During the month of March, Special Corporation incurred the following manufacturing costs. Depreciation of factory building...

During the month of March, Special Corporation incurred the following manufacturing costs. Depreciation of factory building $1250. Employer fringe benefits payable $4,950. Factory wages payable $48,200. Factory building insurance payable $1725. Raw ,aterials on account $20,000. Raw materials purchased for cash $21,600. Utilities for factory not yet paid $4000. Depreciation of factory equipment $2400. Insurance for factory used up $3300.

there should be 3 sets of journals, journalize in order thank you

Solutions

Expert Solution

Journal Entries:

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

On March 31, 2017, Alpha Corporation recorded the following factory overhead costs incurred: Factory Manager Salary...

On March 31, 2017, Alpha Corporation recorded the following factory overhead costs incurred: Factory Manager Salary $6,000 Factory Utilities 2,500 Machinery Deprecation 10,000 Machinery Repairs 2,000 Factory Insurance (prepaid) 1,000 The overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $21,000 would be incurred, and 10,000 direct labor hours would be worked. During March, 7,100 hours were actually worked on Job Order A-2 and 3,000 hours were actually worked on Job Order...

During the month of January, the following costs were incurred:

During the month of January, the following costs were incurred: 2010 Jan 8 Purchased Materials for cash, $150,000 Jan 10 Requisition for Direct Materials that were put into production, $100,000 Jan 20 Requisitioned for Indirect Materials that were put into production, $4,000. Jan 23 Direct Labor cost incurred during the period, $60,000 when the labor rate per hour was $5. Jan 25 Indirect labor cost incurred during the month of January is $6,000. Jan 28 Paid factory supervisor’s salaries...

A business operated at 100% of capacity during its first month and incurred the following costs:...

A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (18,600 units): Direct materials $172,100 Direct labor 234,800 Variable factory overhead 267,600 Fixed factory overhead 100,300 $774,800 Operating expenses: Variable operating expenses $131,500 Fixed operating expenses 46,900 178,400 If 1,800 units remain unsold at the end of the month, what is the amount of inventory that would be reported on the variable costing balance sheet? The actual price for a product was...

A business operated at 100% of capacity during its first month and incurred the following costs:...

A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (18,100 units): Direct materials $171,800 Direct labor 220,400 Variable factory overhead 256,100 Fixed factory overhead 102,000 $750,300 Operating expenses: Variable operating expenses $128,600 Fixed operating expenses 43,000 171,600 If 1,600 units remain unsold at the end of the month and sales total $1,143,000 for the month, what would be the amount of income from operations reported on the variable costing income statement?...

During the past month, the following costs were incurred in the three production departments and two...

During the past month, the following costs were incurred in the three production departments and two service departments of Kim & Co.: Using Department Supplying Department Administration Factory Support Fabrication Assembly Finishing Administration − 0.40 0.30 0.20 0.10 Factory support 0.15 − 0.15 0.15 0.55 Direct cost $ 680,000 $ 1,350,000 $ 1,760,000 $ 288,000 $ 258,000 Required: Allocate service department costs to Fabrication, Assembly, and Finishing using the reciprocal method, and determine the total costs of Fabrication, Assembly, and...

During the past month, the following costs were incurred in the three production departments and two...

During the past month, the following costs were incurred in the three production departments and two service departments of Kim & Co.: Using Department Supplying Department Administration Factory Support Fabrication Assembly Finishing Administration ? 0.40 0.20 0.10 0.30 Factory support 0.10 ? 0.10 0.20 0.60 Direct cost $ 570,000 $ 1,295,000 $ 1,650,000 $ 277,000 $ 247,000 Required: Allocate service department costs to Fabrication, Assembly, and Finishing using the reciprocal method, and determine the total costs of Fabrication, Assembly, and...

A business operated at 100% of capacity during its first month and incurred the following costs:...

A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (10,000 units): Direct materials $170,000 Direct labor 360,000 Variable factory overhead 190,000 Fixed factory overhead 50,000 $770,000 Operating expenses: Variable operating expenses $ 60,000 Fixed operating expenses 18,000 78,000 If 500 units remain unsold at the end of the month, what is the amount of inventory that would be reported on the variable costing balance sheet? a.$41,500 b.$42,800 c.$38,500 d.$36,000

A business operated at 100% of capacity during its first month and incurred the following costs:...

A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (5,000 units): Direct materials-$70,000 Direct labor-20,000 Variable factory overhead-10,000 Fixed factory overhead-20,000 total $102,000 Operating expenses: Variable operating expenses-$17,000 Fixed operating expenses-1,000 total $18000 Prepare a variable income statement assuming 1000 units remain unsold at the end of the month and sales total $160,000 for the month

During the past month, the following costs were incurred in the three production departments and two...

During the past month, the following costs were incurred in the three production departments and two service departments of Kim & Co.: Using Department Supplying Department Administration Factory Support Fabrication Assembly Finishing Administration − 0.40 0.30 0.20 0.10 Factory support 0.10 − 0.30 0.10 0.50 Direct cost $ 520,000 $ 1,270,000 $ 1,600,000 $ 272,000 $ 242,000 Required: Allocate service department costs to Fabrication, Assembly, and Finishing using the reciprocal method, and determine the total costs of Fabrication, Assembly, and...

Cornelius Company produces women’s clothing. During the year, the company incurred the following costs: Factory rent...

Cornelius Company produces women’s clothing. During the year, the company incurred the following costs: Factory rent $ 386,000 Direct labor 312,000 Utilities—factory 39,600 Purchases of direct materials 565,000 Indirect materials 69,400 Indirect labor 62,400 Inventories for the year were as follows: January 1 December 31 Materials $ 27,000 $ 43,000 Work-in-Process 46,000 40,800 Finished Goods 139,000 77,200 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold.

Subjects