabricators, a manufacturer of custom tools: 1. Purchased $16,850 of materials. 2. Issued $16,760 in direct materials to the production department. 3. Issued $1,340 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1). 5. Returned $2,040 of the materials issued to production in (2) to the material inventory. 6. Direct labor employees earned $32,500, which was paid in cash. 7. Paid $17,210 for miscellaneous items for the manufacturing plant. Accounts Payable was credited. 8. Recognized depreciation on manufacturing plant of $36,200. 9. Applied manufacturing overhead for the month. Tarnsdale uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,600. Estimated overhead for the year was $431,244. The following balances appeared in the inventory accounts of Tarnsdale Fabricators for January: Materials Inventory Work-in-Process Inventory Beginning ? ? Ending $12,480 10,680 Finished Goods Inventory $ 2,630 Cost of Goods Sold ? $ 7,090 74,100 Required: (a) Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (b) Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November follow. Materials Inventory BB (11/1) 35,000 125,000 94,000 Finished Goods Inventory BB (11/1) 85,000 185,000 Work-In-Process Inventory BB (11/1) 65,000 Labor 96,000 Cost of Goods Sold 125,000 Manufacturing Overhead Control Applied Manufacturing Overhead 83,000 Additional information for November follows: Labor wage rate was $40 per hour. Manufacturing overhead is applied at $30 per direct labor-hour. During the month, sales revenue was $295,000, and selling and administrative costs were $53,000. This company has no indirect materials or supplies. Required: (a) What amount of direct materials was issued to production during November? (b) How much manufacturing overhead was applied to products during November? (c) What was the cost of products completed during November? (d) What was the balance of the Work-in-Process Inventory account at the end of November? (e) What was the over- or underapplied manufacturing overhead for November? (f) What was the operating profit for November? Any over- or underapplied overhead is written off to Cost of Goods Sold. Mark Corporation estimates its manufacturing overhead to be $105,000 and its direct labor costs to be $350,000 for year 1. The actual direct labor costs were $65,000 for Job 301, $90,000 for Job 302, and $175,000 for Job 303 during year 1; the actual manufacturing overhead was $88,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates. Required: (a) How much overhead was assigned to each job during year 1? (b) What was the over- or underapplied manufacturing overhead for year 1? Mark Corporation estimates its manufacturing overhead to be $98,000 and its direct labor costs to be $280,000 for year 1. The actual direct labor costs were $58,000 for Job 301, $83,000 for Job 302, and $140,000 for Job 303 during year 1; the actual manufacturing overhead was $95,000. Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory Finished goods inventory Cost of goods sold $ 19,670 29,505 49,175 Required: Prepare an entry to allocate the under- or overapplied overhead. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) The following transactions occurred in June at Fast Wheels, Inc., a custom bicycle manufacturer: 1. Purchased $21,000 of materials. 2. Issued $1,100 of supplies from the materials inventory. 3. Purchased $25,200 of materials. 4. Paid for the materials purchased in transaction (1). 5. Issued $30,200 in direct materials to the production department. 6. Incurred direct labor costs of $26,000, which were credited to Wages Payable. 7. Paid $21,700 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop. 8. Applied overhead on the basis of 115 percent of direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $5,200. The following balances appeared in the accounts of Fast Wheels for June: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning Ending $ 9,300 ? 16,70 ? 0 65,20 36,70 $ 0 0 73,200 Required: (a) Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (b) Prepare T-account to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Selected information from the Blake Corporation accounting records for June follows: Materials Inventory BB (6/1) 87,000 459,000 414,000 Work-In-Process Inventory Labor 400,000 EB(6/30) 520,000 Finished Goods Inventory BB (6/1) 289,000 834,000 Cost of Goods Sold 831,000 Manufacturing Overhead Control 22,000 Applied Manufacturing Overhead 346,000 368,000 346,000 346,000 22,000 Additional information for June follows: Labor wage rate was $25 per hour. During the month, sales revenue was $1,025,000, and selling and administrative costs were $234,000. This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor hours. Required: (a) What was the cost of direct materials purchased in June? (b) What was the over- or underapplied manufacturing overhead for June? (c) What was the manufacturing overhead application rate in June? (d) What was the cost of products completed during June? (e) What was the balance of the Work-in-Process Inventory account at the beginning of June? (f) What was the operating profit for JuneAny? over- or underapplied overhead is written off to Cost of Goods Sold. (Negative amounts should be indicated by a minus sign.) Tony's Textiles uses a predetermined factory overhead rate based on machine-hours. For May, Tony's budgeted overhead was $150,500 based on a budgeted volume of 43,000 machine-hours. Actual overhead amounted to $143,000 with actual machine-hours totaling 40,500. Required: What was over- or underapplied manufacturing overhead in May