Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities...
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Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $240,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 1381 Job 139 Job 140 Total direct materials Indirect materials Total materials used Job 136 Job 137. c. Paid $15,250 cash to a computer consultant to reprogram factory equipment. d. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 138. Job 139 $ 48,500 33,000 19,400 Job 140 Total direct labor Indirect labor Total 22,400 6,800 130, 100 21,000 $151,100 $ 12,200 10,600 37,700 39,200 3,800 103,500 26,500 $130,000 e. Applied overhead to Jobs 136, 138, and 139. f. Transferred Jobs 136, 138, and 139 to Finished Goods. g. Sold Jobs 136 and 138 on credit at a total price of $545,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable i. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. Required: 1. Prepare a job cost sheet for each job worked on during the month. Materials Labor Overhead Total cost Job No. 136 Job No. 137 $69,500 37,500 11,000 36,500 0 $ 0 Job No. 138 0 Job No. 139 0 Job No. 140 $ 0 Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $240,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138. Job 139. Job 140 Total direct materials. Indirect materials Total materials used c. Paid $15,250 cash to a computer consultant to reprogram factory equipment. d. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 Job 138. Job 139. Job 140 Total direct labor Indirect labor Total < e. Applied overhead to Jobs 136, 138, and 139. f. Transferred Jobs 136, 138, and 139 to Finished Goods. g. Sold Jobs 136 and 138 on credit at a total price of $545,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building Depreciation of factory equipment View transaction list $ 48,500 33,000 19,400 22,400 6,800 130, 100 21,000 $151, 100 Expired factory insurance Accrued property taxes payable $ 12,200 10,600 37,700 39,200 3,800 i. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 2. Prepare journal entries to record the events and transactions a through i. 1 103,500 26,500 $130,000 Journal entry worksheet 2 3 Transaction a. Note: Enter debits before credits. 4 Record raw material purchases on credit. 5 $69,500 37,500 11,000 36,500 General Journal 6 7 8 Debit 9 10 Credit > Required information [The following information applies to the questions displayed below.] Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $240,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138. Job 139 Job 140 Total direct materials Indirect materials Total materials used c. Paid $15,250 cash to a computer consultant to reprogram factory equipment. d. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor. Indirect labor Total End.bal. End.bal. e. Applied overhead to Jobs 136, 138, and 139. f. Transferred Jobs 136, 138, and 139 to Finished Goods. End.bal. g. Sold Jobs 136 and 138 on credit at a total price of $545,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). $ 48,500 33,000 19,400 22,400 6,800 130, 100 21.000 $151, 100 $ 12,200 10,600 37,700 39,200 3,800 i. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 103,500 26,500 $130,000 Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable 3. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance. 0 Raw Materials Inventory Factory Overhead 0 Cost of Goods Sold $69,500 37,500 11,000 36,500 End.bal. End.bal. Work in Process Inventory Finished Goods Inventory 4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs equals the Work in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. Work in Process Inventory Balance Report of Job Costs Finished Goods Inventory Balance Cost of Goods Sold Balance $ 0 0 0 At the beginning of the year, Learer Company's manager estimated total direct labor cost assuming 25 persons working an average of 2,000 hours each at an average wage rate of $40 per hour. The manager also estimated the following manufacturing overhead costs for the year. Indirect labor. Factory supervision. Rent on factory building Factory utilities. Factory insurance expired Depreciation-Factory equipment Repairs expense-Factory equipment Factory supplies used. Miscellaneous production costs Total estimated overhead costs At year-end, records show the company incurred $1,810,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $607,000; Job 202, $566,000; Job 203, $301,000; Job 204, $719,000; and Job 205, $317,000. In addition, Job 206 is in process at the end of the year and had been charged $20,000 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. $ 322,200 219,000 143,000 91,000 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year. Req 1A 71,000 380,000 63,000 71,800 39,000 $1,400,000 Complete this question by entering your answers in the tabs below. Req 1B Req 1C Choose Numerator: Reg 2 Determine the predetermined overhead rate for the year. Predetermined overhead rate 1 Choose Denominator: 1 1 < Req 1A = = = Predetermined overhead rate Predetermined overhead rate Req 1B > 0 Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Job No. 201 202 203 204 205 206 Total Determine the total overhead cost applied to each