Please give me right answer During the current month, a company that uses a job order costingpurchases $70,000 in raw materials for cash. It then uses $23,000 of rawmaterials indirectly as factory supplies and uses $36,500 of raw materialsas direct materials.Prepare journal entries to record these three transactions.

Transaction 1: Purchase of Raw MaterialsThe company buys $70,000 in raw materials, paying in…

Answered: During the current month, a company…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12EB: A company has the following transactions during the week. Purchase of $3,000 raw materials inventory...

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A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?
A company has the following transactions during the week. Purchase of $1,000 raw materials inventory Assignment of $500 of raw materials inventory to Job 5 Payroll for 20 hours with $1,000 assigned to Job 5 Factory utility bills of $750 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week?
Prepare the journal entry to record the factory wages of $28,000 incurred for a single production department assuming payment will be made in the next pay period.
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During the current month, a company that uses job order costing purchases $50,000 in raw materials for cash. It then uses $12,000 of raw materials indirectly as factory supplies and uses $32,000 of raw materials as direct materials. Prepare journal entries to record these three transactions.
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During the current month, a company that uses job order costing purchases $76,000 in raw materials for cash. It then uses $20,000 of raw materials indirectly as factory supplies and uses $45,800 of raw materials as direct materials. Prepare journal entries to record these three transactions View transaction list Journal entry worksheet < 2 3 1 Record the raw materials purchase for $76,000, paid in cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
In January, Vaughn company requisitions raw materials for production as follows: Job 1 $930, Job 2 $1,200, Job 3 $770, and general factory use $700.Prepare a summary journal entry to record raw materials used.
Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of the current period, management predicts total direct labor costs of $100,000 and total overhead costs of $20,000. On January 31, the direct labor for this job equals $2,700. Complete the following journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
During the current month, Carla Vista Company incurs the following manufacturing costs. (a) Purchased raw materials of $22,000 on account. (b) Incurred factory labor of $47,200. (c) Factory utilities of $3.390 are payable, prepaid factory insurance of $3,110 have expired, and depreciation on the factory building is $11.400. Prepare journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (b) (Purchases of raw materials on account) Debit 100 Credit 10
In January, Dieker Company requisitions raw materials for production as follows: Job 1 $980, Job 2 $1,200, Job 3 $730, and general factory use $680.Prepare a summary journal entry to record raw materials used.
The following transactions were incurred by Augustine Fabricators during January, the first month of its fiscal year. Requirements: Record the proper journal entry for each transaction. $205,000 of materials was purchased on account. $158,000 of materials was used in production; of this amount, $155,000 was used on specific jobs. Manufacturing labor and salaries for the month totaled $250,000. $215,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. The company recorded $19,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $10,000 which will be paid at a later date. $62,000 of manufacturing overhead was allocated to specific jobs. By the end of January, was manufacturing overhead overallocated or underallocated? By how much?

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During the current month, a company that uses a job order costing purchases $70,000 in raw materials for cash. It then uses $23,000 of raw materials indirectly as factory supplies and uses $36,500 of raw materials as direct materials. Prepare journal entries to record these three transactions.