The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $19,000 of materials on account. 2. Issued $1J00 of supplies from the materials inventory. 3. Purchased $1,800 of materials on account. 4. Paid for the materials purchased in transaction () using cash. 5. Issued $14,200 in direct materials to the production department. 6. Incurred direct labor costs of $23.000, which were credited to Wages Payable. 7. Paid $21,800 cash for utilities, power, equipment malintenance, and other miscellaneous items for the manufacturing plant 8. Applied overhead on the basis of 125 percent of $23,000 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10,600. The following balances appeared in the accounts of Steve's Cabinets for April. Haterials Inventory Mork-in-Process Inventory Finished Goode Iventery Cont of Goodas sold Seginning nding 30, 540 7,200 33,800 s28,40 53,50 Required a. Prepare journal entries to record the transactions . Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required Prepare Taccounts to show the fow of costs during the perod from Materials Inventory through Cost of Goods Sold Materials ventery 30540 Workin Process inventory Beg ba Beg 7.200 1,100 19.000 1.1002 14200 Finahed Good 11.800 14.200 2870 End ba 44.040 23.000 74.205 End ba Manufachuring Overhead Centrol Appled Manufacturing Overhead Beg bal Deg ba End ba End te Accounts Payab
The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $19,000 of materials on account. 2. Issued $1J00 of supplies from the materials inventory. 3. Purchased $1,800 of materials on account. 4. Paid for the materials purchased in transaction () using cash. 5. Issued $14,200 in direct materials to the production department. 6. Incurred direct labor costs of $23.000, which were credited to Wages Payable. 7. Paid $21,800 cash for utilities, power, equipment malintenance, and other miscellaneous items for the manufacturing plant 8. Applied overhead on the basis of 125 percent of $23,000 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10,600. The following balances appeared in the accounts of Steve's Cabinets for April. Haterials Inventory Mork-in-Process Inventory Finished Goode Iventery Cont of Goodas sold Seginning nding 30, 540 7,200 33,800 s28,40 53,50 Required a. Prepare journal entries to record the transactions . Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required Prepare Taccounts to show the fow of costs during the perod from Materials Inventory through Cost of Goods Sold Materials ventery 30540 Workin Process inventory Beg ba Beg 7.200 1,100 19.000 1.1002 14200 Finahed Good 11.800 14.200 2870 End ba 44.040 23.000 74.205 End ba Manufachuring Overhead Centrol Appled Manufacturing Overhead Beg bal Deg ba End ba End te Accounts Payab
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...
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