Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Chapter 5, Problem 11EB
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Prepare journal entries to record the production activities. Paid factory payroll of $95,000.
Prepare the journal entry to record the factory wages of $14,000 incurred for a single production department assuming payment will be made in the next pay
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During the current month, a company that uses job order costing incurred a monthly factory payroll of $180,000. Of this amount, $40,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions.
Chapter 5 Solutions
Principles of Accounting Volume 2
Ch. 5 - Which of the following production characteristics...Ch. 5 - A process costing system Is most likely used by...Ch. 5 - Which of the following is a prime cost? A. direct...Ch. 5 - Which of the following is a conversion cost? A....Ch. 5 - During production, how are the costs in process...Ch. 5 - Which is nor needed to compute equivalent units of...Ch. 5 - What is the cost of direct labor f the conversion...Ch. 5 - What is the conversion cost to manufacture...Ch. 5 - Which of the following lists contains only...Ch. 5 - Direct material costs $3 per unit, direct labor...
Ch. 5 - Beginning inventory and direct material cost added...Ch. 5 - The initial processing department had a beginning...Ch. 5 - There were 1,000 units in ending inventory after...Ch. 5 - The costs to be accounted for consist of which of...Ch. 5 - Which of the following is the step in which...Ch. 5 - The journal entry to record the $500 of work in...Ch. 5 - Assigning indirect costs to departments is...Ch. 5 - In a process costing system, which account shows...Ch. 5 - In a process cost system, factory depreciation...Ch. 5 - Explain how process costing differs from job order...Ch. 5 - Would a pharmaceutical manufacturer use process or...Ch. 5 - Which costs are assigned using the...Ch. 5 - What is the primary purpose of process costing?Ch. 5 - What is the difference between prime costs and...Ch. 5 - Explain conversion costs using an example.Ch. 5 - Why are there conversion costs in both job order...Ch. 5 - What are equivalent units of production, and how...Ch. 5 - How can there be a different number of equivalent...Ch. 5 - Why is the number of equivalent units for...Ch. 5 - What are the four steps involved in determining...Ch. 5 - What is the weighted-average method for computing...Ch. 5 - How does process costing treat the costs...Ch. 5 - Why does each department have its own work in...Ch. 5 - March each term with its description.Ch. 5 - How is manufacturing overhead handled in a process...Ch. 5 - How are predetermined overhead rates used in...Ch. 5 - How many units were started into production in a...Ch. 5 - A company started a new product, and in the first...Ch. 5 - Given the following information, determine the...Ch. 5 - There were 1,700 units in beginning inventory that...Ch. 5 - A company has 1,500 units in ending work in...Ch. 5 - There were 2,400 units in ending work in process...Ch. 5 - How many units must be in ending inventory if...Ch. 5 - How many units must have been completed and...Ch. 5 - Using the weighted-average method, compute the...Ch. 5 - Using the weighted-average method, compute the...Ch. 5 - Mazomanie Farm completed 20,000 units during the...Ch. 5 - What are the total costs to account for if a...Ch. 5 - A company started the month with 8,329 units in...Ch. 5 - A production department within a company received...Ch. 5 - Production data show 35,920 units were transferred...Ch. 5 - Overhead is assigned to the manufacturing...Ch. 5 - Prepare the journal entry to record the factory...Ch. 5 - Prepare the journal entry to record the transfer...Ch. 5 - Prepare the journal entry to record the sale of...Ch. 5 - Given the following information, determine the...Ch. 5 - There were 2.000 units in beginning inventory that...Ch. 5 - A company has 100 units in ending work in process...Ch. 5 - There were 1,500 units in ending work in process...Ch. 5 - Using the weighted-average method, compute the...Ch. 5 - What are the total costs to account for if a...Ch. 5 - A company started the month with 4,519 units in...Ch. 5 - A production department within a company received...Ch. 5 - Production data show 15,200 units were transferred...Ch. 5 - Overhead is assigned to the manufacturing...Ch. 5 - Prepare the journal entry to record the factory...Ch. 5 - Prepare the journal entry to record the transfer...Ch. 5 - Prepare the journal entry to record the sale of...Ch. 5 - The following product Costs are available for...Ch. 5 - The following product costs are available for...Ch. 5 - Pant Risers manufactures bands for self-dressing...Ch. 5 - During