Homework Answers
| Debit | Credit | ||
| Mar. 12 | Finished goods inventory | 35000 | |
| Work in process inventory | 35000 | ||
| Mar. 15 | Work in process inventory | 21000 | |
| Manufacturing overhead | 3500 | ||
| Materials inventory | 24500 | ||
| Mar. 18 | Accounts Receivable | 42000 | |
| Sales revenue | 42000 | ||
| Mar. 18 | Cost of goods sold | 28000 | |
| Finished goods inventory | 28000 |
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Entries for Product Cost Flow Record the following transactions that occurred during March 2019 for Harris...
Entries for Product Cost Flow Record the following transactions that occurred during March 2019 for Harris...
Entries for Product Cost Flow Record the following transactions that occurred during March 2019 for Harris Manufacturing Company, which uses the perpetual inventory system: Mar. 12 Transferred $50,000 of completed goods from the factory to the warehouse. 15 Requisitioned $30,000 of materials for use in the factory as direct materials and $5,000 for indirect materials. 18 Sold goods costing $40,000 for $60,000 on account. General Journal Date Description Debit Credit Mar. 12 Answer Answer Answer Answer Answer Answer To record...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 28,000 shares of non-par common stock in exchange for $280,000 in cash. 2. Purchased equipment at a cost of $36,000. $9,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory system. 4. Credit sales for the...
The following transactions occurred in during the month of January: a) Purchased $10,000 of raw materials...
The following transactions occurred in during the month of January: a) Purchased $10,000 of raw materials on account b) Requisitioned $8,000 of materials for Jobs 101-105 c) Requisitioned $500 of materials for general factory use d) Paid factory workers wages $7,500 e) Paid factory supervisor salary of $1,500 f) Paid factory rent and utilities of $4,000 g) Applied factory overhead: predetermined rate is $50 per direct labor hour. January Direct Labor hours = 100 h) Completed jobs 101 and 102...
Prepare summary Journal entries to record the following transactions for a company in its first month...
Prepare summary Journal entries to record the following transactions for a company in its first month of operations 00:52:15 a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37.000. Indirect materials used in production, $12,000 c. Pald cash for factory payroll, $35.000. Or this total, $25,000 is for direct labor and $10,000 is for indirect labor d. Pald cash for other actual overhead costs, $7.000. e. Applied overhead at the rate of 120% of direct labor...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. c. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,400. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on the...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,200. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. Payroll for the month: direct labor, $75,000; indirect labor, $35,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,500. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to...
Monitor Industries, Inc., completed the following inventory transactions during the month of March: (Click the icon...
Monitor Industries, Inc., completed the following inventory transactions during the month of March: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Without resorting to calculations, determine which inventory method will result in Monitor Industries, Inc., paying the lowest income taxes. In times of increasing inventory prices, as is the case here, the LIFO method will result in Monitor Industries, Inc., paying the lowest income taxes. Requirement 2. Prepare a perpetual inventory record using FIFO. Start by...
Journalize the entries to record the following transactions: 1. Mar. 10: 500 units of raw materials...
Journalize the entries to record the following transactions: 1. Mar. 10: 500 units of raw materials were purchased on account at $6.50 per unit. 2. Mar. 15: 400 units of raw materials were requisitioned at $7.00 per unit for production, Job 872. 3. Mar. 25: 300 units of raw materials were requisitioned at $6.50 per unit for production, Job 879. If an amount box does not require an entry, leave it blank. Mar. 10 Mar. 15 Mar. 25 The cost...
Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories....
Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016 July Received material costing $4,000 from a supplier. The material was purchased on account. Requisitioned $12,000 of material for use in the factory, consisting of $10,000 of direct material and $2,000 of indirect material 11 Recorded the factory payrol: 27,000 of direct labor and $3,000 of indirect labor. 17 Incurred various overhead costs totaling $28,000. (Credit...
Journal Entries, Job Costs The following transactions occurred during the month of April for Olakala Company:...
Journal Entries, Job Costs The following transactions occurred during the month of April for Olakala Company: Purchased materials costing $3,000 on account. Requisitioned materials totalling $1,700 for use in production: $500 for Job 443 and the remainder for Job 444. Recorded 50 hours of direct labour on Job 443 and 100 hours on Job 444 for the month. Direct labourers are paid at the rate of $8 per hour. Applied overhead using a plantwide rate of $7.50 per direct labour...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 28,000 shares of non-par common stock in exchange for $280,000 in cash. 2. Purchased equipment at a cost of $36,000. $9,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory system. 4. Credit sales for the...
Prepare summary Journal entries to record the following transactions for a company in its first month of operations 00:52:15 a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37.000. Indirect materials used in production, $12,000 c. Pald cash for factory payroll, $35.000. Or this total, $25,000 is for direct labor and $10,000 is for indirect labor d. Pald cash for other actual overhead costs, $7.000. e. Applied overhead at the rate of 120% of direct labor...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. c. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,400. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on the...
Monitor Industries, Inc., completed the following inventory transactions during the month of March: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Without resorting to calculations, determine which inventory method will result in Monitor Industries, Inc., paying the lowest income taxes. In times of increasing inventory prices, as is the case here, the LIFO method will result in Monitor Industries, Inc., paying the lowest income taxes. Requirement 2. Prepare a perpetual inventory record using FIFO. Start by...
Journalize the entries to record the following transactions: 1. Mar. 10: 500 units of raw materials were purchased on account at $6.50 per unit. 2. Mar. 15: 400 units of raw materials were requisitioned at $7.00 per unit for production, Job 872. 3. Mar. 25: 300 units of raw materials were requisitioned at $6.50 per unit for production, Job 879. If an amount box does not require an entry, leave it blank. Mar. 10 Mar. 15 Mar. 25 The cost...
Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016 July Received material costing $4,000 from a supplier. The material was purchased on account. Requisitioned $12,000 of material for use in the factory, consisting of $10,000 of direct material and $2,000 of indirect material 11 Recorded the factory payrol: 27,000 of direct labor and $3,000 of indirect labor. 17 Incurred various overhead costs totaling $28,000. (Credit...
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