Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. 1 Purchased raw materials for $20,000 on account. 8 Raw materials requisitioned by production: June Direct materials Indirect materials $8,000 1,000 15 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 25 Incurred $108,000 of factory labor. 25 Time tickets indicated the following: Direct Labor (7,000 hrs x $12 per hr) = Indirect Labor (3,000 hrs x $8 per hr) $84,000 24,000 $108.000 %3D 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. 28 Goods costing $18,000 were completed in the factory and were transferred to finished goods. 30 Goods costing $15,000 were sold for $20,000 on account. Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. 1 Purchased raw materials for $20,000 on account. 8 Raw materials requisitioned by production: June Direct materials Indirect materials $8,000 1,000 15 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 25 Incurred $108,000 of factory labor. 25 Time tickets indicated the following: Direct Labor (7,000 hrs x $12 per hr) = Indirect Labor (3,000 hrs x $8 per hr) $84,000 24,000 $108.000 %3D 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. 28 Goods costing $18,000 were completed in the factory and were transferred to finished goods. 30 Goods costing $15,000 were sold for $20,000 on account.
Expert Answer:
Answer rating: 100% (QA)
Date Account Titles and Explanation Debit Credit June 1 Raw Materials In... View the full answer
Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
Students also viewed these accounting questions
-
Prepare journal entries to record the following transactions in the appropriate funds of a nongovernmental not-for-profit university: 1. Tuition and fees assessed total $6,000,000. Eighty percent is...
-
Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Sophia Corp., all of which occurred during calendar year 2011. Use the account...
-
Prepare journal entries to record the following transactions for Emerson Corporation. April 15 Declared a cash dividend payable to common stockholders of $40,000. May 15 Date of record is May 15 for...
-
Monroe Inc. is an all-equity firm with 500,000 shares outstanding. It has $2,000,000 of EBIT, and EBIT is expected to remain constant in the future. The company pays out all of its earnings, so...
-
List the factors affecting sample size in a PPS sample.
-
Refer to Exercise 10.41 and find a 90% confidence interval for the difference between the mean reductions in PTH levels for fortified and unfortified orange juice.
-
The current market interest rate on U-Store City Investment Building bonds is $10 \%$, compounded semiannually. The original bonds are sold as $\$ 1,000,12 \%$ interest rate notes. A batch of bonds...
-
Nelson Industries manufactures a part for a type of aircraft engine that is becoming obsolete. The sales history for the last 10 years is as follows: a. Plot sales versus time. b. Estimate the...
-
What is the coupon rate for a bond with annual coupons that has a face value of $1,000, 7 years to maturity, a current price of $1,101, and a yield to maturity of 8.4%?
-
Go through the transaction list (Document1) and identify which cycle each transaction belongs to. A transaction will belong to only one cycle; either the Sale to Cash Receipt (S/CR) Cycle, Purchases...
-
Husky Ltd. manufactures toys using a continuous production process that flows through two departments: Forming and Finishing. In the forming department, various components are built and are...
-
Research the background and passage of one of the consumer credit laws discussed in the chapter. Explain why this protection was needed, and describe what practices prompted the passage of this...
-
Your wealthy uncle has asked you to help him value the bonds in his portfolio. Through the years, he has observed that some bonds sell well below or well above stated par values. He has asked for...
-
To learn more about personal bankruptcy, interview an attorney (or other knowledgeable bankruptcy professional) who often handles bankruptcy proceedings. Ask about spending trends and household...
-
Interview the financial manager at an auto dealership to learn about the available financing options. Since the auto purchased will serve as collateral, and the vehicle trade-in value can be the down...
-
Determine which of the foUowing two companies would be eligible for listing on the NYSE: Firm 1 Firm 2 Earnings before taxes for the last 3 years Value of publicly held stock Number of common shares...
-
Suppose r0 = 0x8000, and the memory layout is as follows: Address Data 0x8007 0x79 0x8006 0xCD 0x8005 0xA3 0x8004 0xFD 0x8003 0x0D 0x8002 0xEB 0x8001 0x2C 0x8000 0x1A a) What is the value of r1 after...
-
The area of square PQRS is 100 ft2, and A, B, C, and D are the midpoints of the sides. Find the area of square ABCD. B A
-
The capital balances and profits and loss sharing percentages for the Sprint, Jog, and Run partnership at December 31, 2011, are as follows: Sprint capital (30%) ... $160,000 Jog capital (50%) .......
-
Assume that supplies on hand at the beginning of the year amount to $60,000 and that supply purchases during the year are $400,000. Supplies on hand at year-end are $40,000, and the consumption basis...
-
PWA Corporation paid $1,710,000 for 100 percent of the stock of SAA Corporation on January 1, 2011, when the stockholders' equity of SAA consisted of 5,000,000 LCU capital stock and 3,000,000 LCU...
-
Elm City is considering a replacement for its police radio. The benefits and costs of the replacement are shown below. What is the replacement's benefit/cost ratio if the effective annual interest...
-
True or False: OMB's Circular No. A-94, Revised is the definitive document for benefit-cost analysis.
-
A library shelving system has a first cost of \(\$ 20,000\) and a useful life of 10 years. The annual maintenance is expected to be \(\$ 2,500\). The annual benefits to the library staff are expected...
Study smarter with the SolutionInn App