Maurice Tutor

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Category > Accounting Posted 16 Aug 2017 My Price 9.00

Katherine’s Outdoor Furniture

38.   Preparation of journal entries and income statement for a manufacturing firm. Katherine’s Outdoor Furniture, a manufacturer  specializing  in  lawn,  deck,  and  poolside furniture, showed the following amounts in its inventory accounts on January 1:

 

Raw Materials Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$226,800

Work-in-Process Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

427,900

Finished Goods Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .

182,700

 

Katherine’s Outdoor Furniture engaged in the following transactions during January:

(1)   Acquired raw materials costing $667,200 on account.

(2)   Issued, to producing departments, raw materials costing $689,100.

(3)   Paid salaries and wages during January for services received during the month as follows:

 

Factory Workers  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$432,800

Sales Personnel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

89,700

Administrative Officers  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .

22,300

 

(4)   Calculated depreciation on buildings and equipment during January as follows:

 

Manufacturing Facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .

$182,900

Selling Facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

87,400

Administrative Facilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   .

12,200

 

(5)  Incurred and paid other operating costs in cash as   follows:

 

Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$218,500

Selling  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

55,100

Administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34,700

 

 

 

(6)    The cost of goods manufactured and transferred to the finished goods storeroom totaled $1,564,500.

(7)    Sales on account during January totaled $2,400,000.

(8)    A physical inventory taken on January 31 revealed a finished goods inventory of

$210,600.

a.   Present journal entries to record the transactions and events that occurred during January.

b.   Prepare an income statement for Katherine’s Outdoor Furniture for January. Ignore

 

 

 

Answers

Maurice Tutor
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Status NEW Posted 16 Aug 2017 08:08 PM My Price 9.00

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