116 chapter 17Learning Objectives 2, 3, 4, 54. COGM $46,7505. NI $19,150P17-38B Preparing comprehensive accounting for manufacturing transactionsTeacher Stars produces stars for elementary teachers to reward their students. TeacherStars' trial balance on June 1 follows:Account TitleCashAccounts ReceivableInventories:Raw MaterialsWork-in-ProcessFinished GoodsPlant AssetsTEACHER STARSTrial BalanceJune 1, 2016Accumulated DepreciationAccounts PayableWages PayableCommon StockRetained EarningsSales RevenueCost of Goods SoldManufacturing OverheadSelling and Administrative ExpensesBalanceJune transactions are summarized as follows:a. Collections on account, $153,000.Debit$ 14,000150,0005,60042.50020,700240,000Job 120: Paper, $ 800Job 121: Paper, $7,900Indirect materials, $1,600June 1 balances in the subsidiary ledgers were as follows:• Raw Materials Inventory subsidiary ledger: Paper, $4,300; indirect materials, $1,300• Work-in-Process Inventory subsidiary ledger: Job 120, $42,500; Job 12, $0• Finished Goods Inventory subsidiary ledger: Large Stars, $9,700; Small Stars,$11,000Credit$ 76,000130,0001.800b. Selling and administrative expenses incurred and paid, $32,000.c. Payments on account, $42,000.d. Materials purchased on account: Paper, $24,500; indirect materials, $4,300.e. Materials requisitioned and used in production:f. Wages incurred during June, $38,000. Labor time records for the month: Job 120,$3,700; Job 121, $18,300; indirect labor, $16,000.g. Wages paid in June include the balance in the Wages Payable at May 31 plus$34.900 of wages incurred during June.135,000130,000Requirements1. Journalize the transactions for the company.2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger,the Work-in-Process subsidiary ledger, and the Finished Goods Inventory subsid-iary ledger have been opened for your account's balance as given. Post the journalentries to the T-accounts using the transaction letter.3. Prepare a trial balance at June 30, 2016.h. Depreciation on plant and equipment, $2,800.i. Manufacturing overhead allocated at the predetermined overhead allocation rate of90% of direct labor cost.4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost ofgoods manufactured for the month of June.5. Prepare an income statement for the month of June.j. Jobs completed during the month: Job 120 with 800,000 Large Stars at a total costof $50,330.k. Sales on account: all of Job 120 for $111,000.1. Adjusted for overallocated or underallocated manufacturing overhead.

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k. Sales on account: all of Job 120 for $111,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. Requirements 1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process subsidiary ledger, and the Finished Goods Inventory subsid- iary ledger have been opened for your account's balance as given. Post the journal entries to the T-accounts using the transaction letter. 3. Prepare a trial balance at June 30, 2016. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.

k. Sales on account: all of Job 120 for $111,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. Requirements 1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process subsidiary ledger, and the Finished Goods Inventory subsid- iary ledger have been opened for your account's balance as given. Post the journal entries to the T-accounts using the transaction letter. 3. Prepare a trial balance at June 30, 2016. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.

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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The Work-in-process inventory consists of the following Job Orders: Job Order No. Direct Materials Direct Labor 18-133 P3,000 P4,000 P3,500 P4,500 18-134 P5,000 P5,000 18-136 During the month, Job Oder Nos. 18-137 and 18- 138 were started. Costs incurred for the period are as follows: Job Order No. Direct Materials Direct Labor P 2,500 P 3,000 P 5,500 P 9,000 18-133 P3,000 P3,000 P4,500 P8,500 18-134 18-136 18-137 18-138 P9,500 P10,500 At the end of the period, only Job Order No. 18- 137 is on hand and Job Order No. 18-138 is incomplete. Normal costing is used. Factory overhead is applied so that it is always 20% of total manufacturing costs. What is the Finished Goods Inventory ending balance?
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Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Balance on 3/1 $ 7,500 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms $ 3,500 6,000 4,200 1,300 $ 15,000 Work in Process Job 33 Job 34 Labor Time Tickets $ 6,500 7,800 3,250 2,140 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Job 33 Job 34 Job 35 Indirect Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a Record the issuance of raw materials to production. Note: Enter debits before credits. 3 Record entry Status of Job at Month-End Completed and sold…
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2 ts eBook Mc Graw Hill The following information is for Punta Company for July: a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: " Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: $ 16,500 48,750 Job Job T Indirect labor Total $ 19,500 84,750 Job S $ 32,250 Job T $75,000 37,250 14,250 $46,500 $ 112,250 Total 107,250 $ 51,500 158,750 214,750 $373,500 Material A Material B Subtotal Indirect materials Total g. Direct labor incurred for the two jobs and indirect labor are as follows: $ 63,000 52,500 148,000 $263,500…
Use the dates above to identify the status of each job. Compute the following balances for Thrifty: a. Work-in-Process Inventory at August 31 b. Finished Goods Inventory at August 31 c. Cost of Goods Sold for
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Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on 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 a. Materials purchases (on credit). b. Direct materials used. View transaction list Journal entry worksheet
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Subject : Accounting
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