Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

will like and thumps up Larned Corporation recorded the following transactions for the just completed month. a $80,000 in raw materials were purchased on account

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
will like and thumps up
Larned Corporation recorded the following transactions for the just completed month. a $80,000 in raw materials were purchased on account b. $71,000 in raw materials were used in production of this amount, $62,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $112,000 were paid in cash Of this amount, $101,000 was for direct labor and the remainder was for indirect labor d. Depreciation of $175,000 was incurred on factory equipment Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. Transaction Debit General Journal No Credit 80,000 1 Raw materials Arrinte navabo annonce Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Transaction General Journal Credit Debit 80,000 a Raw materials Accounts payable C 80,000 2 b Work in process Manufacturing overhead Raw materials OO 3 . Work in process Manufacturing overhead Cash 4 d Manufacturing overhead Accumulated depreciation Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production of this amount, $78,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $132,000 were incurred and paid of this amount, $112,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $143,000 were incurred and paid e Manufacturing overhead of $152,000 was applied to production using the company's predetermined overhead rate, f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold Required: 1. Post the above transactions to T-accounts 2. Determine the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Beg Bal Beg Bal a x C X X d End Bal End Bal Work in Process Finished Goods Beg. Bal Beg Bal End. Bal End. Bal. Work in Process Finished Goods Beg Bal Beg Bal End. Bal End Bal Manufacturing Overhead Cost of Goods Sold Beg. Bal Beg Bal End, Bal End Bal Required 2 > . 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold s 369,000 X

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

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

18th Edition

0077486277, 978-0077486273

More Books

Students also viewed these Accounting questions