Homework Answers
Journal Entries:
| No. | Account Titles and Explanation | Debit | Credit |
| (a) | Raw Materials Inventory | $13,000 | |
| Materials Price Variance | $800 | ||
| Accounts Payable | $12,200 | ||
| (To record the purchase of materials on account with material price variance) | |||
| (b) | Work-in Process Inventory ($13,000/6,500 units = $2 * 6,360 units) | $12,720 | |
| Raw Materials Inventory ($2 * 6,210 units) | $12,420 | ||
| Materials Usage Variance (6,360 - 6,210 = 150 units * $2) | $300 | ||
| (To record the usage of direct materials inventory along with materials usage variance) |
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Journalize the following transactions for Combs Company. (a) Purchased 6,500 units of raw materials on account...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,600. 2. Raw Materials...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,600. 2. Raw Materials of $44,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. 3. Factory labor costs incurred were $66,300, of which $51,500 pertained to factory wages payable and $14,800 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,200 was direct labor and $11,100 was indirect labor. 5. Manufacturing overhead costs incurred...
Exercise 15-07 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,600. 2....
Exercise 15-07 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,600. 2. Raw Materials of $40,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,000 was classified as indirect materials. 3. Factory labor costs incurred were $60,300, of which $50,100 pertained to factory wages payable and $10,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,700 was direct labor and $4,600 was indirect labor. 5. Manufacturing overhead...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. Raw Materi...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. Raw Materials of $45,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. 3. Factory labor costs incurred were $68,000, of which $51,500 pertained to factory wages payable and $16,500 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,100 was direct labor and $12,900 was indirect labor. 5. Manufacturing overhead costs incurred on...
Brief Exercise 16-1 Warner Company purchases $53,900 of raw materials on account, and it incurs $61,600...
Brief Exercise 16-1 Warner Company purchases $53,900 of raw materials on account, and it incurs $61,600 of factory labor costs Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Debit Credit (To record raw materials purchased) 31 To record factory labor costs) Click if you would like to Show Work for this...
Crawford Corporation incurred the following transactions. Purchased raw materials on account $52,700. 1. 2. Raw Materials...
Crawford Corporation incurred the following transactions. Purchased raw materials on account $52,700. 1. 2. Raw Materials of $42,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,600 was classified as indirect materials. Factory labor costs incurred were $67,600, of which $50,300 pertained to factory wages payable and $17,300 pertained to employer payroll taxes payable. 3. Time tickets indicated that $55,500 was direct labor and $12,100 was indirect labor. 4. Manufacturing overhead costs incurred on...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. 2. Raw Materials...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. 2. Raw Materials of $45,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. 3. Factory labor costs incurred were $68,000, of which $51,500 pertained to factory wages payable and $16,500 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,100 was direct labor and $12,900 was indirect labor. 5. Manufacturing overhead costs incurred...
Exercise 15-7 Crawford Corporation incurred the following transactions 1. Purchased raw materials on account $55,000. 2....
Exercise 15-7 Crawford Corporation incurred the following transactions 1. Purchased raw materials on account $55,000. 2. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials. 3. Factory labor costs incurred were $61,000, of which $51,600 pertained to factory wages payable and $9,400 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,300 was direct labor and $6,700 was indirect labor. 5. Manufacturing overhead...
Brief Exercise 17-2 Warner Company purchases $51,300 of raw materials on account, and it incurs $62,800...
Brief Exercise 17-2 Warner Company purchases $51,300 of raw materials on account, and it incurs $62,800 of factory labor costs. Supporting records show that (a) the Assembly Department used $32,800 of raw materials and $40,900 of the factory labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit...
Concord Company installed a standard cost system on January 1. Selected transactions for the month of...
Concord Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. Purchased 17,300 units of raw materials on account at a cost of $3.30 per unit. Standard cost was $3.00 per unit. 2. Issued 17,300 units of raw materials for jobs that required 16,890 standard units of raw materials. 3. Incurred 16,000 actual hours of direct labor at an actual rate of $4.00 per hour. The standard rate is $4.50...
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. 2....
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. 2. Raw Materials of $45,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials 3. Factory labor costs incurred were $68,000, of which 551,500 pertained to factory wages payable and $16,500 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,100 was direct labor and $12.900 was indirect labor. 5. Manufacturing overhead...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,600. 2. Raw Materials of $44,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. 3. Factory labor costs incurred were $66,300, of which $51,500 pertained to factory wages payable and $14,800 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,200 was direct labor and $11,100 was indirect labor. 5. Manufacturing overhead costs incurred...
Exercise 15-07 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,600. 2. Raw Materials of $40,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,000 was classified as indirect materials. 3. Factory labor costs incurred were $60,300, of which $50,100 pertained to factory wages payable and $10,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,700 was direct labor and $4,600 was indirect labor. 5. Manufacturing overhead...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. Raw Materials of $45,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. 3. Factory labor costs incurred were $68,000, of which $51,500 pertained to factory wages payable and $16,500 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,100 was direct labor and $12,900 was indirect labor. 5. Manufacturing overhead costs incurred on...
Brief Exercise 16-1 Warner Company purchases $53,900 of raw materials on account, and it incurs $61,600 of factory labor costs Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Debit Credit (To record raw materials purchased) 31 To record factory labor costs) Click if you would like to Show Work for this...
Crawford Corporation incurred the following transactions. Purchased raw materials on account $52,700. 1. 2. Raw Materials of $42,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,600 was classified as indirect materials. Factory labor costs incurred were $67,600, of which $50,300 pertained to factory wages payable and $17,300 pertained to employer payroll taxes payable. 3. Time tickets indicated that $55,500 was direct labor and $12,100 was indirect labor. 4. Manufacturing overhead costs incurred on...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. 2. Raw Materials of $45,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. 3. Factory labor costs incurred were $68,000, of which $51,500 pertained to factory wages payable and $16,500 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,100 was direct labor and $12,900 was indirect labor. 5. Manufacturing overhead costs incurred...
Exercise 15-7 Crawford Corporation incurred the following transactions 1. Purchased raw materials on account $55,000. 2. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials. 3. Factory labor costs incurred were $61,000, of which $51,600 pertained to factory wages payable and $9,400 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,300 was direct labor and $6,700 was indirect labor. 5. Manufacturing overhead...
Brief Exercise 17-2 Warner Company purchases $51,300 of raw materials on account, and it incurs $62,800 of factory labor costs. Supporting records show that (a) the Assembly Department used $32,800 of raw materials and $40,900 of the factory labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit...
Concord Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. Purchased 17,300 units of raw materials on account at a cost of $3.30 per unit. Standard cost was $3.00 per unit. 2. Issued 17,300 units of raw materials for jobs that required 16,890 standard units of raw materials. 3. Incurred 16,000 actual hours of direct labor at an actual rate of $4.00 per hour. The standard rate is $4.50...
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. 2. Raw Materials of $45,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials 3. Factory labor costs incurred were $68,000, of which 551,500 pertained to factory wages payable and $16,500 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,100 was direct labor and $12.900 was indirect labor. 5. Manufacturing overhead...
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