Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June: Materials June 1 Balance 37,700 June 30 Requisitions (A) June 30 Purchases 151,600 Work in Process June 1 Balance (B) June 30 Completed jobs (F) June 30 Materials (C) June 30 Direct labor (D) June 30 Factory overhead applied (E) Finished Goods June 1 Balance 0 June 30 Cost of goods sold (G) June 30 Completed jobs (F) Wages Payable June 30 Wages incurred 121,300 Factory Overhead June 1 Balance 23,500 June 30 Factory overhead applied (E) June 30 Indirect labor (H) June 30 Indirect materials 20,200 June 30 Other overhead 60,400 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June: Job No. Style Quantity Direct Materials Direct Labor 201 T100 210 $26,280 $15,000 202 T200 430 46,670 28,000 203 T400 170 14,420 6,000 204 S200 280 42,840 28,000 205 T300 170 23,890 16,000 206 S100 110 7,190 4,000 Total 1,370 $161,290 $97,000 b. Factory overhead is applied to each job at a rate of 130% of direct labor cost. c. The June 1 Work in Process balance consisted of two jobs, as follows: Job No. Style Work in Process, June 1 201 T100 $6,000 202 T200 17,500 Total $23,500 d. Customer jobs completed and units sold in June were as follows: Job No. Style Completed in June Units Sold in June 201 T100 X 168 202 T200 X 344 203 T400 0 204 S200 X 235 205 T300 X 141 206 S100 0 1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as positive numbers. Job No. Quantity June 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold No. 201 fill in the blank 1 $ 6,000 $ 26,280 $ 15,000 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 fill in the blank 5 $fill in the blank 6 No. 202 fill in the blank 7 17,500 46,670 28,000 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 No. 203 fill in the blank 13 14,420 6,000 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 No. 204 fill in the blank 18 42,840 28,000 fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 No. 205 fill in the blank 24 23,890 16,000 fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 No. 206 fill in the blank 30 7,190 4,000 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 Total fill in the blank 35 $23,500 $161,290 $97,000 $fill in the blank 36 $fill in the blank 37 $fill in the blank 38 a. Materials requisitions $fill in the blank 39 b. Work in process beginning balance $fill in the blank 40 c. Direct materials $fill in the blank 41 d. Direct labor $fill in the blank 42 e. Factory overhead applied $fill in the blank 43 f. Completed jobs $fill in the blank 44 g. Cost of goods sold $fill in the blank 45 h. Indirect labor $fill in the blank 46 2. Determine the June 30 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances. Materials $fill in the blank 47 Work in process $fill in the blank 48 Finished goods $fill in the blank 49 Factory overhead $fill in the blank 50
Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June: Materials June 1 Balance 37,700 June 30 Requisitions (A) June 30 Purchases 151,600 Work in Process June 1 Balance (B) June 30 Completed jobs (F) June 30 Materials (C) June 30 Direct labor (D) June 30 Factory overhead applied (E) Finished Goods June 1 Balance 0 June 30 Cost of goods sold (G) June 30 Completed jobs (F) Wages Payable June 30 Wages incurred 121,300 Factory Overhead June 1 Balance 23,500 June 30 Factory overhead applied (E) June 30 Indirect labor (H) June 30 Indirect materials 20,200 June 30 Other overhead 60,400 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June: Job No. Style Quantity Direct Materials Direct Labor 201 T100 210 $26,280 $15,000 202 T200 430 46,670 28,000 203 T400 170 14,420 6,000 204 S200 280 42,840 28,000 205 T300 170 23,890 16,000 206 S100 110 7,190 4,000 Total 1,370 $161,290 $97,000 b. Factory overhead is applied to each job at a rate of 130% of direct labor cost. c. The June 1 Work in Process balance consisted of two jobs, as follows: Job No. Style Work in Process, June 1 201 T100 $6,000 202 T200 17,500 Total $23,500 d. Customer jobs completed and units sold in June were as follows: Job No. Style Completed in June Units Sold in June 201 T100 X 168 202 T200 X 344 203 T400 0 204 S200 X 235 205 T300 X 141 206 S100 0 1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as positive numbers. Job No. Quantity June 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold No. 201 fill in the blank 1 $ 6,000 $ 26,280 $ 15,000 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 fill in the blank 5 $fill in the blank 6 No. 202 fill in the blank 7 17,500 46,670 28,000 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 No. 203 fill in the blank 13 14,420 6,000 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 No. 204 fill in the blank 18 42,840 28,000 fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 No. 205 fill in the blank 24 23,890 16,000 fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 No. 206 fill in the