Question

In: Accounting

During the current month, Cullumber Company incurs the following manufacturing costs. (a) Purchased raw materials of...

During the current month, Cullumber Company incurs the following manufacturing costs.

(a)		Purchased raw materials of $18,300 on account.
(b)		Incurred factory labor of $40,200. Of that amount, $32,400 relates to wages payable and $7,800 relates to payroll taxes payable.
(c)		Factory utilities of $3,600 are payable, prepaid factory property taxes of $2,940 have expired, and depreciation on the factory building is $9,000.

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)

Expert Solution

SOLUTION :

GIVEN THAT INFORMATION ,

Purchased Rawmaterials = $18300

Labour = $4,0200

Wages payable = $32,400

Payroll taxes payable =$7,800

Factory utilities Payable = $3,600

Prepaid property Taxes Expired= $2,940

Depreciation On Factory Building = $9,000

Particulars

DEBIT ($)

CREDIT($)

a) Purchase of Raw materials on account

Raw Material On Account(inventory) a/c DR

To Accounts Payable a/c

(Being rawm aterial was purchased )

18,300

b) To record factory labour costs (Epenses)

Factory Labour a/c DR

To Factory wages payable a/c

, To payroll taxes payable

( Being factory labour cost was recored as expense )

40,200

32,400

7,800

c) To record Overhead costs (Expenses)

Manufacturing Overhead a/c DR

To Prepaid property taxes a/c

To accumalated depreciation a/c

To utilities payablea/c

( Being accumalated that manufacturing overhead )

15,540

2,940

9,000

3,600

THANNK YOU , PLEASE UPVOTE

ekkarill92 answered 2 years ago

1. During the current month, Waterway Company incurs the following manufacturing costs. (a) Purchased raw materials...

1. During the current month, Waterway Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,800 on account. (b) Incurred factory labor of $38,200. (c) Factory utilities of $3,800 are payable, prepaid factory property taxes of $2,810 have expired, and depreciation on the factory building is $9,800. Record the company’s manufacturing costs in its job order costing system. 2. During January, its first month of operations, Ayayai Company accumulated the following manufacturing costs: raw materials purchased $4,100 on...

. Hormel Foods Company incurs manufacturing costs during the month of August. (shown on “answer...

. Hormel Foods Company incurs manufacturing costs during the month of August. (shown on “answer page”) INSTRUCTIONS For each of the costs listed, determine the type of cost and complete the following matrix by placing an X mark under the appropriate headings. Direct Materials Direct Labor Mfg. Overhead Period Costs

Buck & Company incurred the following costs during August: Raw materials purchased $ 43,270 Direct labor...

Buck & Company incurred the following costs during August: Raw materials purchased $ 43,270 Direct labor ($12.3 per hour) 54,366 Manufacturing overhead (actual) 90,140 Selling expenses 31,450 Administrative expenses 14,150 Interest expense 6,274 Manufacturing overhead is applied on the basis of $19 per direct labor hour. Assume that overapplied or underapplied overhead is transferred to cost of goods sold only at the end of the year. During the month, 4,040 units of product were manufactured and 4,500 units of product...

1. During January, its first month of operations, Marigold Company accumulated the following manufacturing costs: raw...

1. During January, its first month of operations, Marigold Company accumulated the following manufacturing costs: raw materials purchased $5,000 on account, factory labor $7,000, and utilities payable $2,100. In January, requisitions of raw materials for production are as follows: Job 1 $970, Job 2 $1,400, Job 3 $760, and general factory use $640. During January, time tickets show that the factory labor of $7,000 was used as follows: Job 1 $2,330, Job 2 $1,750, Job 3 $1,700, and general factory...

1. During January, its first month of operations, Bridgeport Company accumulated the following manufacturing costs: raw...

1. During January, its first month of operations, Bridgeport Company accumulated the following manufacturing costs: raw materials purchased $4,800 on account, factory labor $7,900, and utilities payable $2,700. (a) Record the company’s manufacturing costs in its job order costing system. 2. During January, its first month of operations, Flounder Company accumulated the following manufacturing costs: raw materials purchased $5,300 on account, factory labor $7,400, and utilities payable $3,100. In January, requisitions of raw materials for production are as follows: Job...

Oriole Company purchases $52,900 of direct raw materials and it incurs $63,400 of direct factory labor costs.

Oriole Company purchases $52,900 of direct raw materials and it incurs $63,400 of direct factory labor costs.Record the two transactions using the following format. The materials and labor are for the Assembly Department and the Finishing Department. (Enter negative amounts using either a negative sign preceding the number e.g. (45).

Partridge, Inc. incurred the following costs during March: Raw materials purchased $ 46,800 Direct labor (9,200...

Partridge, Inc. incurred the following costs during March: Raw materials purchased $ 46,800 Direct labor (9,200 hours) 156,400 Manufacturing overhead (actual) 83,000 Selling expenses 47,400 Administrative expenses 32,600 Interest expense 14,800 Manufacturing overhead is applied on the basis of $8.50 per direct labor hour. Assume that overapplied or underapplied overhead is transferred to cost of goods sold only at the end of the year. During the month, 3,500 units of product were manufactured and 3,400 units of product were sold....

Enter the following entries for the month of August. A. Purchased raw materials on account: $3,100....

Enter the following entries for the month of August. A. Purchased raw materials on account: $3,100. B. Selling and Administrative expenses incurred and paid: $1,200. C. Used direct materials: $3,900. D. Used indirect materials: $300. E. Manufacturing wages incurred totaled $4,000, of which 90% was direct labor and 10% was indirect labor. F. Incurred other actual factory overhead on account: $1,300. G. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of 60% of...

Step 1: Enter the following entries for the month of August. A. Purchased raw materials on...

Step 1: Enter the following entries for the month of August. A. Purchased raw materials on account: $3,100. B. Selling and Administrative expenses incurred and paid: $1,200. C. Used direct materials: $3,900. D. Used indirect materials: $300. E. Manufacturing wages incurred totaled $4,000, of which 90% was direct labor and 10% was indirect labor. F. Incurred other actual factory overhead on account: $1,300. G. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of...

During the month of June, Reardon Company incurs $17,000 of direct labour and $8,500 of manufacturing...

During the month of June, Reardon Company incurs $17,000 of direct labour and $8,500 of manufacturing overhead, and purchases $15,000 of raw materials. Between the beginning and the end of the month, the raw-materials inventory increases by $2,000, the finished goods inventory increases by $1,500, and the work-in-process inventory decreases by $3,000. What is the cost of goods manufactured?