View Policies Current Attempt in Progress Marigold Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 1 Purchased raw materials on account $49,100. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,900 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $55,300 was direct labor and $6,600 was indirect labor. Manufacturing overhead costs incurred on account were $81,900. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $93,900 were completed and transferred to finished goods. Finished goods costing $76,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45))

View Policies Current Attempt in Progress Marigold Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 1 Purchased raw materials on account $49,100. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,900 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $55,300 was direct labor and $6,600 was indirect labor. Manufacturing overhead costs incurred on account were $81,900. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $93,900 were completed and transferred to finished goods. Finished goods costing $76,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45))

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Crawford Corporation incurred the following transactions. Accounting Transactions No. Transactions 1. Purchased raw materials on account $46,800. 2. Raw Materials of $40,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,600 was classified as indirect materials. (Hint: Raw materials of $40,900 are applied to production. of $40,900, $8,600 are indirect materials. Make sure to calculate the amount of direct materials.) 3. Factory labor costs incurred were $63,800, of which $51,500 pertained to factory wages payable and $12,300 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,300 was direct labor and $9,500 was indirect labor. (Hint: Factory labor including direct labor and indirect labor was assigned to production.) Journalize the transactions. List debit transactions first and then list credit transactions. Date Account Titles and Explanation Debit ($) Credit ($) 1.…
Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $55,600. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. Factory labor costs incurred were $65,100, of which $51,800 pertained to factory wages payable and $13,300 pertained to employer payroll taxes payable. Time tickets indicated that $55,700 was direct labor and $9,400 was indirect labor. Manufacturing overhead costs incurred on account were $85,500. Depreciation on the company's office building was $8,700. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $94,000 were completed and transferred to finished goods. Finished goods costing $80,200 to manufacture were sold on account for $113,700. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent…
. Problems Problem 1 ( Flow of an accounting for the manufacturing company ) The following events took place at the Barton Manufacturing Corporation for a . the current year : 1. Purchased P80,000 in direct materials . 2. Incurred labor costs as follows : Direct labor , P42,000 . b . Supervisory labor , P11,500 ( part of manufacturing overhead ) . 3. Purchased manufacturing equipment for P67,200 . 4. Other manufacturing overhead was P80,500 , excluding supervisory labor . 5. Transferred 70 percent of the materials purchased to work in process . 6. Completed work on 60 percent of the goods in process . Costs are equally across all work in process . 7. Sold 90 percent of the completed goods . assigned There were no beginning balances in the inventory accounts . All costs incurred were debited to the appropriate account and credited to accounts payable . Required : 1. Prepare journal entries to reflect these events . 2. Prepare T - accounts to show these events . 3. Prepare a cost of…
In June Paul CableSource has the following transactions:Purchased $145666 of materials on accountIssued $130000 of material to productionIssued $3333 of supplies from materials inventoryDirect Labor of $69000 was charged to productionPaid $34000 for miscellaneous items for the manufacturing plantRecognized $25000 depreciation for the manufacturing plant.Applied manufacturing overhead for the plantAt beginning of the year management estimated Labor to be $5000000 and overhead to be $4500000.Management applies overhead based on total labor cost based on a predetermined rate using normalcosting beg bal end balMaterial Inventory ? 92000WIP ? 67000FG INV 13455 75644COGS 262100Show the t-accounts for Material, WIP, FG, Cogs, and Applied Overhead and Overhead Control. Is overhead under or overapplied and by how much? Fill in the above amounts for…
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,300. 2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials. 3. Factory labor costs incurred were $59,900. 4. Time tickets indicated that $54,000 was direct labor and $5,900 was indirect labor. 5. Manufacturing overhead costs incurred on account were $80,500. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $88,000 were completed and transferred to finished goods. 8. Finished goods costing $75,000 to manufacture were sold.
