Sheridan Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account. $96,900. Raw materials of $34,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,840 was classified as indirect materials. Factory labor costs incurred were $199,500 of which $165,300 pertained to factory wages payable and $34,200 pertained to employer payroll taxes payable. Time tickets indicated that $165,300 was direct labor and $34,200 was indirect labor. Overhead costs incurred on account were $225,720. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $131,100 are still incomplete at the end of the month; the other goods were completed and transferred to finished Goods Inventory. Finished Goods Inventory with a cost of $114,000 was sold on account for $148,200. 2. 3 4, 5. 6. 7. 8. Journalize the above transactions for Sheridan Corporation. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually List all debit entries before credit entries) No. Account Titles and Explanation 1. Debit Credit

Sheridan Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account. $96,900. Raw materials of $34,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,840 was classified as indirect materials. Factory labor costs incurred were $199,500 of which $165,300 pertained to factory wages payable and $34,200 pertained to employer payroll taxes payable. Time tickets indicated that $165,300 was direct labor and $34,200 was indirect labor. Overhead costs incurred on account were $225,720. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $131,100 are still incomplete at the end of the month; the other goods were completed and transferred to finished Goods Inventory. Finished Goods Inventory with a cost of $114,000 was sold on account for $148,200. 2. 3 4, 5. 6. 7. 8. Journalize the above transactions for Sheridan Corporation. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually List all debit entries before credit entries) No. Account Titles and Explanation 1. Debit Credit

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 14P: An examination of Buckhorn Fabricators records reveals the following transactions: a. On December...

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The post-closing trial balance of Custer Products, Inc. on April 30 is reproduced as follows: During May, the following transactions took place: a. Purchased raw materials at a cost of 45,000 and general factory supplies at a cost of 13,000 on account (recorded materials and supplies in the materials account). b. Issued raw materials to be used in production, costing 47,000, and miscellaneous factory supplies costing 15,000. c. Recorded the payroll and the payments to employees as follows: factory wages (including 12,000 indirect labor), 41,000; and selling and administrative salaries, 7,000. Additional account titles include Wages Payable and Payroll. (Ignore payroll withholdings and deductions.) d. Distributed the payroll in (c). e. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-fifth of the building for its offices. f. Incurred other expenses totaling 11,000. One-fourth of this amount is allocable to the office function. g. Transferred total factory overhead costs to Work in Process. h. Completed and transferred goods with a total cost of 91,000 to the finished goods storeroom. i. Sold goods costing 188,000 for 362,000. (Assume that all sales were made on account.) j. Collected accounts receivable in the amount of 345,000. k. Paid accounts payable totaling 158,000. Required: 1. Prepare journal entries to record the transactions. 2. Set up T-accounts. Post the beginning trial balance and the journal entries prepared in (1) to the accounts and determine the balances in the accounts on May 31. 3. Prepare a statement of cost of goods manufactured, an income statement, and a balance sheet. (Round amounts to the nearest whole dollar.)
A company has the following transactions during the week. Purchase of $1,000 raw materials inventory Assignment of $500 of raw materials inventory to Job 5 Payroll for 20 hours with $1,000 assigned to Job 5 Factory utility bills of $750 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week?
An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.
Crane Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $69,700. 2. Raw materials of $24,600 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $4,920 was classified as indirect materials. 3. Factory labor costs incurred were $143,500 of which $118,900 pertained to factory wages payable and $24,600 pertained to employer payroll taxes payable. 4. Time tickets indicated that $118,900 was direct labor and $24,600 was indirect labor. 5. Overhead costs incurred on account were $162,360. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $94,300 are still incomplete at the end of the month; the other goods were completed and transferred to finished Goods Inventory. 8. Finished Goods Inventory with a cost of $82,000 was sold on account for $106,600. Journalize the above transactions for Crane Corporation. (Credit account titles are…
XYZ Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. 3. Factory labor costs incurred were $100,000 of which time tickets indicated that $84,000 was direct labor and $16,000 was indirect labor. 5. Other overhead costs incurred on account were $112,000. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $100,000 to manufacture were sold on account for $130,000 Required: Note, 1) what was the overapplied or underapplied overhead for the year. 2) Calculate the costs on the job cost sheets for finished ending inventory.
During the current month, Wacholz Company incurs the following manufacturing costs. (a) Purchased raw materials of $ 18,000 on account. (b) Incurred factory labor of $ 40,000. Of that amount, $ 31,000 relates to wages payable and $ 9,000 relates to payroll taxes payable. (c) Factory utilities of $ 3,100 are payable, prepaid factory property taxes of $ 2,700 have expired, and depreciation on the factory building is $ 9,500. Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (Purchases of raw materials on account) (b) (To record factory labor costs) (c) (To record overhead costs)
Al Ahlia Corporation incurred the following transactions. Purchased raw materials on account $56,300. Raw Materials of $46,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,500 was classified as indirect materials. Factory labor costs incurred were $54,800, of which $50,000 pertained to factory wages payable and $4,800 pertained to employer payroll taxes payable. Time tickets indicated that $48,000 was direct labor and $6,800 was indirect labor. Overhead costs incurred on account were $90,500. Manufacturing overhead was applied at the rate of 165% of direct labor cost. Goods costing $98,000 were completed and transferred to finished goods. Finished goods costing $85,000 to manufacture were sold on account for $101,500. Instructions Journalise the transactions
Ahmad's Corporation had the following transactions during its first month of operations: Purchased raw materials on account, $85,000. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. Factory labor costs incurred were $100,000 of which time tickets indicated that $84,000 was direct labor and $16,000 was indirect labor. Other overhead costs incurred on account were $112,000. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. Finished goods costing $100,000 to manufacture were sold on account for $130,000 Required: Note, 1) what was the overapplied or underapplied overhead for the year. 2) Calculate the costs on the job cost sheets for finished ending inventory.
Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.d. Depreciation of $175,000 was incurred on factory equipment.Required:Record the above transactions in journal entries.
Larned Corporation recorded the following transactions for the just completed month. a. $73,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110,000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Larned Corporation recorded the following transactions for the just completed month. a. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $120,500 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 23 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal a. Record entry Clear entry Debit Credit View general journal
Charger Corporation has the following data for its December operations: Materials purchased on account, $ 924,000. Material requisitioned; $808,500 of which $102,900 were indirect materials. Factory labor incurred, $ 954,100, of which $133,700 was indirect labor. Other cost incurred on account for factory overhead, $ 215,950; selling expenses $342,125; and for administrative expenses $ 213,150. Insurance incurred for the month includes factory equipment, $ 45,540; delivery equipment used for selling, $ 36,050; vans used for transporting admin employees, $ 26,075. These were booked against prepaid insurance. Depreciation of office building was $ 123,375; of office equipment $ 63,210; and of factory equipment $ 42,630. Factory overhead applied (moved to Work In Process) costs $ 540,720. Products completed at the end of the month is $ 1,470,000. Cost of goods sold is $1,295,000. Required: a) Prepare the journal entries b) Prepare T accounts for raw materials inventory, Factory Overhead,…