Question

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:

  1. $45,300 in raw materials was purchased on account.
  2. $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.
  3. Total labour wages of $213,800 were incurred. Of this amount, $184,350 was for direct labour and the remainder was for indirect labour.
  4. Additional manufacturing overhead costs of $191,250 were incurred.

Required:

Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Homework Answers

Answer #1

Journal entries

No Account and explanation debit credit
a Raw material 45300
Account payable 45300
(To record purchase raw material)
b Work in process 71200
Manufacturing overhead (126500-71200) 55300
Raw material 126500
(To record raw material used)
c Work in process 184350
Manufacturing overhead 29450
Wages payable 213800
(To record wages)
d Manufacturing overhead 191250
Other overhead 191250
(To record additional manufacturing overhead)
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
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. $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. $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...
Kirkaid Company recorded the following transactions for the just completed month: a. $94,000 in raw materials...
Kirkaid Company recorded the following transactions for the just completed month: a. $94,000 in raw materials were requisitioned for use in production. Of this amount, $77,000 was for direct materials and the remainder was for indirect materials. b. Total labor wages of $118,000 were incurred. Of this amount, $110,000 was for direct labor and the remainder was for indirect labor. c. Additional actual manufacturing overhead costs of $202,000 were incurred. d. A total of $232,000 in manufacturing overhead was applied...
Kirkaid Company recorded the following transactions for the just completed month: a. $118,000 in raw materials...
Kirkaid Company recorded the following transactions for the just completed month: a. $118,000 in raw materials were requisitioned for use in production. Of this amount, $89,000 was for direct materials and the remainder was for indirect materials. b. Total labor wages of $142,000 were incurred. Of this amount, $122,000 was for direct labor and the remainder was for indirect labor. c. Additional actual manufacturing overhead costs of $214,000 were incurred. d. A total of $268,000 in manufacturing overhead was applied...
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...
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning...
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a. $75,200 in raw materials were purchased for cash. b. $72,600 in raw materials were requisitioned for use in production. Of this amount, $66,400 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,000 were incurred and paid. Of this amount, $133,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing...
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning...
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.    a. $75,100 in raw materials were purchased for cash. b. $72,000 in raw materials were requisitioned for use in production. Of this amount, $65,900 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,300 were incurred and paid. Of this amount, $133,400 was for direct labor and the remainder was for indirect labor. d. Additional...
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning...
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.    a. $76,100 in raw materials were purchased for cash. b. $72,100 in raw materials were requisitioned for use in production. Of this amount, $65,500 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,500 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for indirect labor. d. Additional...
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.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT