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Please type the explanations and answers. Please explain how to solve the problems. Thank you. Thank...
please explain the correct answer to this question and why it is correct, thanks Your Answer...
please explain the correct answer to this question and why it is
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Your Answer incorrect The journal entry to record the use of direct materials in production is to: debit Raw Materials Inventory and credit Work in Process Inventory. O debit Work in Process Inventory and credit Raw Materials Inventory. O debit Raw Materials Inventory and credit Factory Overhead. O debit Factory Overhead and credit Raw Materials Inventory. Correct Answer debit Work in Process Inventory and credit Raw...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month,...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a A. debit to Raw Materials of $101.000 B. credit to Raw Materials of $75,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $101.000 115. In October, Raddatz Inc. incurred $73,000 of direct labor costs and S6,000 of...
Need E-J...help? thank you Required information [The following information applies to the questions displayed below.) Marcelino...
Need E-J...help? thank you
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $26,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash...
Please please please answer all :)))) 1. A selected list of accounts used by Firenze Flooring...
Please please please answer all :))))
1. A selected list of accounts used by Firenze Flooring follows: Cash Accounts Receivable Raw Materials Inventory Work In Process Inventory Finished Goods Inventory Accounts or Wages Payable Factory Labor Manufacturing Overhead Cost of Goods Sold Sales Revenue Firenze Flooring uses a job order system and maintains perpetual inventory records. Instructions: Place the appropriate account in the columns indicating the appropriate account(s) to be debited and credited for the transactions listed below. Account(s) Debited...
Please show the explanations of how you've obtained the answers. Required information [The following information applies...
Please show the explanations of how you've obtained the
answers.
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $83,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $26,000; factory rent, $40,000; factory utilities, $20,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job...
The following information applies to the questions displayed below. Sweeten Company had no jobs in progress...
The following information applies to the questions displayed below. Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company...
1 point When materials are requisitioned from the Raw Materials Inventory they can be classified as...
1 point When materials are requisitioned from the Raw Materials Inventory they can be classified as either direct materials (which are traced directly to the job) or indirect materials (which are items so insignificant that they are not traced directly to a job and instead are included in manufacturing overhead). What is the journal entry made when the material is classified as direct material? * O Debit Work in Process Inventory, Credit Direct Materials O Debit Direct Materials, Credit Raw...
DLOUD.CO Question 3 (0.5 points) Chastain Company assigned $75,000 of direct materials and $15,000 of indirect...
DLOUD.CO Question 3 (0.5 points) Chastain Company assigned $75,000 of direct materials and $15,000 of indirect materials to production. The journal entry to record this transaction is debit Work in Process Inventory $15,000; debit Manufacturing Overhead $75,000; credit Raw Materials Inventory $90,000 debit Raw Materials Inventory $90,000; credit Work in Process Inventory $75,000; credit Manufacturing Overhead $15,000 debit Work in Process Inventory $75,000; debit Manufacturing Overhead $15,000; credit Raw Materials Inventory $90,000 debit Raw Materials Inventory $90,000; credit Work in...
Manufacturing overhead costs incurred: Indirect materials $15,000 Indirect labor 130,000 Property taxes, factory 8,000 Utilities, factory...
Manufacturing overhead costs incurred: Indirect materials $15,000 Indirect labor 130,000 Property taxes, factory 8,000 Utilities, factory 70,000 Depreciation, factory 240,000 Insurance, factory 10,000 Total actual manufacturing overhead costs incurred $473,000 Other costs incurred: Purchases of raw materials (both direct and indirect) $400,000 Direct labor cost $60,000 Inventories: Raw materials, beginning $20,000 Raw materials, ending $30,000 Work in process, beginning $20,000 Work in process, ending $70,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead...
please help me. thank you Help Save & Exit Check m Bunnell Corporation is a manufacturer...
please help me. thank you
Help Save & Exit Check m Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 61,500 $ 32,400 $ 42,900 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $13.75 per direct labor-hour was based on a cost formula that estimated $550,000 of...
please explain the correct answer to this question and why it is
correct, thanks
Your Answer incorrect The journal entry to record the use of direct materials in production is to: debit Raw Materials Inventory and credit Work in Process Inventory. O debit Work in Process Inventory and credit Raw Materials Inventory. O debit Raw Materials Inventory and credit Factory Overhead. O debit Factory Overhead and credit Raw Materials Inventory. Correct Answer debit Work in Process Inventory and credit Raw...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a A. debit to Raw Materials of $101.000 B. credit to Raw Materials of $75,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $101.000 115. In October, Raddatz Inc. incurred $73,000 of direct labor costs and S6,000 of...
Need E-J...help? thank you
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $26,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash...
Please please please answer all :))))
1. A selected list of accounts used by Firenze Flooring follows: Cash Accounts Receivable Raw Materials Inventory Work In Process Inventory Finished Goods Inventory Accounts or Wages Payable Factory Labor Manufacturing Overhead Cost of Goods Sold Sales Revenue Firenze Flooring uses a job order system and maintains perpetual inventory records. Instructions: Place the appropriate account in the columns indicating the appropriate account(s) to be debited and credited for the transactions listed below. Account(s) Debited...
Please show the explanations of how you've obtained the
answers.
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $83,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $26,000; factory rent, $40,000; factory utilities, $20,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job...
The following information applies to the questions displayed below. Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company...
1 point When materials are requisitioned from the Raw Materials Inventory they can be classified as either direct materials (which are traced directly to the job) or indirect materials (which are items so insignificant that they are not traced directly to a job and instead are included in manufacturing overhead). What is the journal entry made when the material is classified as direct material? * O Debit Work in Process Inventory, Credit Direct Materials O Debit Direct Materials, Credit Raw...
DLOUD.CO Question 3 (0.5 points) Chastain Company assigned $75,000 of direct materials and $15,000 of indirect materials to production. The journal entry to record this transaction is debit Work in Process Inventory $15,000; debit Manufacturing Overhead $75,000; credit Raw Materials Inventory $90,000 debit Raw Materials Inventory $90,000; credit Work in Process Inventory $75,000; credit Manufacturing Overhead $15,000 debit Work in Process Inventory $75,000; debit Manufacturing Overhead $15,000; credit Raw Materials Inventory $90,000 debit Raw Materials Inventory $90,000; credit Work in...
please help me. thank you
Help Save & Exit Check m Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 61,500 $ 32,400 $ 42,900 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $13.75 per direct labor-hour was based on a cost formula that estimated $550,000 of...
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