Question
HELP TO PREPARE JOURNAL ENTRIES, PLEASE. If needed, the full homework is attached. Thank you in advance! a.Raw materials were purchased on account, $60,000. b.Raw
HELP TO PREPARE JOURNAL ENTRIES, PLEASE.
If needed, the full homework is attached. Thank you in advance!
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 $16,000and 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.
h. Company applies overhead costs based on machine hours worked.the companyestimated 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 amount of $42,000.
l.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.
10.Is Manufacturing Overhead underapplied or overapplied for the year?By what amount?
11.Prepare the necessary entry to close manufacturing overhead.(Use the write-off approach).
12.Provide Entry to Close to COGS:
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