Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the information for the Brendan's Bread bakery company: Beginning raw materials inventory $ 53,200 Beginning work in process, inventory 78,400 Ending raw

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following is the information for the Brendan's Bread bakery company: Beginning raw materials inventory $ 53,200 Beginning work in process, inventory 78,400 Ending raw materials inventory 58,100 Ending work in process, inventory 98,000 Direct labor 149,800 105,000 Total factory overhead Raw material purchases 210,000 Question: What is Cost of Goods Manufactured? Do not include a dollar sign or commas in your answer. Minstrel Manufacturing uses a job order casting system. During one month, Minstrei purchased $198,000 of raw materials on credit: issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses aedetermined overhead rate of 150% of direct labor cost. The journal entry to Yecord the purchase of materials is: Decil Rex Materials inventory $198,000, credit Finished Goods Inventory 5190.000 Dedit Rew Materials intoy $198.00 credit Werk in Process Inventary 19. Delart kaw Matarestratory 199.000 credit Vicecutable 1 Dan Voin the very $195,000 credit a Mataras Invanny 25.000 Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198.000 of raw materials on credit: issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry lo rebrord the issuance of materials to production is: Dedit Finished Goods Inventory $195,000 credit ww Materials inventory $199.000 Debit Rew Materials diventary 1195.000 crdit Work in Process lewentory $195,00 Debil Work in Pieces inventory 316debit Factory Oseriea 330 000: cred Raw Materials Inventory 5195.000 Debit Materials wery $195,000 credil Accounts Payale $190XX Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit: issued materials to production at $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to Teard the application of factory overhead to production is: Debit Work in Process Inventory 1225.000.credil Packary Overhead $225,000 Dicot Factory Overhead $145,000 erdit Work in Process lives liv $165,000. $110,000 x 1.5 - $165,000 Debit Factory Powell 5150.000; credit Work in Process Inventory $150.000 Dont Workva Preces sventory $165.000 credit Puctory Ove ned $165.000 DARI Wode Potes inventory $145.000, credit factory Payroll $165.000

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

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

0130674842, 978-0130674845

Students also viewed these Accounting questions