Issuance of materialsOn May 7, Bergan Company purchased on account 10,000 units of rawmaterials at $8 per units. During May, raw material were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480units for Job 305 at $5 per unit. Journalize the entry on May 7 to recordthe purchase and on May 31 to record the requisition from the materialsstoreroom.

Issuance of materialsOn May 7, Bergan Company purchased on account 10,000 units of rawmaterials at $8 per units. During May, raw material were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480units for Job 305 at $5 per unit. Journalize the entry on May 7 to recordthe purchase and on May 31 to record the requisition from the materialsstoreroom.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 1BE: Issuance of materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at...

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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?
An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
The post-closing trial balance of Custer Products, Inc. on April 30 is reproduced as follows: During May, the following transactions took place: a. Purchased raw materials at a cost of 45,000 and general factory supplies at a cost of 13,000 on account (recorded materials and supplies in the materials account). b. Issued raw materials to be used in production, costing 47,000, and miscellaneous factory supplies costing 15,000. c. Recorded the payroll and the payments to employees as follows: factory wages (including 12,000 indirect labor), 41,000; and selling and administrative salaries, 7,000. Additional account titles include Wages Payable and Payroll. (Ignore payroll withholdings and deductions.) d. Distributed the payroll in (c). e. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-fifth of the building for its offices. f. Incurred other expenses totaling 11,000. One-fourth of this amount is allocable to the office function. g. Transferred total factory overhead costs to Work in Process. h. Completed and transferred goods with a total cost of 91,000 to the finished goods storeroom. i. Sold goods costing 188,000 for 362,000. (Assume that all sales were made on account.) j. Collected accounts receivable in the amount of 345,000. k. Paid accounts payable totaling 158,000. Required: 1. Prepare journal entries to record the transactions. 2. Set up T-accounts. Post the beginning trial balance and the journal entries prepared in (1) to the accounts and determine the balances in the accounts on May 31. 3. Prepare a statement of cost of goods manufactured, an income statement, and a balance sheet. (Round amounts to the nearest whole dollar.)
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
Issuance of materials On May 7, Calypso Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on March 7 to record the purchase and on March 30 to record the requisition from the materials' storeroom. 2. Direct labor costs During May, Calypso Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,000 hours on Job 305. The total direct labor was incurred at a rate of $28 per direct labor hour for Job 200 and $24 per direct labor hour for Job 305. Journalize the entry to record the flow of labor costs into production during May.
Issuance of Materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 fill in the blank a41f3905c060fe1_2 fill in the blank a41f3905c060fe1_3 fill in the blank a41f3905c060fe1_5 fill in the blank a41f3905c060fe1_6 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31 fill in the blank 1e9f01facf80054_2 fill in the blank 1e9f01facf80054_3 fill in the blank 1e9f01facf80054_5 fill in the blank 1e9f01facf80054_6
Issuance of Materials On May 7, Salinger Company purchased on account 720 units of raw materials at $19 per unit. During May, raw materials were requisitioned for production as follows: 317 units for Job 200 at $15 per unit and 266 units for Job 305 at $19 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 fill in the blank 91b49dfc3022030_2 fill in the blank 91b49dfc3022030_3 fill in the blank 91b49dfc3022030_5 fill in the blank 91b49dfc3022030_6 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31
Issuance of Materials On May 7, Jernigan Company purchased on account 530 units of raw materials at $23 per unit. During May, raw materials were requisitioned for production as follows: 159 units for Job 200 at $21 per unit and 164 units for Job 305 at $23 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31
On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31
On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 fill in the blank 8b2b2efeb01a01c_2 fill in the blank 8b2b2efeb01a01c_3 fill in the blank 8b2b2efeb01a01c_5 fill in the blank 8b2b2efeb01a01c_6 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31 fill in the blank 2a6ff00a0f9d03f_2 fill in the blank 2a6ff00a0f9d03f_3 fill in the blank 2a6ff00a0f9d03f_5 fill in the blank 2a6ff00a0f9d03f_6
on August 4, Carrothers Company purchased on account 31,000 units of materials at $16 per unit. During August, raw materials were requisitioned for production as follows: 7,900 units for Job 50 at $11 per unit and 6,100 units for Job 56 at $16 per unit. Journalize the entry on August 4 to record the purchase. If an amount box does not require an entry, leave it blank. Journalize the entry on August 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank.