During January, its first month of operations, Knox 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, Knox Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,400, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw materials used.At May 31, 2014, the accounts of Mantle 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 ...Weber Company purchases $45,000 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.The Polishing Department of Harbin Company has the following production and manufacturing cost data for September. Materials are entered at the beginning of the process.Production: Beginning inventory 1,600 units that are ...Performance Company sells two types of performance tires. The lower-priced model is guaranteed for only 50,000 miles; the higher-priced model is guaranteed for 150,000 miles. The unit contribution margin on the higher-priced ...
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