Hello,
I need help with my Managerial Accounting HW assignment.
Please help me with it. I will appreciate your help.
XYZ Company had the following beginning balances as of 1/1/20X1: Raw Materials Work in Process Finished Goods Refer to the partial chart of accounts or ledger for account names a. Raw materials were purchased on account, $60,000 b. Raw materials were requisitioned for use in production, $52,000. ($50,000 direct and $2,000 indirect) c. Accrual of factory wages $60,000; and maintenance workers for the factory $15,000 d. The following costs were incurred on the factory; Utilities $21,000, Equipment Rental $16,000 and cable, internet, phone for the factory $3,000 e. The accrual of property taxes on the factory was made in the amount of $13,000 f. The expiration of prepaid medical insurance on factory workers was made in the amount of $18,000 g. Depreciation was recorded on the factory equipment in the amount of $18,000 Application of Manufacturing Overhead is illustrated on Pages 93 & 94 h. XYZ Company applies overhead costs based on machine hours worked. For 20X1 the company estimated that it will work 15,000 machine hours and incur $90,000 in manufacturing overhead costs. The journal entry is made to apply Manufacturing Overhead. A total of 15,000 machine hours have occurred i. The accrual of management salaries $21,000 and office staff salaries $9,000 was made j. Depreciation on office equipment was made in the amount of $7,000 k. Advertising for the period was accrued in the amo unt of $42,000 Cable, internet, and phone expenses for Sales Offices was $38,000 and General & Administrative was $4,000 m. $158,000 of goods were completed and transferred to the finished goods department n1. Sold $500,000 (Sales Price) on account. n2.The goods had a cost of $118,500 Required Cha 1. Prepare journal entries to record the transactions aboye. (Sheet 2) XYZ Company had the following beginning balances as of 1/1/20X1: Raw Materials Work in Process Finished Goods Refer to the partial chart of accounts or ledger for account names a. Raw materials were purchased on account, $60,000 b. Raw materials were requisitioned for use in production, $52,000. ($50,000 direct and $2,000 indirect) c. Accrual of factory wages $60,000; and maintenance workers for the factory $15,000 d. The following costs were incurred on the factory; Utilities $21,000, Equipment Rental $16,000 and cable, internet, phone for the factory $3,000 e. The accrual of property taxes on the factory was made in the amount of $13,000 f. The expiration of prepaid medical insurance on factory workers was made in the amount of $18,000 g. Depreciation was recorded on the factory equipment in the amount of $18,000 Application of Manufacturing Overhead is illustrated on Pages 93 & 94 h. XYZ Company applies overhead costs based on machine hours worked. For 20X1 the company estimated that it will work 15,000 machine hours and incur $90,000 in manufacturing overhead costs. The journal entry is made to apply Manufacturing Overhead. A total of 15,000 machine hours have occurred i. The accrual of management salaries $21,000 and office staff salaries $9,000 was made j. Depreciation on office equipment was made in the amount of $7,000 k. Advertising for the period was accrued in the amo unt of $42,000 Cable, internet, and phone expenses for Sales Offices was $38,000 and General & Administrative was $4,000 m. $158,000 of goods were completed and transferred to the finished goods department n1. Sold $500,000 (Sales Price) on account. n2.The goods had a cost of $118,500 Required Cha 1. Prepare journal entries to record the transactions aboye. (Sheet 2)
