Chapter 03 Homework Help SaveExit Subeit Prepare Taccounts f

Chapter 03 Homework Help Save&Exit; Subeit Prepare T-accounts for Manufacturing Overhead and Work in Process Post the reivant tansations fom above to each Compute the ending balance in each account, assuming that Work in Process has a begiming balance of $35.000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepure yournal entries to record the transactions given above (Ir no entry s requred for a bransactionevent, ect the first account field.) Journal entry worksheet Raw materials purchased on aocount, $210,000 or3 Next> 20 n caps lock control option

Solution

1

Raw Materials purchased on account

Transaction

General Journal

Debit

Credit

1

Raw Materials Inventory

210000

         Accounts Payable

210000

2

Record the raw materials issued into production $189,000

Transaction

General Journal

Debit

Credit

2

Work in process

151200

Manufacturing overhead

37800

      Raw Materials Inventory

189000

3

Record the entry for accrued direct labor cost incurred $48000 indirect labour cost$21000

Transaction

General Journal

Debit

Credit

3

Work in process

48000

Manufacturing overhead

21000

     Salaries and wages Payable

69000

4

Depreciation recorded for factory equipment $106000

Transaction

General Journal

Debit

Credit

4

Manufacturing overhead

106000

     Accumulated depreciation

106000

5

Other manufacturing costs during october $130,000

Transaction

General Journal

Debit

Credit

5

Manufacturing overhead

130000

    Accounts Payable

130000

6

The company applies manufacturing overhead cost of production n the basis of $10 per machine hour

Transaction

General Journal

Debit

Credit

6

work in process

762000

    Manufacturing overhead

762000

(76200 machine hours *$10 each)

7

Job costing $513000 according to their job cost sheets were completed during october transferred to finished goods

Transaction

General Journal

Debit

Credit

7

Finished goods

513000

     work in process

513000

Manufacturing overhead

[2]

21000

[6]

762000

[3]

37800

[4]

106000

[5]

130000

467200

Work in process

Beg bal.

35000

[7]

513000

[2]

151200

[3]

48000

[6]

762000

Ending Balance

483200

1	Raw Materials purchased on account
	Transaction	General Journal	Debit	Credit
	1	Raw Materials Inventory	210000
		Accounts Payable		210000
2	Record the raw materials issued into production $189,000
	Transaction	General Journal	Debit	Credit
	2	Work in process	151200
		Manufacturing overhead	37800
		Raw Materials Inventory		189000
3	Record the entry for accrued direct labor cost incurred $48000 indirect labour cost$21000
	Transaction	General Journal	Debit	Credit
	3	Work in process	48000
		Manufacturing overhead	21000
		Salaries and wages Payable		69000
4	Depreciation recorded for factory equipment $106000
	Transaction	General Journal	Debit	Credit
	4	Manufacturing overhead	106000
		Accumulated depreciation		106000
5	Other manufacturing costs during october $130,000
	Transaction	General Journal	Debit	Credit
	5	Manufacturing overhead	130000
		Accounts Payable		130000
6	The company applies manufacturing overhead cost of production n the basis of $10 per machine hour
	Transaction	General Journal	Debit	Credit
	6	work in process	762000
		Manufacturing overhead		762000
		(76200 machine hours *$10 each)
7	Job costing $513000 according to their job cost sheets were completed during october transferred to finished goods
	Transaction	General Journal	Debit	Credit
	7	Finished goods	513000
		work in process		513000