Rite Packs manufactures backpacks. Its plant records include the following materials-related data:(Click the icon to view the transactions.)Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.Data tableRaw Materials Inventory, beginning balancePurchases of canvas, on accountPurchases of sewing machine lubricating oil, on accountMaterial requisitions:CanvasSewing machine lubricating oilPrintDone- X-$ 34,00065,0001,60064,000500FEEDredits. Select the explanation on the last line of the journal entry table.)CreditDebit

Rite Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Data table 4 Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done - X - $ 34,000 65,000 1,600 64,000 500 FEED redits. Select the explanation on the last line of the journal entry table.) Debit Credit

Rite Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Data table 4 Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done - X - $ 34,000 65,000 1,600 64,000 500 FEED redits. Select the explanation on the last line of the journal entry table.) Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Easy Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Journalize the entries to record the transactions. Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Debit Credit Accounts and Explanation Data table Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done - X $ 35,000 73,000 1,400 66,000 550
Accounting for materials Back Country manufactures backpacks. Its plant records include the following materials-related data: Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.
e following information applies to the questions displayed below. Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May Inventories. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching The following additional Information describes the company's production activities for May. Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Problem 20-5A (Algo) Part 1 $ 24,100 96,400 Beginning Inventory $ 91,000 213,500 233,300 54,100 (a) Transferred to work in process-Stitching (b) Transferred to…
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Pinished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,050,000 86,000 112,000 146,000 396,000 475,000 71,000 57,000 114,000. 182,000 291,000 103,000 134,000 175,000 Exercise 1-13 (Algo) Preparing schedule of cost of goods manufactured LO P2 Prepare its schedule of cost of noods manufactured for the
Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.
Sport Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Journalize the entries to record the transactions. Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit pages Raw Materials Inventory Acc Get more help. Data table Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done - $ 32,000 75,000 1,400 61,000 250 X Clear all Check answer
Using the following account names, prepare the journal entries for the independent transactions listed below: Raw Materials Inventory Manufacturing Overhead Wages Payable Work in Process: Packaging Accounts Receivable Cost of Goods Sold Factory Wages Expense Finished Goods Inventory Work in Process: Shaping Work in Process: Production Sales Conversion Costs PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (Le. $12,345). • Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging department. Prepare the journal entry to apply overhead to the manufacturing departments. DR DR CR • Prepare the joumal entry to record the factory wages of…
An incomplete subsidiary ledger of materials inventory for May is as follows: See Attachment a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.b. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process.d. Explain how the materials ledger might be used as an aid in maintaininginventory quantities on hand.
When raw materials are purchased, the cost is debited to an inventory account called ________. The materials account in the general ledger is a control account; a separate account for each type of material is kept in a(n) ________ ledger, called a materials or stores ledger. Materials are issued from the storeroom to production based on a form called the ________. Direct labor is debited to the ________ inventory account.
Required Information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases selling expenses sales Cash Accounts receivable, net Garcon Company $ 13,300 16,300 11,700 30,250 23,200 19,250 24,100 6,000 13,650 32,000 14,700 6,500 42,000 54,000 295,230 25,000 14,400 Pepper Company $ 17,350 23,250 10,500 22,000 37,000 16, 200 19, 200 7,400 12,250 54,000 13,920 3,600 65,000 59, 200 391,960 20, 200 23,950 Exercise 14-7 (Algo) Computing cost of goods…
Required Information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following dets is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, anding Work in process inventory, ending Raw materials inventory, ending Factory and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, not Direct materials Required 2 Raw materials available for use Direct materials used Factory overhead Garcon Company $ 13,500 17,100 9,000 Total factory overhead Total manufacturing costs Total cost of work in process 28,000 24 600 20,600 17. 158 Exercise 14-7 (Algo) Computing cost of goods manufactured and cost of goods sold LO P1, P2 1.…
es ! Required information [The following information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching The following additional information describes the company's production activities for May. Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 17,600 70,400 Beginning Inventory $ 26,000 83,500 103,300 28,100 (a) Transferred to work in process-Stitching (b) Transferred to…