March, the following costs were charged to...Ch. 5 - Materials are added at the beginning of a...Ch. 5 - Narwhal Swimwear has a beginning work in process...Ch. 5 - The following data show the units in beginning...Ch. 5 - The finishing department started the month with...Ch. 5 - The packaging department began the month with 500...Ch. 5 - Production information shows these costs and units...Ch. 5 - Given the following information, prepare a...Ch. 5 - Complete this production cost report:Ch. 5 - Selected information from Skylar Studios shows the...Ch. 5 - Loanstar had 100 units in beginning inventory...Ch. 5 - The following product costs are available for...Ch. 5 - The following product costs are available for...Ch. 5 - Vexar manufactures nails. Manufacturing is a...Ch. 5 - During March, the following costs were charged to...Ch. 5 - Ardt-Barger has a beginning work in process...Ch. 5 - The following data show the units in beginning...Ch. 5 - The following data show the units in beginning...Ch. 5 - The following data show the units in beginning...Ch. 5 - The finishing department started the month with...Ch. 5 - The packaging department began the month with 750...Ch. 5 - Production information shows these costs and units...Ch. 5 - Given the following information, prepare a...Ch. 5 - Selected information from Hernandez Corporation...Ch. 5 - Rexar had 1,000 units in beginning inventory...Ch. 5 - How would process costing exist in a service...Ch. 5 - Why are labor and manufacturing overhead grouped...Ch. 5 - How is process costing for a single manufacturing...Ch. 5 - What is different between the journal entries for...
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- 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.arrow_forwardYou are reviewing the general ledger of a construction client and notice that the following expenses have been coded to supplies: $100,000 applies to labor $160,000 applies to materials S50,000 applies to overhead What AJE, if any, is needed?arrow_forwardDuring the current month, a company that uses job order costing incurred a monthly factory payroll of $218,500. Of this amount, $52,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions. View transaction list Journal entry worksheet < 1 2 Record the cost of direct labor used. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journalarrow_forward
- Determine the number of actual labour-hours spent opening batches during the week and determine the actual hourly rate paid to employees for opening batches last week.arrow_forward2 Record the cost of Indirect labor used. Note: Enter debits before credits. Transaction b. Record entry General Journal Clear entry Debit Credit View general journalarrow_forwardA company that uses job order costing incurred a monthly factory payroll of $223,500. Of this amount, $43,000 is indirect labor and $180,500 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet < 1 Record the cost of direct labor used. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journalarrow_forward
- A job was started on May 15, completed on June 27, and delivered to the customer on July 6. In which accounts would the costs be recorded on the financial statements dated May 31, June 30, and July 31?arrow_forwardThe following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: $ 42,500 ? 40,000 Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $52,600. • The company paid suppliers $38,800 cash during July. • Plant payroll during July totaled $82,500, of which $16,300 was for indirect labor. • Manufacturing overhead incurred through July was…arrow_forwardThe following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: Materials inventory Work-in-process inventory Finished goods inventory $ 44,500 ? 42,000 • Manufacturing overhead incurred through July was $233,900. Cost of goods sold through July 31 was $417,800. Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $54,600. • The company paid suppliers $40,800 cash during July. Plant payroll during July…arrow_forward
- E3-3 Modified wage plan Randy Wetzel earns $25 per hour for up to 400 units of produc- tion per day. If he produces more than 400 units per day, he will receive an additional piece rate of $.50 per unit. Assume LO1arrow_forwardA company that uses job order costing incurred a monthly factory payroll of $200,000. Of this amount, $52,000 is indirect labor and $148,000 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet 1 2 > Record the cost of direct labor used. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journalarrow_forwardProvide the journal entry for the finished goods dept. if manufacturing overhead applied to that department is $1,000.arrow_forward
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