a. Purchased $101,700 of raw materials on credit. b. Materials requisitions show the following materials used...

  
 
 

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a. Purchased $101,700 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials. Indirect materials Total materials used c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 49,900 25,300 75,200 10,320 $ 85,520 Tanzania $ 40,900 14,300 55,200 25,900 $ 81,100 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. No Exercise 15-7 (Algo) Recording materials, labor, overhead, and sales LO P1, P2, P3 Prepare journal entries to record the transactions reflected in items a through g. Answer is not complete. 1 2 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance. Total other factory overhead costs 3 Transaction : a. b(1). b(2) Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Factory overhead $ 33,700 670 970 4,700 $ 40,040 General Journal Raw materials inventory ›› 00 00 Debit 101,700 75,200 10,320 Credit 101,700 75,200 10,320 Required information No 1 2 3 5 6 Transaction a. b(1). b(2). c(1). c(2). d. Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Factory overhead General Journal Raw materials inventory Work in process inventory Factory wages payable Factory overhead Factory wages payable Work in process inventory Factory overhead ›› ›› ›› >> ›› Debit 101,700 75,200✔ 10,320 55,200 25,900 44,160 Credit 101,700 75,200 10,320 55,200 25,900 44,160 x Required information 6 7 8 9 10 d. e. f(1). f(2). g. Work in process inventory Factory overhead Finished goods inventory Work in process inventory Accounts receivable Sales Cost of goods sold Finished goods inventory Factory overhead Accumulated depreciation-Factory building Accounts payable Prepaid insurance 33 44,160 X 123,520 168,860 123,520 40,040 44,160 123,520 16,860 123,520 33,700 1,640 4,700 a. Purchased $101,700 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials. Indirect materials Total materials used c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 49,900 25,300 75,200 10,320 $ 85,520 Tanzania $ 40,900 14,300 55,200 25,900 $ 81,100 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. No Exercise 15-7 (Algo) Recording materials, labor, overhead, and sales LO P1, P2, P3 Prepare journal entries to record the transactions reflected in items a through g. Answer is not complete. 1 2 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance. Total other factory overhead costs 3 Transaction : a. b(1). b(2) Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Factory overhead $ 33,700 670 970 4,700 $ 40,040 General Journal Raw materials inventory ›› 00 00 Debit 101,700 75,200 10,320 Credit 101,700 75,200 10,320 Required information No 1 2 3 5 6 Transaction a. b(1). b(2). c(1). c(2). d. Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Factory overhead General Journal Raw materials inventory Work in process inventory Factory wages payable Factory overhead Factory wages payable Work in process inventory Factory overhead ›› ›› ›› >> ›› Debit 101,700 75,200✔ 10,320 55,200 25,900 44,160 Credit 101,700 75,200 10,320 55,200 25,900 44,160 x Required information 6 7 8 9 10 d. e. f(1). f(2). g. Work in process inventory Factory overhead Finished goods inventory Work in process inventory Accounts receivable Sales Cost of goods sold Finished goods inventory Factory overhead Accumulated depreciation-Factory building Accounts payable Prepaid insurance 33 44,160 X 123,520 168,860 123,520 40,040 44,160 123,520 16,860 123,520 33,700 1,640 4,700

Answer rating: 100% (QA)

Job Number 201 Job Number 202 25300 14300 2... View the full answer