Score: 1.12 of 35 pts 5of6 complete) My Score: 31.28%, 51.61 of 165 pts Question
ID: 341661 • Letter: S
Question
Score: 1.12 of 35 pts 5of6 complete) My Score: 31.28%, 51.61 of 165 pts Question Hep * E4-30 (similar to) Donation Company produces gadgets for the cevered small appliance market The folowing date reflect adivity for the year 2017 Donation Co uses a nornal-costing system and allocates overhead to work in process at a rate of $2 90 per direct manfauring labor doiar Indirect matrials are insincant so thee is ne inventory acoount for indirect material Read the eauirements Requiramant 1. Prepare joumal entries to record the transac Morin °ach ety. Also note which subsidary ledge, Record the purchase of direct materiais$126,000 ost of goods sold For each journal entry indicale the source dooument that would be used to O Data Table lude enplanations from any joumal entries) Costs inouned Purchases of diret matenials (net) on oredit Dinect manufacturing labor os Indreat labor Depreciation, factory eqipment Materias Control 128,000 4,000 1,000 ,800 6,000 600 1,000 7,000 Prepare joumal etries to recond the for 2017 incuding an entry ourmal entry Indicale the source dooument that woukd be used to authorie Now seleat the appropriale sorce dooments and wabledger Maintenance, fetory eqiment Mscellaneous factory overhead Rent factory bui Source dooument Pst te journal enties toT accounts for all of the inerviries, Cost of Goods old, the Manufacturing Overhead Contl Aceourt, and he Mandactuing Overhead Alocaled Aocount Print Done Inventores Jenuy 1,2917 Decenber 31. 301 9400 5 Direct maerias Work in process Fnished goods 19 000 23.000 67,000 Choose from any drop-down list and then click Check An Print Done 17 paining Chack AnawerExplanation / Answer
Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Materials Control 126,000.00 Accounts Payable 126,000.00 (To record the purchase of material) 2 Work in Process Control 116,400.00 Material Control 116,400.00 (To record the issue of material for production) 3 Work in Process Control 84,000.00 Manufacturing Overhead Control 54,000.00 Wages Payable 138,000.00 (To record the wages incurred) 4 Manufacturing Overhead Control 136,600.00 Depreciation - Factory Equipment 31,000.00 Maintenance Exp. - Factory Equipment 25,000.00 Misc. Expenses 9,600.00 Rent Expenses - Factory 71,000.00 (To record the manufacturing expenses) 5 Depreciation Expense - Office Equip. 8,500.00 Advertsing Expense 97,000.00 Sales Commision Expense 36,000.00 Accumulated dep. - Office Equip. 8,500.00 Cash / Accounts Payable 133,000.00 (To record the selling & administration expense) 6 Work in Process Control 243,600.00 Manufacturing Overhead Allocated 243,600.00 (Record the Manufacturing overhead applied) Manufacturing Overhead applied = $2.90 X $84,000 (DL) Manufacturing Overhead applied = $243,600 7 Finished Goods Control 311,000.00 Work in Process Control 311,000.00 (To record the finshed goods completed) 8 Cost of Goods Sold 349,000.00 Finished Goods Control 349,000.00 (To record the cost of goods sold) 9 Manufacturing Overhead Allocated 243,600.00 Manufacturing Overhead Control 190,600.00 Cost of Goods Sold 53,000.00 (To record the maufacturing overhead transferred) Answer 2. Material Control Work in Proces Control Beg. Bal. 9,400.00 116,400.00 2 Beg. Bal. 6,400.00 311,000.00 1 126,000.00 3 84,000.00 6 243,600.00 End. Bal. 19,000.00 End. Bal. 23,000.00 Finished Goods Control Manufacturing Overhead Control Beg. Bal. 67,000.00 349,000.00 8 3 54,000.00 190,600.00 9 7 311,000.00 4 136,600.00 End. Bal. 29,000.00 End. Bal. - Manufacturing Overhead Allocated Cost of Goods Sold 9 243,600.00 243,600.00 6 8 349,000.00 53,000.00 9 End. Bal. - End. Bal. 296,000.00
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