# 2024 – Exercise 20 2 Recording costs of materials LO P1 Prepare journal entries to

ACC 212 homework 4 – 2024

2024 – Exercise 20 2 Recording costs of materials LO P1 Prepare journal entries to.

Exercise 20-2 Recording costs of materials LO P1

## >prepare journal entries

Prepare journal entries to record the following production activities.

## > >  >  >    Purchased \$50,000 of raw materials on credit. Used \$20,000 of direct materials in production. Used \$18,500 of indirect materials. >     Exercise 20-3 Recording costs of labor LO P2 >prepare journal entries Prepare journal entries to record the following production activities.        >  >  >    >incurred total labor cost Incurred total labor cost of \$79,000, which is paid in cash. Used \$56,000 of direct labor in production. Used \$23,000 of indirect labor. >    Completed goods lo p4 Exercise 20-5 Recording cost of completed goods LO P4 Prepare journal entries to record the following activities.         >  >  >    Transferred completed products with a cost of \$128,000 to finished goods inventory Sold \$443,000 of products on credit. Their cost is \$167,000 >    >    Exercise 21-5 Predicting sales and variable costs using contribution margin LO C2 Bloom Company management predicts that it will incur fixed costs of \$255,000 and earn pretax income of \$427,500 in the next period. Its expected contribution margin ratio is 65%. >      >  >  >    Compute the amount of total dollar sales. Compute the amount of total variable costs >    Exercise 21-7 Cost behavior estimation-scatter diagram and high-low LO P1 Felix & Co. reports the following information about its sales and cost of sales. >    >period Period Units Sold Cost of Sales >period Period Units Sold Cost of Sales 1. 0        \$ 2,560     6.        2,060     5,560     2. 460        >    3,160     7.        2,460     6,160     3. 860        >    3,760     8.        2,860     6,760     4. 1,260        >    4,360     9.        3,260     7,360     5. 1,660        >    4,960     10.        3,660     8,050     >    Hint: (Draw an estimated line of cost behavior using a scatter diagram offline.) >      Complete the below table to calculate the fixed cost and variable cost of sales by using the high-low method. (Round cost per unit to 2 decimal places.)   Exercise 21-12 Income reporting and break-even analysis LO C2   Blanchard Company manufactures a single product that sells for \$120 per unit and whose total variable costs are \$90 per unit. The company’s annual fixed costs are \$432,000.         >

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