Journal Entries, T$-$Accounts, Cost of Goods Manufactured and Sold

During May, the following transactions were completed and reported by Sylvana Company:

Materials purchased on account, $$60,100.$

Materials issued to production to fill job$-$order requisitions: direct materials, $$50,000$; indirect materials, $$8,700.$

Payroll for the month: direct labor, $$75,000$; indirect labor, $$36,000$; administrative, $$28,000$; sales, $$19,000.$

Depreciation on factory plant and equipment, $$10,500.$

Property taxes on the factory accrued during the month, $$1,450.$

Insurance on the factory expired with a credit to the prepaid insurance account, $$6,200.$

Factory utilities, $$5,500.$

Advertising paid with cash, $$7,900.$

Depreciation on office equipment, $$800$; on sales vehicles, $$1,650.$

Legal fees incurred but not yet paid for preparation of lease agreements, $$750.$

Overhead is charged to production at a rate of $$18$ per direct labor hour. Records show $4,000$ direct labor hours were worked during the month.

Cost of jobs completed during the month, $$150,000.$

The company also reported the following beginning balances in its inventory accounts:

Materials Inventory $$7,500$

Work$-$in$-$Process Inventory $37,000$

Finished Goods Inventory $50,000$

Required:

Question Content Area

$1.$ Prepare journal entries to record the transactions occurring in May. For a compound transaction, if an amount box does not require an entry, leave it blank.

a$.$

Materials

$60,100$

Accounts Payable

$60,100$

b$.$

Work in Process

$50,000$

Overhead Control

$8,700$

Materials

$58,700$

c$.$

Work in Process

$75,000$

Overhead Control

$36,000$

Administrative Expense

$28,000$

Selling Expense

$19,000$

Wages Payable

$158,000$

d$.$

Overhead Control

$10,500$

Accumulated Depreciation

$10,500$

e$.$

Overhead Control

$1,450$

Property Taxes Payable

$1,450$

f$.$

Overhead Control

$6,200$

Prepaid Insurance

$6,200$

g$.$

Overhead Control

$5,500$

Utilities Payable

$5,500$

h$.$

Selling Expense

$7,900$

Cash

$7,900$

i$.$

Administrative Expense

$800$

Selling Expense

$1,650$

Accounts Payable

$2,450$

j$.$

Administrative Expense

$750$

Accounts Payable

$750$

k$.$

Work in Process

$72,000$

Overhead Control

$72,000$

l$.$

Finished Goods

$150,000$

Work in Process

$150,000$

Question Content Area

$2.$ Prepare T$-$accounts for Materials Inventory, Overhead Control, Work$-$in$-$Process Inventory, and Finished Goods Inventory. Post the entries to the T$-$account in the same order in which they were journalized.

Materials Inventory

fill in the blank $665$ab$305$e$02800$f$\_2$

fill in the blank $665$ab$305$e$02800$f$\_4$

fill in the blank $665$ab$305$e$02800$f$\_6$

Balance fill in the blank $665$ab$305$e$02800$f$\_7$

Question Content Area

Work in Process Inventory

fill in the blank d$68540$f$5$af$95$fc$4\_2$

fill in the blank d$68540$f$5$af$95$fc$4\_4$

fill in the blank d$68540$f$5$af$95$fc$4\_6$

fill in the blank d$68540$f$5$af$95$fc$4\_8$

fill in the blank d$68540$f$5$af$95$fc$4\_10$

Balance fill in the blank d$68540$f$5$af$95$fc$4\_11$

Question Content Area

Finished Goods Inventory

fill in the blank $0$c$2605068$fc$4002\_2$

fill in the blank $0$c$2605068$fc$4002\_4$

Balance fill in the blank $0$c$2605068$fc$4002\_5$

Question Content Area

Overhead Control Inventory

fill in the blank $7$dfa$0$c$02$d$06606$d$\_2$

fill in the blank $7$dfa$0$c$02$d$06606$d$\_4$

fill in the blank $7$dfa$0$c$02$d$06606$d$\_6$

fill in the blank $7$dfa$0$c$02$d$06606$d$\_8$

fill in the blank $7$dfa$0$c$02$d$06606$d$\_10$

fill in the blank $7$dfa$0$c$02$d$06606$d$\_12$

fill in the blank $7$dfa$0$c$02$d$06606$d$\_14$

Balance fill in the blank $7$dfa$0$c$02$d$06606$d$\_15$

Question Content Area

$3.$ Prepare a statement of cost of goods manufactured.

Sylvana Company

Statement of Cost of Goods Manufactured

For the Month Ended May $31,20$XX

Direct materials

$Direct materials

Direct labor

Direct labor

Overhead:

Cost of goods manufactured

$Cost of goods manufactured

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$fill in the blank $498241$f$58$ffd$073\_17$

$-$ Select $-$

$-$ Select $-$

Manufacturing costs added $fill in the blank $498241$f$58$ffd$073\_22$

$-$ Select $-$

$-$ Select $-$

Cost of goods manufactured $fill in the blank $498241$f$58$ffd$073\_27$

Question Content Area

$4.$ If the overhead variance is all allocated to cost of goods sold, by how much will cost of goods sold decrease or increase?

by $fill in the blank bcb$1$e$2$f$32$f$8$bf$99\_2$