Question

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 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer (2) Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer (3) Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer (4) Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer (5) Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer (6) Entry field with incorrect answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer (7) Entry field with incorrect answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer (8) Entry field with incorrect answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer now contains modified data (9) Entry field with incorrect answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To record the sale) Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,300. 2. Raw Materials...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,300. 2. Raw Materials of $36,300 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 $60,200, of which $50,800 pertained to factory wages payable and $9,400 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,300 was direct labor and $4,900 was indirect labor. 5. Manufacturing overhead costs incurred...
Fort Corporation had the following transactions during its first month of operations: 1. Purchased raw materials...
Fort 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 $175,000. 4. Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor. 5. Overhead costs incurred were $198,000. 6. Manufacturing overhead was applied at the rate of...
Larned Corporation recorded the following transactions for the just completed month. $76,000 in raw materials were...
Larned Corporation recorded the following transactions for the just completed month. $76,000 in raw materials were purchased on account. $74,000 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $124,500 were paid in cash. Of this amount, $100,200 was for direct labor and the remainder was for indirect labor. Depreciation of $197,000 was incurred on factory equipment. Record the above transactions in journal...
Larned Corporation recorded the following transactions for the just completed month. $89,000 in raw materials were...
Larned Corporation recorded the following transactions for the just completed month. $89,000 in raw materials were purchased on account. $87,000 in raw materials were used in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $107,500 were paid in cash. Of this amount, $101,500 was for direct labor and the remainder was for indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in...
Larned Corporation recorded the following transactions for the just completed month. $81,000 in raw materials were...
Larned Corporation recorded the following transactions for the just completed month. $81,000 in raw materials were purchased on account. $79,000 in raw materials were used in production. Of this amount, $71,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $117,500 were paid in cash. Of this amount, $101,200 was for direct labor and the remainder was for indirect labor. Depreciation of $195,000 was incurred on factory equipment. Required: Record the above transactions in...
In its first year of operations, Oriole Corporation purchased, as a long-term investment, available-for-sale debt securities...
In its first year of operations, Oriole Corporation purchased, as a long-term investment, available-for-sale debt securities costing $67,500. At December 31, 2020, the fair value of the securities is $62,750. Prepare the adjusting entry to record the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit...
Lancaster Company recorded the following transactions for the just-completed month: $45,300 in raw materials was purchased...
Lancaster Company recorded the following transactions for the just-completed month: $45,300 in raw materials was purchased on account. $126,500 in raw materials was requisitioned for use in production. Of this amount, $71,200 was for direct materials and the remainder was for indirect materials. Total labour wages of $213,800 were incurred. Of this amount, $184,350 was for direct labour and the remainder was for indirect labour. Additional manufacturing overhead costs of $191,250 were incurred. Required: Record the above transactions in journal...
Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5,000,...
Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5,000, Work in Process—Cutting $3,700, Work in Process—Assembly $11,000, and Finished Goods $32,100. During July, the following transactions occurred. 1. Purchased $63,000 of raw materials on account. 2. Incurred $60,600 of factory labor. (Credit Wages Payable.) 3. Incurred $71,700 of manufacturing overhead; $42,600 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $16,400 and Assembly $9,600. 5. Used factory labor for Cutting...
What is the ending balance for Raw Materials? __________________________ What is the Cost of Goods Manufactured?...
What is the ending balance for Raw Materials? __________________________ What is the Cost of Goods Manufactured? _______________________________ What is the Cost of Goods Sold on the income statement____________________ How much overhead was actually incurred this period? __________________________ What is the net income for the period? _________________________________ Riverwards Inc. is a small company that manufactures irrigation systems. The line workers earn $32/hour. The company uses job order costing and applies manufacturing overhead on the basis of labor hours. At the beginning...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $211,000. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $105,000. Other manufacturing overhead costs accrued during October, $129,000. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,300 machine-hours...