Alameda Paints Corp. uses the cost-in-order system in the manufacture of its products. The company has...

 

  

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Alameda Paints Corp. uses the cost-in-order system in the manufacture of its products. The company has balance sheets in its inventory accounts as of April 1 of: INITIAL INVENTORIES > Raw materials > Work in process > Finished goods. $ 34,000 22,000 50,000 During the year he carried out the following transactions: 1. Purchased Raw Material on credit, $170,000 2. Production requested from the warehouse by requisition raw material: $180,000 (80% direct) • 180,000 X.8B0 = se carga a work in process • 180,000 X .20 - Charged to Indirect Material !3! 3. Employee salaries and wages were incurred and/or accumulated: DL $200,000; Indirect labor $82,000; Selling and Administrative $90,000 4. Utilities were incurred, $70,000, in production. 5. Advertising costs incurred, $100,000 6. Prepaid insurance expenses expired (Prepaid insurance) $20,000 (90% manufacturing) Original entry a. Prepaid Insurance 20,000 Cash 20,000 Original entry a. Prepaid Insurance 20,000 Cash 20,000 Entry to recognize cost and expense: b. Insurance expense 2,000 18,000 Overhead Prepaid insurance 20,000 I MADE THE INPUT FOR YOU TO SEE THE PROCESS. 7. Depreciation is recognized for $180,000 (90%plant, COST (10% Expense). 8. Applying OVERHEAD to a 175% DIRECT LABOR COST "rate" (200,000 x 1.75) 9. Products that cost to produce them $700,000 according to the Job Order Cost Sheet were transferred to the Finished Goods warehouse.) I MADE THE INPUT FOR YOU TO SEE THE PROCESS. 7. Depreciation is recognized for $180,000 (90%plant, COST (10% Expense) 8. Applying OVERHEAD to a 175% DIRECT LABOR COST "rate" ( 200.000 x 1.75) 9. Products that cost to produce them $700,000 according to the Job Order Cost Sheet were transferred to the Finished Goods warehouse.) 10. The company sold $1,000,000 on credit. The cost of sales was $720,000. required Prepare the jornal entries to record each transaction Prepare cuentas T para RM, WP, FG, MOVH, COGS Post to Taccounts and determine balance sheets • Prepare un Income Statement Alameda Paints Corp. uses the cost-in-order system in the manufacture of its products. The company has balance sheets in its inventory accounts as of April 1 of: INITIAL INVENTORIES > Raw materials > Work in process > Finished goods. $ 34,000 22,000 50,000 During the year he carried out the following transactions: 1. Purchased Raw Material on credit, $170,000 2. Production requested from the warehouse by requisition raw material: $180,000 (80% direct) • 180,000 X.8B0 = se carga a work in process • 180,000 X .20 - Charged to Indirect Material !3! 3. Employee salaries and wages were incurred and/or accumulated: DL $200,000; Indirect labor $82,000; Selling and Administrative $90,000 4. Utilities were incurred, $70,000, in production. 5. Advertising costs incurred, $100,000 6. Prepaid insurance expenses expired (Prepaid insurance) $20,000 (90% manufacturing) Original entry a. Prepaid Insurance 20,000 Cash 20,000 Original entry a. Prepaid Insurance 20,000 Cash 20,000 Entry to recognize cost and expense: b. Insurance expense 2,000 18,000 Overhead Prepaid insurance 20,000 I MADE THE INPUT FOR YOU TO SEE THE PROCESS. 7. Depreciation is recognized for $180,000 (90%plant, COST (10% Expense). 8. Applying OVERHEAD to a 175% DIRECT LABOR COST "rate" (200,000 x 1.75) 9. Products that cost to produce them $700,000 according to the Job Order Cost Sheet were transferred to the Finished Goods warehouse.) I MADE THE INPUT FOR YOU TO SEE THE PROCESS. 7. Depreciation is recognized for $180,000 (90%plant, COST (10% Expense) 8. Applying OVERHEAD to a 175% DIRECT LABOR COST "rate" ( 200.000 x 1.75) 9. Products that cost to produce them $700,000 according to the Job Order Cost Sheet were transferred to the Finished Goods warehouse.) 10. The company sold $1,000,000 on credit. The cost of sales was $720,000. required Prepare the jornal entries to record each transaction Prepare cuentas T para RM, WP, FG, MOVH, COGS Post to Taccounts and determine balance sheets • Prepare un Income Statement

Answer rating: 100% (QA)

Journal Entries Events Particulars Debit Credit 1 Raw Materials 17000000 To A... View the full answer