Sheffield Corporation incurred the following transactions. 1. Purchased raw materials on account $ 53,800. 2. Raw Materials of $ 36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 8,500 was classified as indirect materials. 3. Factory labor costs incurred were $ 61,900. 4. Time tickets indicated that $ 54,900 was direct labor and $ 7,000 was indirect labor. 5. Manufacturing overhead costs incurred on account were $ 82,300. 6. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 7. Goods costing $ 96,600 were completed and transferred to finished goods. 8. Finished goods costing $ 79,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Work in…
Claire Corporation’s trial balance includes the following expenses: Raw materials used in production$5,500Raw materials purchased6,500General manager salary50,000Sales manager salary30,000Direct labor incurred130,000General liability insurance premium3,000Factory rent24,000Office lease18,000Factory utilities12,000Depreciation on factory equipment14,000 Assuming that this list represents all expenses for the year, what amount should Claire report as a period (non-product) expense? Select one: a. $74,000 b. $107,500 c. $83,000 d. $101,000
Crane Corporation incurred the following transactions. 1. Purchased raw materials on account $58,430. 2. Raw Materials of $45,360 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,660 was classified as indirect materials. 3. Factory labor costs incurred were $75,520. 4. Time tickets indicated that $68,040 was direct labor and $7,480 was indirect labor. 5. Manufacturing overhead costs incurred on account were $101,430. 6. Depreciation on the company’s office building was $10,160. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $110,880 were completed and transferred to finished goods. 9. Finished goods costing $94,500 to manufacture were sold on account for $129,780. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No.…
The Genesis Corporation has the following account balances (in millions): For Specific Date Direct materials, January 1, 20X1 Work in process, January 1, 20XI Finished goods, January 1, 20X1 Direct materials, December 31, 20X1 Work in process, December 31, 20X1 Finished goods, December 31, 20X1 For Year 20X1 P15 Purchases of direct materials P325 10 Direct manufacturing labor 70 Depreciation - plant building and equipment 5 Plant supervisory salaries 55 Miscellaneous plant overhead 100 20 80 5 35 Revenues 950 Marketing, distribution and customer-service costs 240 Plant supplies used Plant utilities 10 30 Indirect manufacturing labor 60 Required: 1. Prepare an income statement and a supporting schedule of costs of goods manufactured for the year ended December 31, 20X1.
Q.2. Crawford Corporation incurred the following transactions. (i) Purchased raw materials on account OMR96,300. (ii) Raw materials of OMR56,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that OMR46,800 was classified as direct materials. (iii) Factory labor costs incurred were OMR59,900, of which OMR51,000 pertained to factory wages payable and OMR8,900 pertained to employer payroll taxes payable. (iv) Time tickets indicated that OMR54,000 was direct labor and OMR5,900 was indirect labor. (v) Manufacturing overhead costs incurred on account were OMR80,500. (vi) Manufacturing overhead was applied at the rate of 120% of direct labor cost. (vii) Goods costing OMR88,000 were completed. (viii) Finished goods costing OMR75,000 to manufacture were sold for cash for OMR103,000. Instructions:Journalize the transactions. (Omit explanations.)
Q.2. Crawford Corporation incurred the following transactions. (i) Purchased raw materials on account OMR86,300. (ii) Raw materials of OMR73,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that OMR6,800 was classified as indirect materials. (iii) Factory labor costs incurred were OMR53,900, of which OMR51,000 pertained to factory wages payable and OMR2,900 pertained to employer payroll taxes payable. (iv) Time tickets indicated that OMR4,000 was indirect labor and OMR49,900 was direct labor. (v) Manufacturing overhead costs incurred on account were OMR85,500. (vi) Manufacturing overhead was applied at the rate of 110% of direct labor cost. (vii) Goods costing OMR98,000 were completed. (viii) Finished goods costing OMR95,000 to manufacture were sold for cash for OMR113,000. Instructions:Journalize the transactions. (Omit explanations.)
3. The company incurred the following cost during March: Purchased materials on account $23,000Determined that $600 of those materials were indirectIncurred $5,250 of indirect wagesSales personnel earned $9,800 in commissionFactory Utilities cost of $550 were paid Recorded Factory Depreciation of $8,500 A. Record the purchase of materials.B. Record only the actual MOH.