Weygandt, Managerial Accounting, 7e MANAGERIAL ACCOUNTING (ACCT 105) Assignment

Question

Weygandt, Managerial Accounting, 7e MANAGERIAL ACCOUNTING (ACCT 105) Assignment NEXT Question 1 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $36,100 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,400 was classified as indirect or casts incurred were $61,300, of which $51,200 pertained to factory wages payable and $10,100 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,300 was direct labor and $7,000 was indirect labor. Manufacturing overhead costs incurred on account were $82,000. Depreciation on the company's office building was $8,800. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 5. 6. and transferred to finished goods. 9. Finished goods costing $80,900 to manufacture were sold on account for $106,300. Journalize the transactions. (Credit account titles are automatically indented when amount is entered, Do not indent manually,) No. Account Titles and Explanation Debit Credit acBook Pro

Explanation / Answer

Answer:

Date

Description

debit $

Credit $

1

Raw Materials Inventory

53000

Accounts Payable

53000

2

Work in Process Inventory

28700

Manufacturing Overhead

7400

Raw Materials Inventory

36100

3

Factory Labor

61300

Factory Wages Payable

51200

Employer Payroll Taxes Payable

10100

4

Work in Process Inventory

54300

Manufacturing Overhead

7000

Factory Labor

61300

5

Manufacturing Overhead

82000

Accounts Payable

82000

6

Depreciation Expense

8800

Accumulated Depreciation—Building

8800

7

Work in Process Inventory
($54,300 X 160%)

86880

Manufacturing Overhead

86880

8

Finished Goods Inventory

92200

Work in Process Inventory

92200

9

Accounts Receivable

106300

Sales Revenue

106300

Cost of Goods Sold

80900

Finished Goods Inventory

80900

Date

Description

debit $

Credit $

1

Raw Materials Inventory

53000

Accounts Payable

53000

2

Work in Process Inventory

28700

Manufacturing Overhead

7400

Raw Materials Inventory

36100

3

Factory Labor

61300

Factory Wages Payable

51200

Employer Payroll Taxes Payable

10100

4

Work in Process Inventory

54300

Manufacturing Overhead

7000

Factory Labor

61300

5

Manufacturing Overhead

82000

Accounts Payable

82000

6

Depreciation Expense

8800

Accumulated Depreciation—Building

8800

7

Work in Process Inventory
($54,300 X 160%)

86880

Manufacturing Overhead

86880

8

Finished Goods Inventory

92200

Work in Process Inventory

92200

9

Accounts Receivable

106300

Sales Revenue

106300

Cost of Goods Sold

80900

Finished Goods Inventory

80900

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