Coyote Corp. uses a job order cost system. The following data summarize the operations related to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Coyote Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. (unit = $) 1. Materials purchased on account $220,000, and factory wages incurred $90,000. 2. Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 40,000 20,000 А21 50,000 15,000 A22 38,000 17,000 A23 37,000 30,000 Generalfactory use 5,000 8,000 170,000 90,000 3. Insurance expense incurred for the manufacturing plant $60,000. 4. Depreciation on factory equipment $20,000. 5. Depreciation on the company's office building was $16,000. 6. Manufacturing overhead rate is 60% of direct material cost. 7. Jobs completed during the quarter:A20, A21, and A22. 8. Products manufactured from jobs A20 and A22 were sold for $120,000 and $110,000, respectively, on account. Instructions: Prepare journal entries to record the operations summarized above. Coyote Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. (unit = $) 1. Materials purchased on account $220,000, and factory wages incurred $90,000. 2. Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 40,000 20,000 А21 50,000 15,000 A22 38,000 17,000 A23 37,000 30,000 Generalfactory use 5,000 8,000 170,000 90,000 3. Insurance expense incurred for the manufacturing plant $60,000. 4. Depreciation on factory equipment $20,000. 5. Depreciation on the company's office building was $16,000. 6. Manufacturing overhead rate is 60% of direct material cost. 7. Jobs completed during the quarter:A20, A21, and A22. 8. Products manufactured from jobs A20 and A22 were sold for $120,000 and $110,000, respectively, on account. Instructions: Prepare journal entries to record the operations summarized above.
Expert Answer:
Answer rating: 100% (QA)
Journal Entries Date Accounts Debit Credit 1 Materials 220000 Accounts payable 220000 mate... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0077826482
3rd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Posted Date:
Students also viewed these accounting questions
-
Bill is a grain farmer with 200 hectares to be harvested. His son Trevor is a member and trustee of a self managed superannuation funda self managed superannuation fund. Trevor's SMSF wants to...
-
The Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts ............ $...
-
The AutoDoctor Body Shop uses a job order cost system to determine the cost of performing automotive body and repair work. Estimated costs and expenses for the coming period are as follows: Auto...
-
Consider the following two investments. Which is preferred if the utility function is U(W) = -W - 0.04W2? Investment A Investment B $Outcome Probability 2/5 1/5 2/5 $ Outcome Probability 1/2 1/4 1/4...
-
What is the pK of the weak acid HA if a solution containing 0.1 M HA and 0.2 M A- has a pH of 6.5?
-
Indicate the type of flow given by \(\phi=\sqrt{r} \cos (\theta / 2)\). Calculate and plot typical streamlines.
-
A soap manufacturer tested a standard bar of soap to see how long it would last. A test subject showered with the soap each day for 15 days and recorded the Weight (in grams) of the soap after the...
-
ww 4. Starting at the battery explain the flow of electrons in this circuit (
-
Solutions Plus is an industrial chemicals company that produces specialized cleaning fluids and solvents for a wide variety of applications. Solutions Plus just received an invitation to submit a bid...
-
You were given Table 1, below. Recreate Table 2 in an Excel spreadsheet and complete the yellow highlighted areas by creating excel formulas to calculate the expense differences due to volume and...
-
You are applying for a health care manager position that reports to the department head of a hospital. As part of this role, you may be responsible for pulling key financial data for the department...
-
When applying for Medicaid all of the following constitute a "countable asset" EXCEPT: Spouse's section 401(k) plan Equity in home owned jointly with spouse Worker's own section 401(k) plan Jointly...
-
On March 13, 2020, you convert 500,000 U.S. dollars to Japanese yen in the spot foreign exchange market and purchase a six-month forward contract to convert yen into dollars. How much will you...
-
In practice, when firms make significant investments, calculating the NPV or IRR is only the first step in the analysis done to decide whether to accept or reject the investment opportunity. Question...
-
Briefly describe the difference between the common law and civil law traditions. (2 marks) What are the four essential elements of a valid contract in both the common law and civil law...
-
(2) 50 (1) 20 P Member (1) has an area of 1,900 mm and an allowable normal stress of 180 MPa. Member (2) has an area of 2,600 mm and an allowable normal stress of 160 MPa. Determine the maximum load...
-
Determine the resultant moment produced by the forces about point O. 0.25 m 0.125 m, 0 0.3 m- 60 F = 500 N F = 600 N
-
Refer to the information in PA8-1. March.......................275 April........................250 May.........................300 June.........................400 July..........................375...
-
Carlise has identified the following information about its overhead activity cost pools and the two product lines: Required: 1. Suppose Carlise used a traditional costing system with machine hours as...
-
For each of the following independent cases A through D, compute the missing values: Cost of Goods Manufactured BegInning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold...
-
Mosca and Vespa are two sole traders with the financial statements (in euros) for the year ending 31 December as set out in Figure 7.10. Using the information contained in the financial statements,...
-
The following information has been extracted from the recently published statements of company D, as set out in Figure 7.11. Figure 7.11 Financial statements for company D as at 30 April The ratios...
-
Which of the following costs related to a building is NOT usually treated as an expense but is added to the asset? A. Repairs. B. Redecoration. C. Fitting new safety equipment. D. Cleaning.
Study smarter with the SolutionInn App