🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
HomeClass Notes1,200,000US530,000

ACCT 212 Chapter : Acct_212_Notes_4docx 19-20notes

5 views3 pages
amramr328
25 Mar 2023
School
Liberty University
Department
Accounting
Course
ACCT 212
Professor

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

List the following document in order, when recording indirect materials costs in job order. Used to record materials used for use in production. The journal entry to record the purchase of material on accounts is. Journal entries are not required when direct materials are requisitioned. Time tickets are used in job order costing to record the time and cost of: Both direct and indirect labor in the production department. Lis the following document in order in which they are used when recording direct labor costs in job order costing, with the fist document on top. The recording of direct labor will result in. Debit to work in process inventory and credit factory wages payable. Receiving reports are used in job order costing to record the cost and quantity of materials: The journal entry to record the purchase of materials on account is to : Debit raw materials inventory and credit accounts payable.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

33:382:103 Chapter Notes - Chapter 19: Direct Labor Cost, Perpetual Inventory, General Ledger
ambermammoth368
ACC 662 Chapter Notes - Chapter 10: Economic Order Quantity, Subledger, Master Production Schedule
silvermuskrat220

Related Questions

 
Bergo Bay's accounting system generated the following account balances on December 31. The company’s manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded.
 

  Debit Credit Cash $ 70,000   Accounts receivable 39,000   Raw materials inventory 24,500   Work in process inventory 0   Finished goods inventory 15,000   Prepaid rent 5,000   Accounts payable   $ 11,800 Notes payable   14,800 Common stock   50,000 Retained earnings (prior year)   94,000 Sales   158,900 Cost of goods sold 112,000   Factory overhead 28,000   General and administrative expenses 36,000   Totals $ 329,500 $ 329,500

 
These six documents must be processed to bring the accounting records up to date.
 

Materials requisition 10: $ 4,400 direct materials to Job 402 Materials requisition 11: $ 7,800 direct materials to Job 404 Materials requisition 12: $ 2,400 indirect materials Labor time ticket 52: $ 7,000 direct labor to Job 402 Labor time ticket 53: $ 13,000 direct labor to Job 404 Labor time ticket 54: $ 5,000 indirect labor

 
Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost.

Problem 19-3A (Algo) Part 2

2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead.

Factory Overhead
Actual overhead (given) 28,000   Overhead applied
Indirect materials 2,400    
Indirect labor 5,000    
       
Underapplied overhead      

2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.

Journal entry worksheet
Record the entry to allocate any overapplied or underapplied overhead.
 
 
Note: Enter credits before debits
 
Date General Journal Debit Credit
December 31      
       
       
       
       
       

 

Bergo Bay's accounting system generated the following account balances on December 31. The company’s manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded.
 

  Debit Credit Cash $ 70,000   Accounts receivable 39,000   Raw materials inventory 24,500   Work in process inventory 0   Finished goods inventory 15,000   Prepaid rent 5,000   Accounts payable   $ 11,800 Notes payable   14,800 Common stock   50,000 Retained earnings (prior year)   94,000 Sales   158,900 Cost of goods sold 112,000   Factory overhead 28,000   General and administrative expenses 36,000   Totals $ 329,500 $ 329,500

 
These six documents must be processed to bring the accounting records up to date.
 

Materials requisition 10: $ 4,400 direct materials to Job 402 Materials requisition 11: $ 7,800 direct materials to Job 404 Materials requisition 12: $ 2,400 indirect materials Labor time ticket 52: $ 7,000 direct labor to Job 402 Labor time ticket 53: $ 13,000 direct labor to Job 404 Labor time ticket 54: $ 5,000 indirect labor

 
Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost.

 

3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $94,000 in this list.

BERGO BAY COMPANY
List of Account Balances
December 31
  Debit Credit
Cash    
Accounts receivable    
Raw materials inventory    
Work in process inventory    
Finished goods inventory    
Prepaid Rent    
Accounts payable    
Factory wages payable    
Notes payable    
Common stock    
Retained earnings (prior year)    
Sales    
Cost of goods sold    
Factory overhead    
General and administrative expenses    
Totals    
 

 


 

During July at Tiner Corporation, $74,000 of raw materials wererequisitioned from the storeroom for use in production. These rawmaterials included both direct and indirect materials. The indirectmaterials totaled $7,000. The journal entry to record thisrequisition would include a debit to Manufacturing Overhead of:

a. $0

b. $74,000

c. $7,000

d. $67,000