The following transactions were incurred by Mooney Fabricators during January, the first month of its fiscal year.(Click the icon to view the transactions.)Requirements1. Record the proper journal entry for each transaction.2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much?DateTWITb. $178,000 of materials was used in production; of this amount, $146,000Journal Entryuyumivera bolnAccountsb. Work in Process InventoryManufacturing OverheadRaw Materials InventoryDebitMore infoa. $205,000 of materials was purchased on account.b. $178,000 of materials was used in production; of this amount, $146,000 wasused on specific jobs.C. Manufacturing labor and salaries for the month totaled $225,000. A total of$215,000 of manufacturing labor and salaries was traced to specific jobs, andthe remainder was indirect labor used in the factory.d.e.f.The company recorded $24,000 of depreciation on the plant and plantequipment. The company also received a plant utility bill for $5,000 which willbe paid at a later date.$64,000 of manufacturing overhead was allocated to specific jobs.The company received a bill for CAD design services for $5,000.

Inventory -Inventory management involves keeping track of all the goods, parts, and raw materials…

(Click the icon to view the transactions.) equirements Record the proper journal entry for each transaction. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? MERVE Myuviv . $178,000 of materials was used in production; of this amount, $146,000 Journal Entry Date Accounts b. Work in Process Inventory Manufacturing Overhead Debit More info a. $205,000 of materials was purchased on account. $178,000 of materials was used in production; of th used on specific jobs. b. c. Manufacturing labor and salaries for the month tota $215,000 of manufacturing labor and salaries was the remainder was indirect labor used in the factory d. The company recorded $24,000 of depreciation on equipment. The company also received a plant utilit be paid at a later date.

(Click the icon to view the transactions.) equirements Record the proper journal entry for each transaction. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? MERVE Myuviv . $178,000 of materials was used in production; of this amount, $146,000 Journal Entry Date Accounts b. Work in Process Inventory Manufacturing Overhead Debit More info a. $205,000 of materials was purchased on account. $178,000 of materials was used in production; of th used on specific jobs. b. c. Manufacturing labor and salaries for the month tota $215,000 of manufacturing labor and salaries was the remainder was indirect labor used in the factory d. The company recorded $24,000 of depreciation on equipment. The company also received a plant utilit be paid at a later date.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EA: Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance...

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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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