Journal Entries, T-Accounts, Cost of Goods Manufactured

Journal Entries, T-Accounts, Cost of Goods Manufactured

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:

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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   $

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