Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The attached information for Yellowknife, Inc. a manufacturing company based in California, has been obtained from the company job onder com accounting information system that

image text in transcribed
The attached information for Yellowknife, Inc. a manufacturing company based in California, has been obtained from the company job onder com accounting information system that is normal costing during the month of April REQUIRED: Prepare all the general journal entries in proper form. required to recued the April activity for Yellowknife. Inc. based upon the information provided in the problem Omit explanations. Use the letter of the transaction as the date. YELLOWKNIFE, INC. TRANSACTIONS RELATING TO MANUFACTURING OPERATIONS FOR MONTH OF APRIL Raw materials purchases made en account are $50.000 There is a 5100.000 manufacturing payroll for the month with the following withholding rate Federal income taxer, 15% state income taxes, Social Security, 6.29. Medicine 1.459.pension plan. 1. and health ice. 1.5%. Of these amounts. No is for direct labex and the rest is for various types of indirect tabe Yellowknife's payroll taxes and fringe benefits sites are as follows. Foderal enemployment tax rate (FUTA), 0.64 Mate unemployment tax rate (SUTA 276 and a matching percentage for Social Security and Medicare Pringe benefits include contribution to pension plan. 2.0, and contribution to health insurance plan. 2005. Assume that all wages puid are subject to the above items and that one of the items are paid during the math Assume the company treat these taxes and fringe benefits as part of the cost of labor. Round all cakulations to the nearest whole dollar Other actual manufacturing overhead costs made ce account. are $36,000 Factory equipment depreciation equals $70,000 Raw materials requisitioned equaled $75,000 Raw materials used for Job 14 were $50,000 and for Job 26, $25.000 Job 14 incurred 50,000 of direct labor costs, while Job 26 incurred 530,000. The remainder of the factory payroll cost was for various types of indirect labor # Manufacturing overhead is allocated using a predetermined rate of 575 per machine hour Job 14 used 1.000 machine hours in April, while Job 26 used 750 machine hours Job 26 was completed and sold during April li had a beginning balance in the post records of $5,000 in direct materials, 510,000 in direct labor, and 300 machine hours. The job was sold on credit at a 30 markup on cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamental Accounting Principles Volume 2

Authors: Kermit Larson, Heidi Dieckmann

15th Canadian Edition

1259087360, 9781259087363

Students also viewed these Accounting questions