Question: HELP TO PREPARE JOURNAL ENTRIES, PLEASE. If needed, the full homework is attached. Thank you in advance! a.Raw materials were purchased on account, $60,000. b.Raw

HELP TO PREPARE JOURNAL ENTRIES, PLEASE.

If needed, the full homework is attached. Thank you in advance!

a.Raw materials were purchased on account, $60,000.

b.Raw materials were requisitioned for use in production, $52,000.($50,000 direct and $2,000 indirect).

c.Accrual of factory wages $60,000; and maintenance workers for the factory $15,000.

d.The following costs were incurred on the factory; Utilities $21,000, Equipment Rental $16,000and cable, internet, phone for the factory $3,000.

e.The accrual of property taxes on the factory was made in the amount of $13,000.

f.The expiration of prepaid medical insurance on factory workers was made in the amount of $18,000.

g.Depreciation was recorded on the factory equipment in the amount of $18,000.

h. Company applies overhead costs based on machine hours worked.the companyestimated that it will work 15,000 machine hours and incur $90,000 in manufacturing

overhead costs.The journal entry is made to apply Manufacturing Overhead.A total of 15,000 machine hours have occurred.

i.The accrual of management salaries $21,000 and office staff salaries $9,000 was made.

j.Depreciation on office equipment was made in the amount of $7,000.

k.Advertising for the period was accrued in the amount of $42,000.

l.Cable, internet, and phone expenses for Sales Offices was $38,000 and General & Administrative was $4,000.

m.$158,000 of goods were completed and transferred to the finished goods department.

n1.Sold $500,000 (Sales Price) on account.n2.The goods had a cost of $118,500.

10.Is Manufacturing Overhead underapplied or overapplied for the year?By what amount?

11.Prepare the necessary entry to close manufacturing overhead.(Use the write-off approach).

12.Provide Entry to Close to COGS:

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!