19 Jan

Smith purchased steel on account from Eastern City Steel $7,500

by jagguarpaw On: Accounting - 0 Comment

Question: Smith purchased steel on account from Eastern City…

Smith purchased steel on account from Eastern City Steel $7,500

Smith received and paid for supplies (indirect materials) from WJS $2,400

Overhead is applied to all jobs based on direct labor cost 180%

Smith made 9,871 door knobs this month. Smith shipped 8,000 door knobs and earned a standard margin of 64%

Smith’s hourly payroll for this month $17,984

Smith’s hourly payroll taxes for this month $1,978

Smith incurred manufacturing overhead of $21,078

Smith’s marketing and selling expenses for the month $3,261

Smith shows the following manufacturing costs: Direct Materials $4,500 Indirect Materials $1,000 Direct Labor $9,900 Indirect Labor $6,500

Make Journal Entries for the following:

To record the purchase of raw materials – steel

To record the purchase of supplies

To record allocation of overhead

To record the consumption of raw materials

To record the consumption of supplies

To record the production of finished goods

To record the payment of operating payroll

To record the accrual of payroll taxes

To record the sale of finished goods and the relief of inventory

Prepare a cost of goods manufactured statement and prepare an income statement

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