of the six jobs during the year. Direct Labor Overhead cost applied $ 607,000 566,000 301,000 719,000 317,000 20,000 $ 2,530,000 Req 1C $ Req 2 < Req 1A Req 1C > Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B View transaction list Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year. 1 Journal entry worksheet Req 1C Note: Enter debits before credits. Date Dec 31 Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. Record entry Req 2 General Journal Clear entry Debit Credit View general journal Sager Company manufactures variations of its product, a technopress, in response to custom orders from its customers. On May 1, the company had no inventories of work in process or finished goods but held the following raw materials. Material M Material R Paint Total cost On May 4, the company began working on two technopresses: Job 102 for Worldwide Company and Job 103 for Reuben Company. a. Purchased raw materials on credit and recorded the following information from receiving reports and invoices. Receiving Report No. 426, Material M, 290 units at $290 each. Receiving Report No. 427, Material R, 115 units at $270 each. Instructions: Record these purchases with a single journal entry. Enter the receiving report information on the materials ledger cards. b. Requisitioned the following raw materials for production. Requisition No. 35, for Job 102, 162 units of Material M. Requisition No. 36, for Job 102, 72 units of Material R. Requisition No. 37, for Job 103, 84 units of Material M. Requisition No. 38, for Job 103, 91 units of Material R. Requisition No. 39, for 19 units of paint. Instructions: Enter amounts for direct materials requisitions on the materials ledger cards and the job cost sheets. Enter the indirect materials amount on the materials ledger card. 300 units @ $290 $ 87,000 120 units @ 270 = 65 units @ 85 = 32,400 5,525 $124,925 c. Received the following employee time tickets for work in May. Time tickets Nos. 1 to 10 for direct labor on Job 102, $83,000. Time tickets Nos. 11 to 30 for direct labor on Job 103, $54,000. Time tickets Nos. 31 to 36 for equipment repairs, $23,750. Instructions: Record direct labor from the time tickets on the job cost sheets. d. Paid cash for the following items during the month: factory payroll, $160,750, and miscellaneous overhead items, $124,000. Use the time tickets to record the total direct and indirect labor costs. e. Finished Job 102 and transferred it to the warehouse. The company assigns overhead to each job with a predetermined overhead rate equal to 80% of direct labor cost. Instructions: Enter the allocated overhead on the cost sheet for Job 102, fill in the cost summary section of the cost sheets. f. Delivered Job 102 and accepted the customer's promise to pay $590,000 within 30 days. g. Applied overhead cost to Job 103 based on the job's direct labor to date. Required: Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. Prepare journal entries for part a through g. Complete this question by entering your answers in the tabs below. Materials Requisition Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. MATERIALS LEDGER CARD Material M Item Date May 11 Item Date May 1 Item Date May 1 Job Cost Sheets Receiving Report Receiving Report Receiving Report General Journal Received Units Unit Price Total Price Requisition Units 0 Received Units Unit Price Material R Issued 0 Received Issued Units Unit Price Total Price Requisition Units Unit Price Total Price Units Paint Unit Price Total Price Units Balance Unit Price Total Price 0 0 0 0 0 Balance Unit Price Total Price 0 0 0 0 Balance Issued Total Price Requisition Units Unit Price Total Price Units Unit Price Total Price 0 0 Required: Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. Prepare journal entries for part a through g. Complete this question by entering your answers in the tabs below. Job Cost Materials Requisition General Journal Sheets Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. JOB COST SHEET Customer's Name Worldwide Company Direct Materials Amount Requisition Number Total Summary of Costs Total cost of Job Customer's Name Requisition Number Total Reuben Company Direct Materials Amount Summary of Costs Total cost of Job Direct Labor Time Ticket Number Amount 0 Total 0 Direct Labor Time Ticket Number Amount 0 Total <Materials Requisition 0 0 102 Job No. Overhead Costs Applied Rate % Amount 0 103 Job No. Overhead Costs Applied Amount Rate % General Journal > 0 Required: Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. Prepare journal entries for part a through g. Complete this question by entering your answers in the tabs below. Materials Requisition Job Cost Sheets Prepare journal entries for part a through g. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Journal entry worksheet 2 a. General Journal Record the purchase of raw materials on credit from the receiving reports and invoices given in letter a). Record these purchases with a single journal entry. Note: Enter debits before credits. Transaction 3 4 5 6 7 8 Record entry General Journal Clear entry < Job Cost Sheets Debit Credit View general journal General Journal > Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $240,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 1381 Job 139 Job 140 Total direct materials Indirect materials Total materials used Job 136 Job 137. c. Paid $15,250 cash to a computer consultant to reprogram factory equipment. d. