The following transactions occurred in January at Apex Manufacturing, a custom parts supplier. Apex uses job...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664f852687ba3_462664f8526272bb.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664f85271cf23_462664f8526bdf00.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664f8527a47cc_463664f85275257d.jpg)
Transcribed Image Text:
The following transactions occurred in January at Apex Manufacturing, a custom parts supplier. Apex uses job costing. 1. Purchased $75,180 in materials on account. 2. Issued $2,100 in supplies from the materials inventory to the production department. 3. Paid for the materials purchased in transaction (1). 4. Issued $35,700 in direct materials to the production department. 5. Incurred wage costs of $58,800, which were debited to Payroll, a temporary account. Of this amount, $18,900 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $39,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. 6. Recognized $29,400 in fringe benefit costs, incurred as a result of the wages paid in (5). This $29,400 was debited to Payroll and credited to Fringe Benefits Payable 7. Analyzed the Payroll account and determined that 60 percent represented direct labor; 30 percent, indirect manufacturing labor; and 10 percent, administrative and marketing costs. 8. Paid for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant totaling $45,360. 9. Applied overhead on the basis of 175 percent of direct labor costs. 10. Recognized depreciation of $24,150 on manufacturing property, plant, and equipment. View transaction list Journal entry worksheet < A B D E F G H I > Record payroll cost of which 60% represents direct labor, 30% indirect manufacturing labor and 10% administrative and marketing costs. Work in process-direct labor Manufacturing overhead Control Administrative and marketing costs Payroll 35,280 17,640 x 5,880 58,800 The following transactions occurred in January at Apex Manufacturing, a custom parts supplier. Apex uses job costing. 1. Purchased $75,180 in materials on account. 2. Issued $2,100 in supplies from the materials inventory to the production department. 3. Paid for the materials purchased in transaction (1). 4. Issued $35,700 in direct materials to the production department. 5. Incurred wage costs of $58,800, which were debited to Payroll, a temporary account. Of this amount, $18,900 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $39,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. 6. Recognized $29,400 in fringe benefit costs, incurred as a result of the wages paid in (5). This $29,400 was debited to Payroll and credited to Fringe Benefits Payable 7. Analyzed the Payroll account and determined that 60 percent represented direct labor; 30 percent, indirect manufacturing labor; and 10 percent, administrative and marketing costs. 8. Paid for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant totaling $45,360. 9. Applied overhead on the basis of 175 percent of direct labor costs. 10. Recognized depreciation of $24,150 on manufacturing property, plant, and equipment. View transaction list Journal entry worksheet < A B D E F G H I > Record payroll cost of which 60% represents direct labor, 30% indirect manufacturing labor and 10% administrative and marketing costs. Work in process-direct labor Manufacturing overhead Control Administrative and marketing costs Payroll 35,280 17,640 x 5,880 58,800
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Let a 0. Solve |x| = 3.
-
Jean and Walter Pereira financed the addition of a swimming pool using a $24,000 home improvement loan from their bank. Monthly payments of $500 (except for a smaller final payment) include interest...
-
Let \(\mu\) be a finite measure on \(\left(\mathbb{R}^{n}, \mathscr{B}\left(\mathbb{R}^{n}ight)ight)\) and set \(\chi(\xi):=\widehat{\mu}(\xi)\). Show that \(\chi\) is real-valued if, and only if,...
-
Ethics Despite best efforts to ensure product safety, products that pose a danger to consumers sometimes reach the marketplace. At what point should marketers release information about a products...
-
Rodneys Repair Shop has a monthly target operating income of $15,000. Variable costs are 75% of sales, and monthly fixed costs are $10,000. Requirements 1. Compute the monthly margin of safety in...
-
With regard to the airpower tenet of "centralized control / decentralized execution," what was a result of Operation DESERT STORM (1991)
-
uarter First Second Third Fourth Sales in Units 12.000 14,000 18,000 16,000 Help Save & Ex The ending inventory of finished goods for each quarter should equal 25% of the next quarter's budgeted...
-
What is the impact that tourism draws have on the management of a hotel in a metropolitan area?Explain
-
Backwoods Incorporated manufactures rustic furniture The cost accounting system estimates manufacturing costs to be $80 per table, consisting of 70% vai The company has surplus capacity available. It...
-
Please give the journal entries, show solution and explanation to record the foregoing transactions and prepare the equity section of the statement of financial position as of January 31, 2020 under:...
-
Penny Inc. uses process costing. All direct materials are added at the beginning of the process. Information about July s activities is as follows: On July 1 : Line Item Description Value Beginning...
-
Gustav Inc. is considering a project that has the following cash flow data. What is the project\'s NPV if the company\'s cost of capital is 5 % ? Year 0 1 2 3 Cash flows - 4 7 0 0 2 3 0 0 4 1 0 0 1 6...
-
Consider an economy described by the following: C = $6.5 trillion I = $2.6 trillion G = $7 trillion T = $6.0 trillion (NX) = -$2.0 trillion f = 2 mpc = 0.7 d = 0.7 x = 0.2 = 0.9 r= 3 a- Derive...
-
As water moves through the hydrologic cycle, water quality changes are common because of natural phenomena or anthropogenic pollution. Using Figure 11.1, describe how water-quality changes occur...
-
Which of the following statements currently explains a key characteristic of a bear spread option structure? a. The structure is created by a short call with strike price K2 and a long call with...
-
On June 15, the spot price of crude oil is USD 97. The monthly storage cost id USD 0.60/bbl, and the annual risk-free interest rate is 2%. If the crude oil can be stored for six months but cannot be...
-
Describe the strategic training and development process.
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App