—— \ aa bs = e as Beery Y/Z . Cob f Crags Mone, Ltr on Bolt ble fox ( mont ene“ Oc oles 3l, 20 — Ras. Watecels oper”) mnventsrd ba, ful: Quvekeseh Gal f Cou MolerntAs Avorleble fH ke Less: low- Mate Lohrk, invents | Cost f probe vt ohes (¢G2, pd Dicect Lobos abl oe Q) sir GE = ee ac pds Fett fl (880 6252) ize Fold covrent ponefectoerl Cal ffradul Coil \ \o,57° Add: WIP, fer inventrat ee aco Lets wie Pb nen oe Cot f inthlee Fads Monrfectre’ |S hao Aeth: Firtbhel Grorcth oborr§ intentag) 3 600° Lost f Goats Avobable for AL2||Q, on Jes: Fabled goats Sohn§ intontsx? Uo iadh Ate bsceflon Cb, ee lund ca i Gatame pllemerg . fA. [ze ese exon fre fe fo ene U pow s Sm Bee fooler] c _ val “ ee aa eae Se Drtleber |P ee w “Velie stepson, | i Vaeleao/ ee <3 B Gave bes se Vee) Wo? Fuad Fo ans 2 €2o val oa) o $20 | &: 63) 1 facralites) '32P 32e0 Goll aa ze Neo aK TS ES amen ae Ltt: pital cabs ee ae Voewbe (Ges) E. Pre! Fo 12692 \2000 Firt frat LING len Toe Jam pel intone [font nol intone We fae8) Ur ation Systems . Journal entries for the cost account) cle, MumElecto Incorporates complet the following transactions during Falvidipe helene (a) Dect materiais of $120,000 were purchased on terms of 4.30 (b) Tota! gross payrol was $90,000, with employee payroll deductions recorded at these rales. 7.5% of gross earnings for FICA tax, 17 5% of gross @arrings for income tax. The payroll consisted of $45,000 direct labor, $9,000 indirect factory labor, $15,000 sales saianes, and $21,000 administrative salaries (C) Indirect factory materials and supplies amounting to $26,250 were purchased, terms 7.30. (d) Employer payroll tax expense includes’ state unemployment, 3.1%. federal unemployment, 8%; FICA tax, 7.5%. (@) Analysis cf the matenais requisitioned reveals: Production overs. peiecanesere=t|| SOULO0D, Indirect tactory materials and supplies... 15,000 Shipping suppies_ ¢ nia ae 4500 (f) Detective shipping supplies of $900 were returned {0 the vender. (9) Accounts payable totaling $142,500, including the accrued payroll, were paid (h) Depreciaton of $1,000 was recordéd ‘en the tactory machinery. (i) Sundry tactory expenses of $6,900 were recorded as liabilities. () Actual factory overhead of $38,056 was applied to production. (k) Goods completed with a total cost of $126,000 were transferred lo firisnet goocs () Sales were $150,000 and cost $96,000 to produce. Required: Prepare journal entries to recoxd the ffansactions 6. Journal entries for the caet accoauntina evcle Selected transactions of the Romerlll ts: Concepts and Objec Estimates | et Qatanle taciory overnead Fixed factory overnead Vanabie market 09. Requires (1) Kontty the estimated eonworsion cont PA unit 1. Mgenty the estimated prime cost Pel Ur (2) Determino the estimated toll variable eer Te unit. {3} Compu the total cost thatwould he incurred during amonth wih a producter SeTE 000 unis and a sales level of 8,000 uni, (OMA ase 2. Fixed and variat In 19A, the Mercaldo Company had sales of $19,¢s, 2, Fixes 71,000 variable and $7,623,000 fixed, cost 198 sales aro expece we cau s5%s and he costrelaionships expected 0 remain constant (the fed con rot change). ved: Determine Mercaldo Company's expected operating Income oF joss's equ G)manutacturing costs; cost of goods manutactured; cost of goods sok ‘Becember 31, 198 trial balance of Crockett Company showed: $14,500,500 Sales retuins and Sales Purcnases (net) 2,400,000 MOWENCES scanarnennnnm S252 Transponaton in. 32,000 Factory ove 18858 Direct labor ”3204,000 Adve 1385 Gales salanesiconen-» 200,000 Delivery expense. a imvertones December 31, 198 Finished 40088 on $567,400 Work n process... 136,800 Materals 196,000 Fiequired: Determine (1) the folal manufacturing cost, (2) the cost of goods manulat! ‘and (3) the cost of goods sold, (CGAAC act {, Journal entries for the cost a - AB icogis| aerce ot \ccounting cycle, The following transact ns pe : (a) Materials were issued as follows; diract, $24.5 i , 500; Indirect, $4,500. (2) A aye of $8000 was recorded Income tax wines $7,000; FICAW © Tape consisted of $30,000 direct labor, $8,000 indirect factory Ih S2£hO sds, Ste ranleynentiourarce 8 496, and todo" ie) Mi Was 7.5%. 6 ; i Se parees Incurred will require cashoxpanaiured®” payment.) ® ee oe cise : charged to production, @ ee purchased totaled $5000, pete wale! ae ( 8 costing $20,000 ware shipped to customers at a sales price ol repare journal entries for the above transactions. a6. Journal entries tor the POBt accounting cyely, iujit . uitleotro Ine the folowing transactions during Pebroary orporated completer (0) Dlceet materiale 0! $120,000 were pichased on te (©) Total gross payroll was $60,000, whty angen ts these rates: 7.5% of gross earnings or He r (A tax; 17 594 fReome tax. The payroll consisted of $45,000 dest ee labor, $15,000 sales salaries, and $21,000 admanies (©) Indirect factory materials and supplies ‘amour tata Inet a ing to $26, (@) Employer payroll tax expense inchides: stato unemployment, 9.1 unemployment, .8%; FICA tax, 7.5% ican os (©) Analysis of the materials tequistioned reveals Salaries, 250 were purchased, Production o1d@r$ ne uintnsimercsne $80,000 Indirect factory materials and supplies, 16,000 Shipping supplie.... i 4,500 (f) Defective shipping supplies of $900 were retumed to the vender. (9) Accounts payable totaling, $142,500, including the acerued payroll, were pale (n) Depreciation of $1,000 was recordéid‘on the factory machinery. {}) Sundry factory expenses of $6,900 were recorded as liabilities, Required: Prepare journal entries to record the tfarisactions. 6. Journal entries for the cost.accounting cycle. Selscied transactions of the Romer Company for February are as follows: (@) Materials requisitioned; $18,500 for fitoduction and $2,800 for indirect use (b) Work coinpleted and transferred to finished ‘§80ds amounted to $51,800. (c) Mateniais purchased and received, $32,000. (2) The payroll, after deducting 7.5% FICA tax, 17.5% federal income tax, and 5% State income tax, was $36,000. The wages due the employees were paid (@) Of the total payroll, 55% was direct labor, 18% indirect factory labor, 17% marketing salaries, and 10% auminisiralive salaries - () An additional 13.7% is entered for employer's payroll taxes, reprdsenting 7.5% FICA tax, .8% federal unemployment tax, and .4% state unemployment tax Payroll taxes related to factory production are charged to the factory overhead control account, (g) Other factory overhead consisted of $9,450 depreciation on the factory balding Mt, $600 expired Insurance, anc’§1,250 other unpaid bills of ial Thornton Company manufactures special ollowing information was available at the