During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw materials $4,000 on account, factory labor $6,000 of which $5,200 relates to factory wages payable and $800 relates to payroll taxes payable, and utilities payable $2,000. Prepare separate journal entries for each type of manufacturing cost.
Answer to relevant QuestionsIn January, Dieker Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700 and general factory use $600. Prepare a summary journal entry to record raw materials used.During the current month, Wacholz Company incurs the following manufacturing costs.(a) Purchased raw materials of $18,000 on account.(b) Incurred factory labor of $40,000. Of that amount, $31,000 relates to wages payable and ...At May 31, 2017, the accounts of Lopez Company show the following.1. May 1 inventories—finished goods $12,600, work in process $14,700, and raw materials $8,200.2. May 31 inventories—finished goods $9,500, work in ...Warner Company purchases $50,000 of raw materials on account, and it incurs $60,000 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April.Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process—Cutting $2,900, Work in Process—Assembly $10,600, and Finished Goods $31,000. During ...
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