Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please may I have the answer for this question quickly . Q. During the current month, John Company incurs the following manufacturing costs Raw material

please may I have the answer for this question quickly.

Q. During the current month, John Company incurs the following manufacturing costs

  1. Raw material purchases of $81500 on account.
  2. Incurs factory labor of $22000. Of that amount, $15,000 relates to wages payable and $7,000 relates to payroll taxes payable.
  3. Factory utilities of $1,700 are payable, factory insurance of $1,800 has expired, and depreciation on the factory building is $2,500.

Instructions:

  1. Prepare journal entries for each type of manufacturing cost.
  2. Prepare T account as needs to compute cost of goods sold
  3. Prepare partial Income statement: for your information the sales details during the Feb. 2022 are as follows: 10000 units sold with a price of per unit $16.

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Accounting questions

Question

Factors Affecting Conflict

Answered: 1 week ago

Question

Describe the factors that lead to productive conflict

Answered: 1 week ago

Question

Understanding Conflict Conflict Triggers

Answered: 1 week ago