Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred:...
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Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred:
- Materials were purchased on account for $45,760.
- Materials totaling $40,980 were requisitioned for use in producing various jobs.
- Direct labor payroll for the month was $25,600 with an average wage of $16 per hour.
- Actual overhead of $8,860 was incurred and paid in cash.
- Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour.
- Completed jobs costing $60,000 were transferred to Finished Goods.
- Jobs costing $59,000 were sold on account for $ 73,750. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs.
Beginning balances as of July 1 were:
Materials Inventory $1,200 Work-in-Process Inventory 3,400 Finished Goods Inventory 2,620 Required:
1. Prepare the journal entries for the preceding events.
a. b. c. d. e. f. g (1). g (2). 2. Calculate the ending balances of:
a. Materials Inventory $ b. Work-in-Process Inventory $ c. Overhead Control $ d. Finished Goods Inventory $
Options for journal entries:
- Accounts Payable
- Accounts Receivable
- Cash
- Cost of Goods Sold
- Finished Goods
- Materials
- Overhead Control
- Work in Process
Homework Answers
1. Prepare the journal entries for the preceding events.
| a. | Material | 45760 | |
| Account payable | 45760 | ||
| b. | Work in process | 40980 | |
| Material | 40980 | ||
| c. | Work in process | 25600 | |
| Cash | 25600 | ||
| d. | Overhead control | 8680 | |
| Cash | 8680 | ||
| e. | Work in process (25600/16*5.40) | 8640 | |
| Overhead control | 8640 | ||
| f. | Finished goods | 60000 | |
| Work in process | 60000 | ||
| g (1). | Account receivable | 73750 | |
| Sales revenue | 73750 | ||
| g (2). | Cost of goods sold | 59000 | |
| Finished goods | 59000 |
2. Calculate the ending balances of:
| a. Materials Inventory (1200+45760-40980) | $7080 |
| b. Work-in-Process Inventory (40980+25600+8640+3400-60000) | $18620 |
| c. Overhead Control (8680-8640) | $40 Under applied |
| d. Finished Goods Inventory (2620+60000-59000) | $3620 |
Add Answer to:
Ehrling Brothers Company makes jobs to customer order. During
the month of July, the following occurred:...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July,...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: a. Materials were purchased on account for $45,760. b. Materials totaling $40,980 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. d. Actual overhead of $8,850 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July,...
Journal Entries, T-Accounts
Ehrling Brothers Company makes jobs to customer order. During
the month of July, the following occurred:
Materials were purchased on account for $45,620.
Materials totaling $40,880 were requisitioned for use in
producing various jobs.
Direct labor payroll for the month was $22,400 with an average
wage of $14 per hour.
Actual overhead of $8,860 was incurred and paid in cash.
Manufacturing overhead is charged to production at the rate of
$5.40 per direct labor hour.
Completed jobs...
Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred:...
Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: Materials were purchased on account for $45,670. Materials totaling $40,990 were requisitioned for use in producing various jobs. Direct labor payroll for the month was $22,400 with an average wage of $14 per hour. Actual overhead of $9,020 was incurred and paid in cash. Manufacturing overhead is charged to production at the rate of $5.50 per direct labor hour. Completed jobs costing $58,000 were...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July,...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs
to customer order. During the month of July, the following
occurred: Materials were purchased on account for $45,620.
Materials totaling $40,880 were requisitioned for use in producing
various jobs. Direct labor payroll for the month was $19,200 with
an average wage of $12 per hour. Actual overhead of $8,870 was
incurred and paid in cash. Manufacturing overhead is charged to
production at the rate of $5.40 per direct labor hour. Completed
jobs...
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Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: a. Materials were purchased on account for $45,760. b. Materials totaling $40,980 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. d. Actual overhead of $8,850 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per...
Journal Entries, T-Accounts
Ehrling Brothers Company makes jobs to customer order. During
the month of July, the following occurred:
Materials were purchased on account for $45,620.
Materials totaling $40,880 were requisitioned for use in
producing various jobs.
Direct labor payroll for the month was $22,400 with an average
wage of $14 per hour.
Actual overhead of $8,860 was incurred and paid in cash.
Manufacturing overhead is charged to production at the rate of
$5.40 per direct labor hour.
Completed jobs...
Journal Entries, T-Accounts Ehrling Brothers Company makes jobs
to customer order. During the month of July, the following
occurred: Materials were purchased on account for $45,620.
Materials totaling $40,880 were requisitioned for use in producing
various jobs. Direct labor payroll for the month was $19,200 with
an average wage of $12 per hour. Actual overhead of $8,870 was
incurred and paid in cash. Manufacturing overhead is charged to
production at the rate of $5.40 per direct labor hour. Completed
jobs...
Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,810 of materials on account. 2. Issued $16,720 in direct materials to the production department. 3. Issued $1,310 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,200 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $31,900, which was paid in cash. 7. Purchased miscellaneous items for the...
nan Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,670. 3 Requisitioned materials totaling $24,500 for use in production. Of the total, $9,200 was for Job 58, $8,900 for Job 59, and the remainder for Job 60. 31 Incurred direct labor for the month of $32,400, with an average wage of $18 per hour. Job 58 used 800 hours; Job 59, 600 hours; and Job 60,...
ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job 205. Job W206, and Job #207- were worked on during January and February. Job #205 was completed February 10: the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow Job #205 Job Cost Sheet Job #206 Job #207 Totals $ - January costs incurred: Direct material Direct labor...
Check my work The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). C. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate...
ACC378 Cost Accounting Assignment CH5 Perry Company employs a job-order costing system. Only three jobs-Job #205, Job # 206, and Job #207- were worked on during January and February. Job #205 was completed February 10; the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow: Job Cost Sheet Job #206 Job #205 Job #207 Totals January costs incurred: Direct material $16,500 13,000 20,800 $...
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