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 138. Job 139 $ 48,500 33,000 19,400 Job 140 Total direct labor Indirect labor Total 22,400 6,800 130, 100 21,000 $151,100 $ 12,200 10,600 37,700 39,200 3,800 103,500 26,500 $130,000 e. Applied overhead to Jobs 136, 138, and 139. f. Transferred Jobs 136, 138, and 139 to Finished Goods. g. Sold Jobs 136 and 138 on credit at a total price of $545,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable i. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. Required: 1. Prepare a job cost sheet for each job worked on during the month. Materials Labor Overhead Total cost Job No. 136 Job No. 137 $69,500 37,500 11,000 36,500 0 $ 0 Job No. 138 0 Job No. 139 0 Job No. 140 $ 0 Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $240,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138. Job 139. Job 140 Total direct materials. Indirect materials Total materials used c. Paid $15,250 cash to a computer consultant to reprogram factory equipment. d. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 Job 138. Job 139. Job 140 Total direct labor Indirect labor Total < e. Applied overhead to Jobs 136, 138, and 139. f. Transferred Jobs 136, 138, and 139 to Finished Goods. g. Sold Jobs 136 and 138 on credit at a total price of $545,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building Depreciation of factory equipment View transaction list $ 48,500 33,000 19,400 22,400 6,800 130, 100 21,000 $151, 100 Expired factory insurance Accrued property taxes payable $ 12,200 10,600 37,700 39,200 3,800 i. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 2. Prepare journal entries to record the events and transactions a through i. 1 103,500 26,500 $130,000 Journal entry worksheet 2 3 Transaction a. Note: Enter debits before credits. 4 Record raw material purchases on credit. 5 $69,500 37,500 11,000 36,500 General Journal 6 7 8 Debit 9 10 Credit > Required information [The following information applies to the questions displayed below.] Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $240,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138. Job 139 Job 140 Total direct materials Indirect materials Total materials used c. Paid $15,250 cash to a computer consultant to reprogram factory equipment. d. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor. Indirect labor Total End.bal. End.bal. e. Applied overhead to Jobs 136, 138, and 139. f. Transferred Jobs 136, 138, and 139 to Finished Goods. End.bal. g. Sold Jobs 136 and 138 on credit at a total price of $545,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). $ 48,500 33,000 19,400 22,400 6,800 130, 100 21.000 $151, 100 $ 12,200 10,600 37,700 39,200 3,800 i. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 103,500 26,500 $130,000 Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable 3. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance. 0 Raw Materials Inventory Factory Overhead 0 Cost of Goods Sold $69,500 37,500 11,000 36,500 End.bal. End.bal. Work in Process Inventory Finished Goods Inventory 4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs equals the Work in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. Work in Process Inventory Balance Report of Job Costs Finished Goods Inventory Balance Cost of Goods Sold Balance $ 0 0 0 At the beginning of the year, Learer Company's manager estimated total direct labor cost assuming 25 persons working an average of 2,000 hours each at an average wage rate of $40 per hour. The manager also estimated the following manufacturing overhead costs for the year. Indirect labor. Factory supervision. Rent on factory building Factory utilities. Factory insurance expired Depreciation-Factory equipment Repairs expense-Factory equipment Factory supplies used. Miscellaneous production costs Total estimated overhead costs At year-end, records show the company incurred $1,810,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $607,000; Job 202, $566,000; Job 203, $301,000; Job 204, $719,000; and Job 205, $317,000. In addition, Job 206 is in process at the end of the year and had been charged $20,000 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. $ 322,200 219,000 143,000 91,000 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year. Req 1A 71,000 380,000 63,000 71,800 39,000 $1,400,000 Complete this question by entering your answers in the tabs below. Req 1B Req 1C Choose Numerator: Reg 2 Determine the predetermined overhead rate for the year. Predetermined overhead rate 1 Choose Denominator: 1 1 < Req 1A = = = Predetermined overhead rate Predetermined overhead rate Req 1B > 0 Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Job No. 201 202 203 204 205 206 Total Determine the total overhead cost applied to each of the six jobs during the year. Direct Labor Overhead cost applied $ 607,000 566,000 301,000 719,000 317,000 20,000 $ 2,530,000 Req 1C $ Req 2 < Req 1A Req 1C > Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B View transaction list Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year. 1 Journal entry worksheet Req 1C Note: Enter debits before credits. Date Dec 31 Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. Record entry Req 2 General Journal Clear entry Debit Credit View general journal Sager Company manufactures variations of its product, a technopress, in response to custom orders from its customers. On May 1, the company had no inventories of work in process or finished goods but held the following raw materials. Material M Material R Paint Total cost On May 4, the company began working on two technopresses: Job 102 for Worldwide Company and Job 103 for Reuben Company. a. Purchased raw materials on credit and recorded the following information from receiving reports and invoices. Receiving Report No. 426, Material M, 290 units at $290 each. Receiving Report No. 427, Material R, 115 units at $270 each. Instructions: Record these purchases with a single journal entry. Enter the receiving report information on the materials ledger cards. b. Requisitioned the following raw materials for production. Requisition No. 35, for Job 102, 162 units of Material M. Requisition No. 36, for Job 102, 72 units of Material R. Requisition No. 37, for Job 103, 84 units of Material M. Requisition No. 38, for Job 103, 91 units of Material R. Requisition No. 39, for 19 units of paint. Instructions: Enter amounts for direct materials requisitions on the materials ledger cards and the job cost sheets. Enter the indirect materials amount on the materials ledger card. 300 units @ $290 $ 87,000 120 units @ 270 = 65 units @ 85 = 32,400 5,525 $124,925 c. Received the following employee time tickets for work in May. Time tickets Nos. 1 to 10 for direct labor on Job 102, $83,000. Time tickets Nos. 11 to 30 for direct labor on Job 103, $54,000. Time tickets Nos. 31 to 36 for equipment repairs, $23,750. Instructions: Record direct labor from the time tickets on the job cost sheets. d. Paid cash for the following items during the month: factory payroll, $160,750, and miscellaneous overhead items, $124,000. Use the time tickets to record the total direct and indirect labor costs. e. Finished Job 102 and transferred it to the warehouse. The company assigns overhead to each job with a predetermined overhead rate equal to 80% of direct labor cost. Instructions: Enter the allocated overhead on the cost sheet for Job 102, fill in the cost summary section of the cost sheets. f. Delivered Job 102 and accepted the customer's promise to pay $590,000 within 30 days. g. Applied overhead cost to Job 103 based on the job's direct labor to date. Required: Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. Prepare journal entries for part a through g. Complete this question by entering your answers in the tabs below. Materials Requisition Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. MATERIALS LEDGER CARD Material M Item Date May 11 Item Date May 1 Item Date May 1 Job Cost Sheets Receiving Report Receiving Report Receiving Report General Journal Received Units Unit Price Total Price Requisition Units 0 Received Units Unit Price Material R Issued 0 Received Issued Units Unit Price Total Price Requisition Units Unit Price Total Price Units Paint Unit Price Total Price Units Balance Unit Price Total Price 0 0 0 0 0 Balance Unit Price Total Price 0 0 0 0 Balance Issued Total Price Requisition Units Unit Price Total Price Units Unit Price Total Price 0 0 Required: Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. Prepare journal entries for part a through g. Complete this question by entering your answers in the tabs below. Job Cost Materials Requisition General Journal Sheets Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. JOB COST SHEET Customer's Name Worldwide Company Direct Materials Amount Requisition Number Total Summary of Costs Total cost of Job Customer's Name Requisition Number Total Reuben Company Direct Materials Amount Summary of Costs Total cost of Job Direct Labor Time Ticket Number Amount 0 Total 0 Direct Labor Time Ticket Number Amount 0 Total <Materials Requisition 0 0 102 Job No. Overhead Costs Applied Rate % Amount 0 103 Job No. Overhead Costs Applied Amount Rate % General Journal > 0 Required: Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. Prepare journal entries for part a through g. Complete this question by entering your answers in the tabs below. Materials Requisition Job Cost Sheets Prepare journal entries for part a through g. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Journal entry worksheet 2 a. General Journal Record the purchase of raw materials on credit from the receiving reports and invoices given in letter a). Record these purchases with a single journal entry. Note: Enter debits before credits. Transaction 3 4 5 6 7 8 Record entry General Journal Clear entry < Job Cost Sheets Debit Credit View general journal General Journal >
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Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
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