Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: Beginning raw ma

Post by **answerhappygod** » Mon May 30, 2022 7:06 am

: Fairfield Company S Raw Materials Inventory Transactions For The Most Recent Month Are Summarized Here Beginning Raw Ma 1 (35.99 KiB) Viewed 19 times

: Fairfield Company S Raw Materials Inventory Transactions For The Most Recent Month Are Summarized Here Beginning Raw Ma 2 (39.14 KiB) Viewed 19 times

: Fairfield Company S Raw Materials Inventory Transactions For The Most Recent Month Are Summarized Here Beginning Raw Ma 3 (45.75 KiB) Viewed 19 times

: Fairfield Company S Raw Materials Inventory Transactions For The Most Recent Month Are Summarized Here Beginning Raw Ma 4 (35.73 KiB) Viewed 19 times

: Fairfield Company S Raw Materials Inventory Transactions For The Most Recent Month Are Summarized Here Beginning Raw Ma 5 (48.73 KiB) Viewed 19 times

Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials Purchases of raw materials Raw materials issued $ 11,700 104,000 Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 46,000 For Job 101 32,500 For Job 102 13,500 Used on multiple jobs 1. How much of the raw materials cost would be added to the Work in Process Inventory account during the period? 2. How much of the raw materials costs would be added to the Manufacturing Overhead account? 3. Compute the ending balance in the Raw Materials Inventory account. 1. Direct Materials 2. Indirect Materials 3. Ending Balance
Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials Purchases of raw materials Raw materials issued $10,800 119,000 Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 42,500 For Job 101. 31,500 For Job 102 13,500 Used on multiple jobs 1. & 2. Prepare the journal entries for materials. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet A B Record the purchase of raw materials on account. Note: Enter debits before credits Credit Transaction General Journal 1 Debit
Journal entry worksheet < A Record the issuance of raw materials to production. Note: Enter debits before credits. Transaction General Journal 2 Record entry Clear entry ******** OG 8 Debit Credit View general Journal
Fairfield Company applies manufacturing overhead to products at a predetermined rate of $60 per direct labor hour. Its actual manufacturing costs for the most recent period are summarized here: Item Description Total Cost Direct materials Indirect materiala Hourly labor wagen Used on Jobs 101 and 102 Uned on multiple jobs 790 hours $83,000 14,000 $30 per hour 180 hours for Job 101- $5,400 330 hours for Job 102- 9,900 280 hours for Job 103- 8,400 23,700 Factory supervision Production engineer 3,950 5,000 Factory janitorial work 1,200 Selling, general, and administrative salaries 8.300 Other manufacturing overhead costs (factory rent, insurance, 6,100 depreciation, etc.) Other selling, general, and administrative costs (office rent, insurance, depreciation, etc.) 4,100 1. Prepare the journal entry to close the Manufacturing Overhead account balance to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list
Journal entry worksheet Record the transfer of manufacturing overhead account balance to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general Journal