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What am i missing here? Exercise 7 - 2 6 ( Algo ) Assigning Costs to Jobs ( LO 7 - 1 ) Exercise 7
What am i missing here? Exercise Algo Assigning Costs to Jobs LO Exercise Algo Assigning Costs to Jobs LO Elmira Tool and Die makes machine tools to order. The following transactions occurred in October: Issued $ of supplies from the materials inventory. Purchased $ of materials. Issued $ in direct materials to the production department. Paid $ for miscellaneous items for the manufacturing plant. Accounts Payable was credited. Returned $ of the materials issued to production in to the materials inventory. Direct labor employees earned $ of which was paid in cash and the remainder credited to Wages Payable. Purchased $ of materials on account. Recognized depreciation on manufacturing plant of $ Paid for the materials purchased in transaction Applied manufacturing overhead for the month. Elmira uses normal costing. It applies overhead on the basis of materials costs using an annual, predetermined rate. At the beginning of the year, management estimated that materials costs for the year would be $ Estimated overhead for the year was $ The following balances appeared in the inventory accounts of Elmira Tool and Die for October: Required: a Prepare journal entries to record these transactions. b Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Prepare journal entries to record these transactions. Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. tableNoTransaction,General Journal,tableDebitCreditAManufacturing Overhead Control,Materials Inventory,grad,,BMaterials Inventory,VAccounts Payable,grad,,CWorkinProcessDirect Materials,VMaterials Inventory,grad,,DManufacturing Overhead Control,Accounts Payable,VEMaterials Inventory,VWorkinProcessDirect Materials,grad,,FWorkinProcessDirect Labor,OCash,VWages Payable,GMaterials Inventory,VAccounts Payable,VHManufacturing Overhead Control,Accumulated DepreciationPlant,IAccounts Payable, Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.Accumulated DepreciationProperty, Plant, and Equipment Finished Goods Inventory Elmira Tool and Die makes machine tools to order. The following transactions occurred in October: Issued $ of supplies from the materials inventory. Purchased $ of materials. Issued $ in direct materials to the production department. Paid $ for miscellaneous items for the manufacturing plant. Accounts Payable was credited. Returned $ of the materials issued to production in to the materials inventory. Direct labor employees earned $ of which was paid in cash and the remainder credited to Wages Payable. Purchased $ of materials on account. Recognized depreciation on manufacturing plant of $ Paid for the materials purchased in transaction Applied manufacturing overhead for the month. Elmira uses normal costing. It applies overhead on the basis of materials costs using an annual, predetermined rate. At the beginning of the year, management estimated that materials costs for the year would be $ Estimated overhead for the year was $ The following balances appeared in the inventory accounts of Elmira Tool and Die for October: Beginning Ending Materials Inventory $ WorkinProcess Inventory Finished Goods Inventory $ Cost of Goods Sold Required: Prepare journal entries to record these transactions. Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
What am i missing here? Exercise Algo Assigning Costs to Jobs LO Exercise Algo Assigning Costs to Jobs LO
Elmira Tool and Die makes machine tools to order. The following transactions occurred in October:
Issued $ of supplies from the materials inventory.
Purchased $ of materials.
Issued $ in direct materials to the production department.
Paid $ for miscellaneous items for the manufacturing plant. Accounts Payable was credited.
Returned $ of the materials issued to production in to the materials inventory.
Direct labor employees earned $ of which was paid in cash and the remainder credited to Wages Payable.
Purchased $ of materials on account.
Recognized depreciation on manufacturing plant of $
Paid for the materials purchased in transaction
Applied manufacturing overhead for the month.
Elmira uses normal costing. It applies overhead on the basis of materials costs using an annual, predetermined rate. At the beginning
of the year, management estimated that materials costs for the year would be $ Estimated overhead for the year was
$
The following balances appeared in the inventory accounts of Elmira Tool and Die for October:
Required:
a Prepare journal entries to record these transactions.
b Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Prepare journal entries to record these transactions.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
tableNoTransaction,General Journal,tableDebitCreditAManufacturing Overhead Control,Materials Inventory,grad,,BMaterials Inventory,VAccounts Payable,grad,,CWorkinProcessDirect Materials,VMaterials Inventory,grad,,DManufacturing Overhead Control,Accounts Payable,VEMaterials Inventory,VWorkinProcessDirect Materials,grad,,FWorkinProcessDirect Labor,OCash,VWages Payable,GMaterials Inventory,VAccounts Payable,VHManufacturing Overhead Control,Accumulated DepreciationPlant,IAccounts Payable, Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.Accumulated DepreciationProperty, Plant, and Equipment
Finished Goods Inventory
Elmira Tool and Die makes machine tools to order. The following transactions occurred in October:
Issued $ of supplies from the materials inventory.
Purchased $ of materials.
Issued $ in direct materials to the production department.
Paid $ for miscellaneous items for the manufacturing plant. Accounts Payable was credited.
Returned $ of the materials issued to production in to the materials inventory.
Direct labor employees earned $ of which was paid in cash and the remainder credited to Wages Payable.
Purchased $ of materials on account.
Recognized depreciation on manufacturing plant of $
Paid for the materials purchased in transaction
Applied manufacturing overhead for the month.
Elmira uses normal costing. It applies overhead on the basis of materials costs using an annual, predetermined rate. At the beginning of the year, management estimated that materials costs for the year would be $ Estimated overhead for the year was $
The following balances appeared in the inventory accounts of Elmira Tool and Die for October:
Beginning Ending
Materials Inventory $
WorkinProcess Inventory
Finished Goods Inventory $
Cost of Goods Sold
Required:
Prepare journal entries to record these transactions.
Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
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