Journal Entries, T-Accounts, Cost of Goods Manufactured
February 22, 2019
Journal Entries, T-Accounts, Cost of Goods Manufactured for $19 (Instant Download)
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold
During May, the following transactions were completed and reported by Jerico Company:
Materials purchased on account, $60,100.
Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800.
Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000.
Depreciation on factory plant and equipment, $10,400.
Property taxes on the factory accrued during the month, $1,450.
Insurance on the factory expired with a credit to the prepaid insurance account, $6,200.
Factory utilities, $5,500.
Advertising paid with cash, $7,900.
Depreciation on office equipment, $800; on sales vehicles, $1,650.
Legal fees incurred but not yet paid for preparation of lease agreements, $750.
Overhead is charged to production at a rate of $18 per direct labor hour. Records show 4,000 direct labor hours were worked during the month.
Cost of jobs completed during the month, $160,000.
The company also reported the following beginning balances in its inventory accounts:
2. Prepare T-accounts for Materials Inventory, Overhead Control, Work-in-Process Inventory, and Finished Goods Inventory. Post the entries to the T-account in the same order in which they were journalized.
| Materials Inventory | |
|---|---|
| – Select your answer -Balance(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 1 of Item 2 | – Select your answer -Bal.(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 3 of Item 2 |
| – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 5 of Item 2 | |
| Balance |
| Work in Process Inventory | |
|---|---|
| – Select your answer -Balance(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 1 of Item 3 | – Select your answer -Bal.(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 3 of Item 3 |
| – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 5 of Item 3 | |
| – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 7 of Item 3 | |
| – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 9 of Item 3 | |
| Balance |
| Finished Goods Inventory |
|---|
| – Select your answer -Balance(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 1 of Item 4 |
| – Select your answer -Bal.(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 3 of Item 4 |
| Balance |
| Overhead Control | |
|---|---|
| – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 1 of Item 5 | – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 3 of Item 5 |
| – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 5 of Item 5 | |
| – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 7 of Item 5 | |
| – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 9 of Item 5 | |
| – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 11 of Item 5 | |
| – Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 13 of Item 5 | |
| Balance |
| Hide3. Prepare a statement of cost of goods manufactured.Jerico CompanyStatement of Cost of Goods ManufacturedFor the Month Ended May 31, 20XX $ Overhead: $ $ Manufacturing costs added$ Cost of goods manufactured$ |
4. If the overhead variance is all allocated to cost of goods sold, by how much will cost of goods sold decrease or increase?
– Select your answer -IncreasesDecreasesCorrect 1 of Item 7 by $
Price of Answer: Just US$19 only (Instant Download)
Need Assistance…?? email us at [email protected].
If you need any type of help regarding Homework, Assignments, Projects, Case study, Essay writing or anything else then just email us at [email protected]solvemyquestion.com. We will get back to you ASAP. Do not forget to maintain the time frame you need your work to be done.
