Question

Prepare journal entries to record the following transactions for June using a job order costing system....

Prepare journal entries to record the following transactions for June using a job order costing system.

(a) Purchased raw materials on credit, $84,000.

(b) Raw materials requisitioned: $10,000 direct and $6,200 indirect.

(c) Factory payroll accrued $35,000, including $12,500 indirect labor, remainder was direct labor.

(d) Paid other actual overhead costs totaling $8,500 with cash.

(e) Applied overhead totaling $27,600.

(f) Finished and transferred jobs totaling $67,500.

(g) Jobs costing $55,200 were sold on credit for $80,000.

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
Prepare journal entries to record the following transactions for April using a job order cost accounting...
Prepare journal entries to record the following transactions for April using a job order cost accounting system. a.) purchased raw materials on account, 69,000 b.) raw materials requisitioned for jobs: 26,000 direct and 5,400 indirect c.) factory payroll totalled 46,000 d.) factory payroll assigned to work in process 36,500 and indirect labor 9,500 e.) incurred other actual overhead costs totaling 14,500 f.) applied overhead totaling at a rate of 80% of direct labor cost g.) finished and transferred jobs totaling...
Problem #1 (Job Order Costing) Jen's has the following transactions for the month of November: 1....
Problem #1 (Job Order Costing) Jen's has the following transactions for the month of November: 1. Purchased materials on account for $111,482. 2. Materials Requisitioned for $82,383. 3. Direct Labor for the month was incurred (but not yet paid) of $51,000 4. Actual Overhead for the month was $33,000. It has not been paid yet (Charge to Various Payables) 5. Overhead is applied to production at the rate of 70% of direct labor. 6. Jobs totaling $56,000 were transferred from...
Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred:...
Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,680. 3 Requisitioned materials totaling $24,480 for use in production. Of the total, $9,220 was for Job 58, $8,940 for Job 59, and the remainder for Job 60. 31 Incurred direct labor for the month of $28,800, with an average wage of $16 per hour. Job 58 used 790 hours; Job 59, 590 hours; and Job 60,...
Exercise 2-4 Prepare Journal Entries [LO2-4] Larned Corporation recorded the following transactions for the just completed...
Exercise 2-4 Prepare Journal Entries [LO2-4] Larned Corporation recorded the following transactions for the just completed month. a. $71,000 in raw materials were purchased on account. b. $69,000 in raw materials were requisitioned for use in production. Of this amount, $56,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $123,500 were incurred. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs...
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...
PART B – Journal Entries:  Prepare journal entries for the month of March to record the below...
PART B – Journal Entries:  Prepare journal entries for the month of March to record the below transactions (make sure to use proper journal entry formatting and include a brief description of each entry). Raw materials purchases (on credit).  Assume the firm purchased $282,000 worth of raw materials in March. Direct materials used in production:  Mixing Department: $250,000;  Packaging Department: $16,500. Direct labor used in production (assume not paid in Cash, use the Factory Wages Payable account for the credit):  Mixing Department: $60,000;  Packaging Department:  $31,800. Overhead...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel’s beginning and ending Work in Process Inventory are $15,500 and $27,000 respectively. Compute the cost of jobs transferred to Finished Goods Inventory. Multiple...
Journal Entries: Prepare journal entries for the month of March to record the below transactions (make...
Journal Entries: Prepare journal entries for the month of March to record the below transactions (make sure to use proper journal entry formatting and include a brief description of each entry). Raw materials purchases (on credit). Assume the firm purchased $282,000 worth of raw materials in March. Direct materials used in production: Mixing Department: $250,000; Packaging Department: $16,500. Direct labor used in production (assume not paid in Cash, use the Factory Wages Payable account for the credit): Mixing Department: $60,000;...
Prepare journal entries for the following transactions assuming the company uses a job-order costing system: Raw...
Prepare journal entries for the following transactions assuming the company uses a job-order costing system: Raw materials were purchased on account for $300,000 Raw materials were issued to production for $290,000 ($228,000 direct material and $62,000 indirect materials). Direct labour cost was incurred for $110,000 and indirect labour cost was incurred for $90,000. Depreciation was recorded on factory equipment for $70,000. Other manufacturing overhead costs were incurred on account for $140,000.
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $15,500 and $27,000 respectively. Compute the cost of product transferred to Finished Goods Inventory:
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT