The materials account in the general ledger is a control account; a separate account for each type of material is kept in a(n) ________ ledger, called a materials or stores ledger.
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1.The materials account in the general ledger is a control account; a separate account for each type of material is kept in a(n) ________ ledger, called a materials or stores ledger.
2.Materials are issued from the storeroom to production based on a form called the ________.
3.Direct labor is debited to the ________ inventory account.
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- Normally, a manufacturer maintains an accounting system that includes a materials ledger and a general ledger account for Materials. What is the relationship between the materials ledger and the materials account in the general ledger?Which document lists the inventory that will be removed from the raw materials inventory? A. job cost sheet B. purchase order C. materials requisition form D. receiving document1.Materials are issued from the storeroom to production based on a form called the ________. 2.Direct labor is debited to the ________ inventory account.
- When raw materials are purchased, the cost is debited to an inventory account called ________. The materials account in the general ledger is a control account; a separate account for each type of material is kept in a(n) ________ ledger, called a materials or stores ledger. Materials are issued from the storeroom to production based on a form called the ________. Direct labor is debited to the ________ inventory account.An incomplete subsidiary ledger of materials inventory for May is as follows: See Attachment a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.b. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process.d. Explain how the materials ledger might be used as an aid in maintaininginventory quantities on hand.Which of the following statements is NOT true of manufacturing company accounting? a.Materials inventory represents the raw materials purchased by the company to use in the production of its product(s). b.Inventories are divided into three separate accounts. c.Factory overhead shows both a debit and a credit balance on the work sheet. d.Factory overhead debits represent the overhead that has been applied to production.
- 2. Show how to prepare a journal entry to enter direct materials costs into the WIP Inventory account for the first department in a sequential production process. Show how to prepare the journal entry recording the transfer of goods from the first to the second department.An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. FeedbackThe purchase of manufacturing supplies is normally recorded as a debit to Group of answer choices raw materials inventory administrative expenses work in process manufacturing overhead
- Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. 2. 3. 4. 5. Purchased additional raw materials of $75,600 on account. Incurred factory labor costs of $58,800. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various…Record the entry for Materials purchases (on credit). Record the direct materials used in production. Record the Direct labor paid and assigned to Work in Process Inventory. Record the indirect labor paid and assigned to Factory Overhead. Record the entry for Overhead costs applied to Work in Process Inventory. Record the cost of indirect materials used. Record the cost of factory utilities, paid in cash. Record depreciation on factory equipment. Record the cost of factory rent, paid in cash. Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory. Record the Cost of goods sold for Job 306. Record the revenue from the sale of Job 306. Record the entry for assignment of any underapplied or overapplied overhead to the Cost of Goods Sold.Please help with this question that is attached Required: a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
