Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I completed some of the journal entries for my managerial accounting homework, but I need help with problems D,E,F,G, and J. How would I journalize

I completed some of the journal entries for my managerial accounting homework, but I need help with problems D,E,F,G, and J. How would I journalize these entries?Thanks in advance!

image text in transcribed
a. Materials purchased on account, $412,000. Description Debit Credit Raw Materials Inventory $ 412,000.00 Accounts Payable $412,000 b. Materials requisitioned for use in production. $398,000. $18,000 of this was for general factory use Description Debit Credit Work in Process 380,000.00 Factory Overhead 18,000.00 Raw Materials Inventory $ 398,000.00 c. Factory labor during the period was $550,000, $30,000 of this was indirect Description Debit Credit Work in Process Inventory $ 520,000.00 Factory Overhead 30,000.00 Wages Payable $ 550,000.00 d. Depreciation of the factory equipment, $26,000. Description Debit Credit e. Depreciation of the office equipment, $15,000. Description Debit Credit f. Factory prepaid rent that expired during the period, $6,000. Description Debit Credit g. Office prepaid rent that expired during the period, $2,000 Description Debit Credit h. Other costs incurred on account for factory overhead included $40,000. Description Debit Credit Factory Overhead S 40.000.00 Accounts Payable 40 000.00 . Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 hours. Assuming that overhead is applied based on direct labor hours and that the company used 42,000 direct labor hours during the period, apply factory overhead Description Debit Credit Work in Process Inventory $ 126,000.00 Factory Overhead 126,000.00 Close out the factory overhead balance to cost of goods sold. Description Debit Credit Cost of Goods Sold Factory Overhead k. Jobs completed during the period, $900,000. Description Debit Credit Finished Goods Inventory 900,000.00 Work in Process Inventory $ 900,000.00 . Cost of goods sold, $850,000. Description Debit Credit Cost of Goods Sold $ 850,000.00 Finished Goods Inventory S 850,000.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Information For Decisions

Authors: Robert w Ingram, Thomas L Albright

6th Edition

9780324313413, 324672705, 324313411, 978-0324672701

Students also viewed these Accounting questions

Question

What is a balloon payment? How do you determine its value?

Answered: 1 week ago

Question

Examine alternative approaches to behavior therapy.

Answered: 1 week ago

Question

3. Im trying to point out what we need to do to make this happen

Answered: 1 week ago

Question

1. I try to create an image of the message

Answered: 1 week ago