50.1K

Verified Solution

Link Copied!

Journal entry worksheet Raw materials purchased on account, $323,000. Note: Enter debits before credits. Journal entry worksheet Raw materials used in production, $264,000 ( 80% direct materials and 20% indirect materials). Note: Enter debits before credits. Prepare a journal entry for item ( 9 ) above. (If no entry is required for a transaction/event, select: "No journal entry required" in the first. account field.) Journal entry worksheet Record the entry to transfer from WIP to Finished goods. Note: Enter debits before credits. Prepare journal entries to record items (a) through (f) above [ignore item ( g ) for the moment]. (If no entry is transaction/event, select "No journal entry requiredri in the first account field. Do not round intermediate calculati Journal entry worksheet Labor cost accrued in the factory, $180,000 (one.thind direct labor and twothirds indirect labor). Note: Enter debits before credits. Journal entry worksheet 56 Depreciation recorded on factory equipment, $63,400. Note: Enter debits before credits. Journal entry worksheet 1234 Manufacturing overhead cost was applied to production on the basis of 40,670 machine-hours actually worked during the month. Note: Enter debits before credits: b. Raw materials used in production, $264,000 (80\% direct materials and 20% indirect materials). c. Labor cost accrued in the factory, $180,000 (one-third direct labor and two-thirds indirect labor) d. Depreciation recorded on factory equipment, $63,400. e Other manufacturing overhead costs incurred on account, $85,400. f. Manufacturing overhead cost was appiled to production on the basis of 40.670 machine-hours actually worked during the month. g. The completed job for 12,200 custom-made machined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer. (in computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labot, and applied overhead) Required: 1. Prepare joumal entries to record items (a) through (f) above [ignore item (g) for the moment] 2 Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these Taccounts. 3. Prepare a journal entry for item (g) above. 4. If 10,700 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February? Complete the question by entering your answers in the tabs below. If 10,700 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for february? (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole doliar amount.) Required: 1. Prepare joumal entries to record items (a) through ( f ) above [ignore item (g) for the moment]. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these Taccounts 3. Prepare a journal entry for item (g) above. 4. If 10,700 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February? Complete the question by entering your answers in the tabs below. Prepare journal entries to record items (a) through ( f ) above [ignore item ( g ) for the moment]. (If no entry is required transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Other manufacturing overhead costs incurred on account, $85,400. Note: Enter debits before credits. Dilon Products manufactures various machined parts to customer specifications, The company uses a job-order costing system and ipples overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,185,000 in manufacturing overthead cost at an activity level of 558,000 machine hours The company spent the entre month of January working on a large order for 12.200 custom made machined parts: The company had no work in process at the beginning of January. Cost data relating to January follow: a. Raw materials purchased on account $323,000. b. Raw materials used in production, $264,000 ( 80% direct materials and 20% indirect materials). c. Labor cost accrued in the factory. $180,000 (one-thind direct labor and two-thirds indirect labon) d. Depreciation recorded on factory equipment $63,400. e. Other manufacturing overhead costs incurred on accotint, $85,400 t. Manufacturing overhead cost was applied to production on the basis of 40,670 machine-hours actually worked during the month. 9. The completed job for 12,200 curstorr-made muchined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer fin computing the dollar amount for this entry. temember that the cost of a completed job consists of direct materials, direct labot, and applied overhead) Required: 1. Prepare journat entries to record items (0) through (f) ebove [ignore nem (g) for the moment] 2. Prepare T-accounts for Marufacturing Overheed and Work in Process. Post the relevant items from your journal entries to these T. sccounts. 3 Prepore a journal entry for atem (g) obowe 4. if 10,700 of the custom-mede machned ports are shipped to the customet in February, how much of this job's cost will be included in cest of goods sold for Februery? Complete the question try entering your answers in the tabs below. Uansastion/event, select "No journal entry required" in the first account fleld Do not cound intermediate calcolations

Answer & Explanation Solved by verified expert

See Answer