blank 30 7,190 4,000 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 Total fill in the blank 35 $23,500 $161,290 $97,000 $fill in the blank 36 $fill in the blank 37 $fill in the blank 38 a. Materials requisitions $fill in the blank 39 b. Work in process beginning balance $fill in the blank 40 c. Direct materials $fill in the blank 41 d. Direct labor $fill in the blank 42 e. Factory overhead applied $fill in the blank 43 f. Completed jobs $fill in the blank 44 g. Cost of goods sold $fill in the blank 45 h. Indirect labor $fill in the blank 46 2. Determine the June 30 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances. Materials $fill in the blank 47 Work in process $fill in the blank 48 Finished goods $fill in the blank 49 Factory overhead $fill in the blank 50
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Analyzing
Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:
| Materials | |||||
|---|---|---|---|---|---|
| June 1 | Balance | 37,700 | June 30 | Requisitions | (A) |
| June 30 | Purchases | 151,600 |
| Work in Process | |||||
|---|---|---|---|---|---|
| June 1 | Balance | (B) | June 30 | Completed jobs | (F) |
| June 30 | Materials | (C) | |||
| June 30 | Direct labor | (D) | |||
| June 30 | Factory |
(E) |
| Finished Goods | |||||
|---|---|---|---|---|---|
| June 1 | Balance | 0 | June 30 | Cost of goods sold | (G) |
| June 30 | Completed jobs | (F) |
| Wages Payable | |||||
|---|---|---|---|---|---|
| June 30 | Wages incurred | 121,300 | |||
| Factory Overhead | |||||
|---|---|---|---|---|---|
| June 1 | Balance | 23,500 | June 30 | Factory overhead applied | (E) |
| June 30 | Indirect labor | (H) | |||
| June 30 | Indirect materials | 20,200 | |||
| June 30 | Other overhead | 60,400 |
In addition, the following information is available:
a. Materials and direct labor were applied to six jobs in June:
| Job No. | Style | Quantity | Direct Materials | Direct Labor | ||||||||
| 201 | T100 | 210 | $26,280 | $15,000 | ||||||||
| 202 | T200 | 430 | 46,670 | 28,000 | ||||||||
| 203 | T400 | 170 | 14,420 | 6,000 | ||||||||
| 204 | S200 | 280 | 42,840 | 28,000 | ||||||||
| 205 | T300 | 170 | 23,890 | 16,000 | ||||||||
| 206 | S100 | 110 | 7,190 | 4,000 | ||||||||
| Total | 1,370 | $161,290 | $97,000 |
b. Factory overhead is applied to each job at a rate of 130% of direct labor cost.
c. The June 1 Work in Process balance consisted of two jobs, as follows:
| Job No. | Style | Work in Process, June 1 | |||
| 201 | T100 | $6,000 | |||
| 202 | T200 | 17,500 | |||
| Total | $23,500 |
d. Customer jobs completed and units sold in June were as follows:
| Job No. | Style | Completed in June | Units Sold in June | |
| 201 | T100 | X | 168 | |
| 202 | T200 | X | 344 | |
| 203 | T400 | 0 | ||
| 204 | S200 | X | 235 | |
| 205 | T300 | X | 141 | |
| 206 | S100 | 0 |
1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as positive numbers.
| Job No. | Quantity | June 1 Work in Process |
Direct Materials |
Direct Labor |
Factory Overhead |
Total Cost | Unit Cost | Units Sold | Cost of Goods Sold | ||||||||
| No. 201 | fill in the blank 1 | $ 6,000 | $ 26,280 | $ 15,000 | $fill in the blank 2 | $fill in the blank 3 | $fill in the blank 4 | fill in the blank 5 | $fill in the blank 6 | ||||||||
| No. 202 | fill in the blank 7 | 17,500 | 46,670 | 28,000 | fill in the blank 8 | fill in the blank 9 | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | ||||||||
| No. 203 | fill in the blank 13 | 14,420 | 6,000 | fill in the blank 14 | fill in the blank 15 | fill in the blank 16 | fill in the blank 17 | ||||||||||
| No. 204 | fill in the blank 18 | 42,840 | 28,000 | fill in the blank 19 | fill in the blank 20 | fill in the blank 21 | fill in the blank 22 | fill in the blank 23 | |||||||||
| No. 205 | fill in the blank 24 | 23,890 | 16,000 | fill in the blank 25 | fill in the blank 26 | fill in the blank 27 | fill in the blank 28 | fill in the blank 29 | |||||||||
| No. 206 | fill in the blank 30 | 7,190 | 4,000 | fill in the blank 31 | fill in the blank 32 | fill in the blank 33 | fill in the blank 34 | ||||||||||
| Total | fill in the blank 35 | $23,500 | $161,290 | $97,000 | $fill in the blank 36 | $fill in the blank 37 | $fill in the blank 38 |
a. Materials requisitions $fill in the blank 39
b. Work in process beginning balance $fill in the blank 40
c. Direct materials $fill in the blank 41
d. Direct labor $fill in the blank 42
e. Factory overhead applied $fill in the blank 43
f. Completed jobs $fill in the blank 44
g. Cost of goods sold $fill in the blank 45
h. Indirect labor $fill in the blank 46
2. Determine the June 30 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.
| Materials | $fill in the blank 47 |
| Work in process | $fill in the blank 48 |
| Finished goods | $fill in the blank 49 |
| Factory overhead | $fill in the blank 50 |
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