Process Costing I. Journalize the following transactions:
1. Madison Co. Purchased $225,500 of raw materials on account.
2. Actual manufacturing overhead costs include:
a. Utilities: $2800 b. Depreciation on equipment: $12,650 c. Repairs on account:
$3200 d. Rent paid:$6,000 e. Insurance (prepaid policy): $3350.
3.Madison Co. issued $75,500 of material to Process A.
4. Assigned $18,000 to factory labor, of which 12,000 is indirect labor
5. Manufacturing Overhead costs are applied at 82% of material issued
6. Balance in WIP - A is transferred to Process B
7. $51,000 of material is issued to Process B
8. Assigned $22,000 of factory labor, of which $15,000 is indirect labor
9. Manufacturing overhead costs are applied to Process B at a rate of 62.5% of
material issued (to process B)
10. Actual manufacturing overhead costs paid totaled $39,500; manufacturing
overhead costs charged to accounts payable totaled $1,500
11. Balance of Process B is transferred to Finished Goods
12. The cost transferred to finished goods include 62,500 units. Calculate the cost
per unit (round to hundredths); Madison Co. sold 13,250 units for $79,000 cash;
they sold 4,125 units for $24,500 on account
13. Determine over or under applied manufacturing overhead and prepare adjusting
entry

During january 2018, the following transactions occur: january 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a five-year service life. january 4 pay cash on accounts payable, $10,600. january 8 purchase additional inventory on account, $93,900. january 15 receive cash on accounts receivable, $23,100 january 19 pay cash for salaries, $30,900. january 28 pay cash for january utilities, $17,600. january 30 firework sales for january total $231,000. all of these sales are on account. the cost of the units sold is $120,500. the following information is available on january 31, 2018. depreciation on the equipment for the month of january is calculated using the straight-line method. the company estimates future uncollectible accounts. at the end of january, considering the total ending balance of the accounts receivable account as shown on the general ledger tab, $4,100 is now past due (older than 90 days), while the remainder of the balance is current (less than 90 days old). the company estimates that 50% of the past due balance will be uncollectible and only 3% of the current balance will become uncollectible. record the estimated bad debt expense. accrued interest revenue on notes receivable for january. unpaid salaries at the end of january are $33,700. accrued income taxes at the end of january are $10,100

What is the cause of smoky exhaust?

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: