Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please pass the journal entries from A to J The question is of cost accounting . I will be very thankful :)) met 48. Factory

image text in transcribed

Please pass the journal entries from A to J The question is of cost accounting . I will be very thankful :))

met 48. Factory ledger entries. Spacecraft Corporation has its general office in Princeton, N... and its actory in nearby Trenton. A separate set of records is kept at the general office and at the fac. tory On January 1, the Trenton factory trial balance showed the following: Finished Goods Work in Process 19,000 Materials 28.500 General Ledger. 49,000 96.500 Total 96,500 96,500 The following transactions were completed at the factory during the month: e(a) Materials purchases. $55,000 (6) Materials requisitions: in suerte Direct: 87.000 Indirect..... 10.000 (c) Return of materials to suppliers..... 950 (d) Payments to Vendors (before 2% discount) 55,000 (o) Payrolls for the month:. Direct labor ($6 per hour).. 26,400 Indirect labor........., 6,400 Sales salaries 2.800 Office salaries 2.300 (Deduct 6.5% for FICA tax and 10% for federal income tax. Llability for payrolls and payroll taxes is kept on the home office books.) (0 Workers are paid and employer payroll taxes are recorded. The state unemployment insur- ance rate is 2%, the federal unemployment insurance rate is 7%, and employer FICA (AX is 6.5% (9) Sundry factory overhead expenses. $32,000. ih) Factory overhead is applied to production at $5 per direct labor hour. (i). Goods completed amounted to 80% of the total cost in the work in process account. (1) Finished goods amounting to $114,000 were shipped to customers. (A prosa profit of 25% is made on these shipments.) no one work in process Groeipashe

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

Access Audit Handbook

Authors: Alison Grant

1st Edition

1859461778, 978-1859461778

More Books

Students also viewed these Accounting questions

Question

Is there any evidence of escalations during previous work?

Answered: 1 week ago