Exercise 3 practice - Exercise 3-4 Prepare Journal Entries...

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Exercise 3-4 Prepare Journal Entries [LO4] Larned Corporation recorded the following transactions for the just completed month. a. $82,000 in raw materials were purchased on account. b. $80,000 in raw materials were requisitioned for use in production. Of this amount, $65,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110,000 were incurred. Of this amount, $104,400 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $197,000 were incurred. Required: Record the above transactions in journal entries. (Omit the "$" sign in your response.) General Journal Debit Credit a. Raw materials 82000 Accounts payable 82000 b.
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Work in process 65,000 Manufacturing overhead 15,000 Raw materials 80,000 c. Work in process 104,400 Manufacturing overhead 5,600 Wages payable 110,000 d. Manufacturing overhead 197,000
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Various accounts 197,000 Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO6] Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials included in manufacturing overhead $ 4,860 Direct labor $ 58,000 Manufacturing overhead applied to work in process $ 87,100 Underapplied overhead
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$ 4,050 Inventories Beginning Ending Raw materials $ 10,800 $ 20,000 Work in process $
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54,000 $ 66,700 Finished goods $ 34,200 $ 43,300 Requirement 1: Calculate the cost of goods manufactured for the month. (Omit the "$" sign in your response.) Cost of goods manufactured $ 148,340 Feedback: Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning
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$ 10,800 Add: Purchases of raw materials 30,000 Total raw materials available 40,800 Deduct: Raw materials inventory, ending 20,000 Raw materials used in production 20,800 Less indirect materials included in manufacturing overhead 4,860 $ 15,940 Direct labor 58,000
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Manufacturing overhead applied to work in process inventory 87,100 Total manufacturing costs 161,040 Add: Beginning work in process inventory 54,000 215,040 Deduct: Ending work in process inventory 66,700 Cost of goods manufactured $ 148,340 Requirement 2: Calculate the cost of goods sold for the month. (Omit the "$" sign in your response.)
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Cost of goods sold $ 143,290 Feedback: Cost of Goods Sold Finished goods inventory, beginning $ 34,200 Add: Cost of goods manufactured 148,340 Goods available for sale 182,540 Deduct: Finished goods inventory, ending 43,300 Unadjusted cost of goods sold 139,240 Add: Underapplied overhead 4,050 Adjusted cost of goods sold $ 143,290
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Exercise 3-7 Prepare T-Accounts [LO7, LO8] Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a.
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This note was uploaded on 10/17/2010 for the course ACCT 1234 taught by Professor Duck during the Spring '10 term at A.T. Still University.

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Exercise 3 practice - Exercise 3-4 Prepare Journal Entries...

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