Activity 4 Robinson Machine Shop data for producing 40 parts for Job # 10 as follows: • Raw Materials, July 1 1,200 • WIP, July 1 0 • Finished Goods, July 1 0 • Materials and supplies purchased 65,000 • Direct Materials used 4,000 . • Indirect materials used 900 . • Direct Labor 16,000 . Indirect Labor 3,500 • Depreciation and other MOVH . 17,800

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Activity 4
Robinson Machine Shop data for producing 40 parts for
Job #10 as follows:
• Raw Materials, July 1
1,200
• WIP, July 1
.
0
Finished Goods, July 1
0
• Materials and supplies purchased
65,000
• Direct Materials used
4,000
• Indirect materials used
900
Direct Labor
16,000
• Indirect Labor
3,500
Depreciation and other MOVH
17,800
48
Activity 4 (cont'd)
Overhead is applied per direct labor dollars based on
budgeted MOHC $600,000 and budgeted direct labor dollars
of $480,000; the job was completed and 30 parts were sold.
Any under or over applied MOHC is disposed of to COGS.
Required:
Prepare journal entries
Prepare schedule of Cost of Goods Manufactured and Cost
of Goods Sold
49
48
Transcribed Image Text:Activity 4 Robinson Machine Shop data for producing 40 parts for Job #10 as follows: • Raw Materials, July 1 1,200 • WIP, July 1 . 0 Finished Goods, July 1 0 • Materials and supplies purchased 65,000 • Direct Materials used 4,000 • Indirect materials used 900 Direct Labor 16,000 • Indirect Labor 3,500 Depreciation and other MOVH 17,800 48 Activity 4 (cont'd) Overhead is applied per direct labor dollars based on budgeted MOHC $600,000 and budgeted direct labor dollars of $480,000; the job was completed and 30 parts were sold. Any under or over applied MOHC is disposed of to COGS. Required: Prepare journal entries Prepare schedule of Cost of Goods Manufactured and Cost of Goods Sold 49 48
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