eBookJob 602Job 603a.maBalance, April 3039,30036,300Factory overhead-indirect materialsTotalThe glue is not a significant cost, so it is treated as indirect materials (factory overhead).a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank.Fabric70,000 150,70047,50083,8008$6,600$126,700 $181,900 $406,700 $6,600b. "Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank<c. Determine the April 30 balances that would be shown in the materials ledger accounts.PolyesterFilling.260,000167,6006,600$721,900LumberGlue Entries for MaterialsKingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses job order costing. Balances on April 1 from the materialsledger are as follows:FabricPolyester fillingLumberGlueThe materials purchased during April are summarized from the receiving reports as follows:FabricPolyester fillingLumberGlue$27,7008,30062,0002,700$134,600187,100368,80012,800Materials were requisitioned to individual jobs as follows:Job 601Job 602Job 603Factory overhead-indirect materialsTotalFabric$51,10039,30036,300PolyesterFillingLumber$64,400 $172,20070,000 150,70047,50083,800Glue$6,600$126,700 $181,900 $406,700 $6,600Total$287,700260,000167,6006,600$721,900

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Description: eBookJob 602Job 603a.maBalance, April 3039,30036,300Factory overhead-indirect materialsTotalThe glue is not a significant cost, so it is treated as indirect materials (factory overhead).a. Journalize the entry to record the purchase of materials in

Materials One of the main costing elements that requires for the production process are classified…

Business

Accounting

Job 602 Job 603 a. b. 39,300 36,300 Balance, April 30 47,500 Factory overhead-indirect materials Total $126,700 $181,900 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. 88 b. "Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blan 88 Fabric 83,800 c. Determine the April 30 balances that would be shown in the materials ledger accounts. Polyester Filling $6,600 $406,700 $6,600 Lumber 167,600 6,600 $721,900 Glue

Job 602 Job 603 a. b. 39,300 36,300 Balance, April 30 47,500 Factory overhead-indirect materials Total $126,700 $181,900 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. 88 b. "Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blan 88 Fabric 83,800 c. Determine the April 30 balances that would be shown in the materials ledger accounts. Polyester Filling $6,600 $406,700 $6,600 Lumber 167,600 6,600 $721,900 Glue

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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Exercise 7-40 (Algo) Job Costing in a Service Organization (LO 7-4) At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assigned from previous months. Job Number Direct Labor Applied Overhead SY-400 $ 23,440 ? SY-403 15,520 ? During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $26,000 in direct labor. For SY-403, $76,000 in labor was used. During the month, the only new job, SY-404, was started but not finished. Total direct labor costs for all jobs amounted to $149,520 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying, printing, and travel costs to meet with clients. Overhead is applied at a rate of 60 percent of direct labor costs for this and previous periods. Actual overhead for the month was $93,000. Required: a. What are the…
I only want to know how the factory overhead of job101 and job103 ( the highlighted portion of the photo on the right side) were computed in the problem 17.
Question 22
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Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. Balance Sheet Income Statement Assets Equity Raw F. C. Cash + M. + МОН + WIP + Goods Stk. + Ret. Ear. Rev. Exp. = Net Inc. 60,000 + NA + NA + NA NA 60,000 + NA NA NA NA b. Reconcile all subsidiary accounts with their respective control accounts. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.
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Problem 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 32,200 Direct labor used (in March) Overhead applied (March) 23,200 13,200 $ 38,200 21,200 12,200 Costs during April Direct labor used Overhead applied Direct materials used 143,000 Status on April 30 88,200 ? Finished (sold) 228,000 $ 108,000 158,000 ? 113,000 7 Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,200. b. Raw materials purchases in April are $508,000, and total factory payroll cost in April is $371,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $25,000; factory rent, $34,000; factory utilities, $21,000; and factory…
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