Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Job 306 $ 33,800 24,800 14,800 147,000 89,800 ? Finished (sold) $ 39,800 22,800 13,800 232,000 $ 112,000 162,000 117,000 ? ? In process Finished (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $84,800. b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; fam $35,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $647,000 cash in April.

Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Job 306 $ 33,800 24,800 14,800 147,000 89,800 ? Finished (sold) $ 39,800 22,800 13,800 232,000 $ 112,000 162,000 117,000 ? ? In process Finished (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $84,800. b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; fam $35,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $647,000 cash in April.

Name: 3. Prepare journal entries for the month of April to record the above
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Description: 3. Prepare journal entries for the month of April to record the above transactions.View transaction list View journal entry worksheetNo234567Transactionb.C.d.e.1.9.Direct materials usedDirect labor usedCashIndirect laborIndirect laborCashFactory ove

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance 264,800 Aug. 31 Goods finished 129,400 31 Direct materials X 31 Direct labor 43,700 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 95,600 Aug. 1 Balance 12,800 31 Applied X If the balance of Work in Process on August 31 is $218,800, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $13,110 b. $95,600 c. $129,400 d. $12,800
Recording Issuing of Materials Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 832 Fiberglass 68 $93,666 833 Plastic 83 64,425 834 Glue Indirect 2,764 835 Wood 89 23,697 836 Aluminium 98 40,753 a. Determine the amount of materials transferred to Work in Process and Factory Overhead for the current month. Materials transferred to Work in Process $fill in the blank 1 Materials transferred to Factory Overhead $fill in the blank 2 b. Illustrate the effect on the accounts and financial statements of the materials transferred in (a). If no account or activity is affected, select "No effect" from the drop-down list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets = Liabilities + Stockholders' Equity + + = + fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11…
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2
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Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $18,760 Direct materials 152,520 Direct labor 164,530 Factory overhead 86,480 Jobs finished during January are summarized as follows: Job 210 $76,010 Job 216 46,450 Job 224 88,680 Job 230 168,920 a. Journalize the entry to record the jobs completed. b. Determine the cost of the unfinished jobs at January 31.
Predetermined Overhead Rate Calculation: Estimated Annual Overhead: $720,000 Estimated Annual Direct Labor Hours: 24,000 Predetermined Overhead Rate: [To be calculated] Overhead Applied to Jobs during the Period: Overhead Applied: [To be calculated] Total Cost of Jobs 102 and 103 at the End of the Period: Job 102: [To be calculated] Job 103: [To be calculated] Cost of Jobs on the Balance Sheet: Job 102: [Specify location on the balance sheet] Job 103: [Specify location on the balance sheet] Journal Entries in the 'T' Accounts (Ledger Accounts Tab): [List the journal entries and their corresponding accounts] Ending Balances in All Accounts (Ledger Accounts Tab): [List the ending balances of each account] Over- or Underapplied Overhead Calculation (Ledger Accounts Tab): Over- or Underapplied Overhead: [To be calculated] Journal Entry to Dispose of Overhead Balance (Ledger Accounts Tab): [Provide the journal entry to dispose of the overhead balance]…
ob cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2 February fill in the blank 3 fill in the blank 4 $fill in the blank 5 March fill in the blank 6 fill in the blank 7 fill in the blank 8
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