Question
In: Accounting
Purchased raw materials on account $46,300. 2. Raw Materials of $36,000 were requisitioned to the factory....
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, of which $51,000 pertained to factory wages payable and $8,900 pertained to employer payroll taxes payable. 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. Depreciation on the company’s office building was $8,100. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $88,000 were completed and transferred to finished goods. 9. Finished goods costing $75,000 to manufacture were sold on account for $103,000. Journalize the transactions.
Solutions
Expert Solution
| Journal entries: | |||||||
| S.no. | Accounts title and explanations | Debit $ | Credit $ | ||||
| 1 | Raw material Inventory Account Dr. | 46300 | |||||
| Accounts payable account | 46300 | ||||||
| 2 | Work in process inventory Account Dr. | 29200 | |||||
| Manufacturing Overheads account Dr. | 6800 | ||||||
| Raw material Inventory account | 36000 | ||||||
| 3 | factory Wages account Dr. | 59900 | |||||
| Factory wages payable Account | 51000 | ||||||
| Payroll Tax payable Account | 8900 | ||||||
| 4 | Work in process inventory Account Dr. | 54000 | |||||
| Manufacturing Overheads account Dr. | 5900 | ||||||
| Factory wages account | 59900 | ||||||
| 5 | Manufacturing overheads account Dr. | 80500 | |||||
| Accounts payable account | 80500 | ||||||
| 6 | Admin Overheads account Dr. | 8100 | |||||
| Accumulated depreciation-Office building | 8100 | ||||||
| 7 | Work in process inventory Account Dr. | 81000 | |||||
| Manufacturing Overheads account | (54000*150%) | 81000 | |||||
| 8 | Finished Goods inventory Account Dr. | 88000 | |||||
| Work in process invetory Account | 88000 | ||||||
| 9 | Accounts receivable Dr. | 103000 | |||||
| Sales revenue | 103000 | ||||||
| Cost of goods sold Account Dr. | 75000 | ||||||
| Inventory account | 75000 | ||||||
ekkarill92 answered 1 year agoRelated Solutions
Crawford Corporation incurred the following transactions. Purchased raw materials on account $46,300. Raw materials of $36,000...
Crawford Corporation incurred the following transactions.
Purchased raw materials on account $46,300. 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. Factory labor costs incurred were $59,900, of
which $51,000 pertained to factory wages payable and $8,900
pertained to employer payroll taxes payable. Time tickets indicated
that $54,000 was direct labor and $5,900 was indirect labor.
Manufacturing overhead costs incurred on account were $80,500.
Depreciation...
Crawford Corporation incurred the following transactions: Purchased raw materials on account $46,300. Raw Materials of $36,000...
Crawford Corporation incurred the following
transactions:
Purchased raw materials on account $46,300.
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.
Factory labor costs incurred were $59,900, of which $51,000
pertained to factory wages payable and $8,900 pertained to employer
payroll taxes payable.
Time tickets indicated that $54,000 was direct labor and $5,900
was indirect labor.
Manufacturing overhead costs incurred on account were
$80,500.
Depreciation...
Journal Entries a. Raw materials were purchased on account, $60,000. b. Raw materials were requisitioned for...
Journal Entries
a. Raw materials were purchased on account, $60,000.
b. Raw materials were requisitioned for use in production,
$52,000. $50,000 direct and $2,000 indirect.
c. Accrual of factory wages $60,000; and maintenance workers for
the factory $15,000.
d. Accrued factory costs utilities $21,000, equipment rental
$16,000 and cable, internet and phone factory costs $3,000.
e. Accrual of property taxes on the factory, $13,000.
f. Expiration of prepaid medical insurance on factory workers,
$12,000
g. Depreciation was recorded on the...
Torre Corporation incurred the following transactions. 1. Purchased raw materials on account $46,300. 2. Raw materials...
