Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $90,000. b. Direct materials used, $36,500. Indirect materials used, $19,200. c. Direct labor used, $38,000. Indirect labor used, $12,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $11,475. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $56,800. g. Sales of jobs on credit was $82,000. h. Cost of jobs sold was $56,800 View transaction list Journal entry worksheet 1 Transaction a. 2 Record raw materials purchased on account. Note: Enter debits before credits. 3 4 Record entry 5 General Journal Clear entry 6 7 8 Debit 9 10 Credit View general journal >
Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $90,000. b. Direct materials used, $36,500. Indirect materials used, $19,200. c. Direct labor used, $38,000. Indirect labor used, $12,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $11,475. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $56,800. g. Sales of jobs on credit was $82,000. h. Cost of jobs sold was $56,800 View transaction list Journal entry worksheet 1 Transaction a. 2 Record raw materials purchased on account. Note: Enter debits before credits. 3 4 Record entry 5 General Journal Clear entry 6 7 8 Debit 9 10 Credit View general journal >
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 8SPA: JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Eto Manufacturing had the following transactions...
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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