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Olegator [25]
2 years ago
15

During the current month, Wacholz Company incurs the following manufacturing costs. Purchased raw materials of $18,000 on accoun

t. Incurred factory labor of $40,000. Of that amount, $31,000 relates to wages payable and $9,000 relates to payroll taxes payable. Factory utilities of $3,100 are payable, prepaid factory property taxes of $2,700 have expired, and depreciation on the factory building is $9,500. Prepare journal entries for each type of manufacturing cost. (Use a summary entry to record manufacturing overhead.)
Business
1 answer:
Allushta [10]2 years ago
7 0

Answer:

A. Dr materials inventory $18,000

Cr Accounts payable $18,000

B. Dr Factory labor $40,000

Cr Factory wages payable $31,000

Cr Employer Payroll Taxes Payable $9,000

C. Dr Manufacturing overhead $15,300

Cr Prepaid Property Taxes $2,700

Cr Accumulated Depreciation-Buildings $9,500

Cr Utilities Payable $3,100

Explanation:

Preparation of the journal entries for each type of manufacturing cost.

A. Dr materials inventory $18,000

Cr Accounts payable $18,000

(Being the Purchased of raw materials on account)

B. Dr Factory labor $40,000

Cr Factory wages payable $31,000

Cr Employer Payroll Taxes Payable $9,000

(Being to record Incurred factory labor)

C. Dr Manufacturing overhead $15,300

($2,700+$9,500+$3,100)

Cr Prepaid Property Taxes $2,700

Cr Accumulated Depreciation-Buildings $9,500

Cr Utilities Payable $3,100

(Being to record Manufacturing overhead)

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Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Mater
Delvig [45]

Answer:

Zoe Company

a) Statement of Cost of Goods Manufactured:

Direct materials cost                 $90,000

Direct labor                                  25,000

Factory overhead                        37,000

Work in process, March 1           22,000

Work in process, March 31        (23,500)

Cost of goods manufactured $150,500

b) Income Statement for the month ended March 31:

Sales                                                                    $257,000

Finished goods inventory, March 1    $21,000

Cost of goods manufactured             150,500

Finished goods inventory, March 31  (30,000)

Cost of goods sold                                              $141,500

Gross profit                                                          $115,500

Sales and administrative expenses                      79,000

Net Income                                                          $36,500

c) Inventory Section of the Balance Sheet as of March 31:

Current Assets:

Inventory:

Materials inventory, March 31              $8,000

Work in process, March 31                   23,500

Finished goods inventory, March 31   30,000

Total inventory                                    $61,500

Explanation:

a) Data and Calculations:

Purchases     $92,000

Materials inventory, March 1 6,000

Materials inventory, March 31 8,000

Direct labor 25,000

Factory overhead 37,000

Work in process, March 1 22,000

Work in process, March 31 23,500

Finished goods inventory, March 1 21,000

Finished goods inventory, March 31 30,000

Sales 257,000

Sales and administrative expenses 79,000

b) Materials inventory, March 1   $6,000

Purchases                                    92,000

Materials inventory, March 31       8,000

Direct materials cost                 $90,000

4 0
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________ means that service quality depends on the quality of buyer-seller interaction during the service encounter.
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Interactive marketing is also referred to as event-driven marketing or trigger based marketing and it simply has to do with using an effective communication which is two-ways to enable the consumers connect directly with a company.

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3 0
3 years ago
A company issues 5%, 12-year bonds with a face amount of $70,000 for $64,070 on January 1, 2021. The market interest rate for bo
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Answer:

Date              Particular                                Debit         Credit

Jan 1, 2021    Cash                                      $64,700

                      Discount on bond payable  $5,930

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Jun 30,2021  Interest expense                   $3,882

                      Discount on bonds payable                  $2,132

                      Cash                                                          $1,750

Workings:

Semi annual interest payment = 70,000 x 5% x 6/12

= $1,750

Interest expense on June 30, 2021 = Carrying value of bonds x Market interest rate

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= $3,882

Discount on bonds payable amortized on June 30, 2021 = Interest expense - Interest payment

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= $2,132

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Answer:

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