Torre 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 classifi ed
as indirect materials. 3. Factory labor costs incurred were
$55,900, of which $51,000 pertained to factory wages payable and
$4,900 pertained to employer payroll taxes payable. 4. Time tickets
indicated that $50,000 was direct labor and $5,900 was indirect
labor. 5. Manufacturing overhead costs...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,300. 2. Raw materials...
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, of which $51,000
pertained to factory wages payable and $8,900 pertained to employer
payroll taxes payable.
4.Time tickets indicated that $54,000 was direct labor and
$5,900 was indirect labor.
5. Manufacturing overhead costs incurred on...
Materials purchased on account, $770,000. 2 Materials requisitioned, $680,000, of which $75,800 was for general factory...
Materials purchased on account, $770,000.
2
Materials requisitioned, $680,000, of which $75,800 was for
general factory use.
31
Factory labor used, $756,000, of which $182,000 was
indirect.
31
Other costs incurred on account for factory overhead, $245,000;
selling expenses, $171,500; and administrative expenses,
$110,600.
31
Prepaid expenses expired for factory overhead were $24,500; for
selling expenses, $28,420; and for administrative expenses,
$16,660.
31
Depreciation of factory equipment was $49,500; of office
equipment, $61,800; and of office building, $14,900.
31
Factory...
(a) Materials purchased on account $176,000 (b) Prepaid expenses incurred on account 12,200 (c) Materials requisitioned:...
(a)
Materials purchased on account
$176,000
(b)
Prepaid expenses incurred on
account
12,200
(c)
Materials requisitioned:
For production orders
153,700
For general factory use
2,700
(d)
Factory labor used:
On production orders
141,300
For general factory purposes
12,000
(e)
Depreciation on factory
equipment
37,000
(f)
Expiration of prepaid expenses,
chargeable to factory
6,100
(g)
Factory overhead costs incurred on
account
76,000
(h)
Factory overhead applied, based on
machine hours
105,300
(i)
Jobs finished
415,300
(j)
Jobs shipped to customers:
Selling...
(a) Materials purchased on account $176,000 (b) Prepaid expenses incurred on account 12,200 (c) Materials requisitioned:...
(a)
Materials purchased on account
$176,000
(b)
Prepaid expenses incurred on
account
12,200
(c)
Materials requisitioned:
For production orders
153,700
For general factory use
2,700
(d)
Factory labor used:
On production orders
141,300
For general factory purposes
12,000
(e)
Depreciation on factory
equipment
37,000
(f)
Expiration of prepaid expenses,
chargeable to factory
6,100
(g)
Factory overhead costs incurred on
account
76,000
(h)
Factory overhead applied, based on
machine hours
105,300
(i)
Jobs finished
415,300
(j)
Jobs shipped to customers:
Cost...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $49,400. 2. Raw Materials...
Crawford Corporation incurred the following transactions. 1.
Purchased raw materials on account $49,400. 2. Raw Materials of
$41,300 were requisitioned to the factory. An analysis of the
materials requisition slips indicated that $8,000 was classified as
indirect materials. 3. Factory labor costs incurred were $65,200,
of which $51,300 pertained to factory wages payable and $13,900
pertained to employer payroll taxes payable. 4. Time tickets
indicated that $54,600 was direct labor and $10,600 was indirect
labor. 5. Manufacturing overhead costs incurred...
Manning Corporation incurred the following transactions. 1. Purchased raw materials on account $52,000. 2. Raw Materials...
Manning Corporation incurred the following transactions.
1. Purchased raw materials on account $52,000.
2. Raw Materials of $45,900 were requisitioned to the factory.
An analysis of the materials
requisition slips indicated that $7,500 was classified as
indirect materials.
3. Factory labor costs incurred were $87,000. Time tickets
indicated that $81,500 was direct labor and the rest was indirect
labor
4. Overhead costs incurred on account were $79,500.
5. Factory depreciation was $13,000.
6. Administrative salaries accrued were $25,000.
7. Manufacturing...
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