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Kubota Corporation manufactures equipment in batches for inventory stock. Assume that Kubota's production costs are accounted for using a job cost system. At the beginning of April raw materials inventories totaled $7,480,000, manufacturing supplies amounted to $1,056,000, and finished goods inventories totaled $5,280,000. Two jobs were in process: Job 522 with assigned costs of $5,152,000 and Job 523 with assigned costs of $2,200,000. The following information summarizes April manufacturing activities: Purchased raw materials costing $22,000,000 on account. Purchased manufacturing supplies costing $2,640,000 on account. *Requisitioned materials needed to complete Job 523. Started two new jobs, 524 and 525, and requisitioned direct materials for them. Direct materials Job 523 $2,640,000 Job 524 Job 525 11,352,000 8,448,000 Total $22,440,000 D وده دریا ۵ Recorded April salaries and wages as follows: 160 $ Direct labor ( 120,000 hours x $25 per hour) ( 760,000 hours × $25 per hour) (1,080,000 hours x $25 per hour) (700,000 hours x $25 per hour) Job 522 Job 523 Job 524 Job 525 Total direct labor Indirect labor Total •Used manufacturing supplies costing $1,980,000. Recognized depreciation on factory fixed assets of $4,640,000. Incurred miscellaneous manufacturing overhead costs of $5,800,000 on account. Applied manufacturing overhead at the rate of $6.25 per direct labor hour. •Completed Jobs 522, 523, and 524. 0 0 $ Job #522 Job # 523 Beg. Bal. $150000 $200 0 $ 2200 00 0 DM 0 DL 0 0 OH Total Required Prepare a complete analysis of all activity in Work-in-Process (including job sheets), reconciling from the beginning to the ending balances. Note: Do not use a negative sign with any of your answers. 0 0 $ $3,000,000 19,000,000 27,000,000 17,500,000 66,500,000 5,680,000 $72,180,000 Job # 524 0 $ 0 0 0 0 $ 24 002 00 Job #525 0 0 0 0 0 Work in Progress Begin Balance DM DL ΔΗ less Completed jobs End Balance

Kubota Corporation manufactures equipment in batches for inventory stock. Assume that Kubota's production costs are accounted for using a job cost system. At the beginning of April raw materials inventories totaled $7,480,000, manufacturing supplies amounted to $1,056,000, and finished goods inventories totaled $5,280,000. Two jobs were in process: Job 522 with assigned costs of $5,152,000 and Job 523 with assigned costs of $2,200,000. The following information summarizes April manufacturing activities: Purchased raw materials costing $22,000,000 on account. Purchased manufacturing supplies costing $2,640,000 on account. *Requisitioned materials needed to complete Job 523. Started two new jobs, 524 and 525, and requisitioned direct materials for them. Direct materials Job 523 $2,640,000 Job 524 Job 525 11,352,000 8,448,000 Total $22,440,000 D وده دریا ۵ Recorded April salaries and wages as follows: 160 $ Direct labor ( 120,000 hours x $25 per hour) ( 760,000 hours × $25 per hour) (1,080,000 hours x $25 per hour) (700,000 hours x $25 per hour) Job 522 Job 523 Job 524 Job 525 Total direct labor Indirect labor Total •Used manufacturing supplies costing $1,980,000. Recognized depreciation on factory fixed assets of $4,640,000. Incurred miscellaneous manufacturing overhead costs of $5,800,000 on account. Applied manufacturing overhead at the rate of $6.25 per direct labor hour. •Completed Jobs 522, 523, and 524. 0 0 $ Job #522 Job # 523 Beg. Bal. $150000 $200 0 $ 2200 00 0 DM 0 DL 0 0 OH Total Required Prepare a complete analysis of all activity in Work-in-Process (including job sheets), reconciling from the beginning to the ending balances. Note: Do not use a negative sign with any of your answers. 0 0 $ $3,000,000 19,000,000 27,000,000 17,500,000 66,500,000 5,680,000 $72,180,000 Job # 524 0 $ 0 0 0 0 $ 24 002 00 Job #525 0 0 0 0 0 Work in Progress Begin Balance DM DL ΔΗ less Completed jobs End Balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1 Kubota Corporation manufactures equipment in batches for inventory stock. Assume that Kubota's production costs are accounted for using a job cost system. At the beginning of April raw materials inventories totaled $7,480,000, manufacturing supplies amounted to $1,056,000, and finished goods inventories totaled $5,280,000. Two jobs were in process: Job 522 with assigned costs of $5,152,000 and Job 523 with assigned costs of $2,200,000. The following information summarizes April manufacturing activities: •Purchased raw materials costing $22,000,000 on account. •Purchased manufacturing supplies costing $2,640,000 on account. *Requisitioned materials needed to complete Job 523. Started two new jobs, 524 and 525, and requisitioned direct materials for them. Direct materials Job 523 $2,640,000 Job 524 11,352,000 I Job 525 8,448,000 Total $22,440,000 Job 522 Job 523 Job 524 Job 525 Total direct labor Indirect labor Total Recorded April salaries and wages as follows: Required 000 Q1600000 20 $ 000 Direct labor ( 120,000 hours × $25 per hour) ( 760,000 hours × $25 per hour) (1,080,000 hours × $25 per hour) ( 700,000 hours × $25 per hour) Job #522 Job # 523 Beg. Bal. $1$2,000 0 $ DM 2200000 0 DL 0 OH Total 0 0 $ •Used manufacturing supplies costing $1,980,000. •Recognized depreciation on factory fixed assets of $4,640,000. Incurred miscellaneous manufacturing overhead costs of $5,800,000 on account. •Applied manufacturing overhead at the rate of $6.25 per direct labor hour. Completed Jobs 522, 523, and 524. Prepare a complete analysis of all activity in Work-in-Process (including job sheets), reconciling from the beginning to the ending balances. Note: Do not use a negative sign with any of your answers. 0 $ 0 $3,000,000 16 000 000 19,000,000 27,000,000 24 000 0- 17,500,000 66,500,000 5,680,000 $72,180,000 0 0 0 $ Job # 524 20.03 0 $ 0 0 0 0 $ مان Job # 525 40 000 0 0 0 0 0 Work in Progress Begin Balance DM DL OH less Completed Jobs End Balance
Transcribed Image Text:1 Kubota Corporation manufactures equipment in batches for inventory stock. Assume that Kubota's production costs are accounted for using a job cost system. At the beginning of April raw materials inventories totaled $7,480,000, manufacturing supplies amounted to $1,056,000, and finished goods inventories totaled $5,280,000. Two jobs were in process: Job 522 with assigned costs of $5,152,000 and Job 523 with assigned costs of $2,200,000. The following information summarizes April manufacturing activities: •Purchased raw materials costing $22,000,000 on account. •Purchased manufacturing supplies costing $2,640,000 on account. *Requisitioned materials needed to complete Job 523. Started two new jobs, 524 and 525, and requisitioned direct materials for them. Direct materials Job 523 $2,640,000 Job 524 11,352,000 I Job 525 8,448,000 Total $22,440,000 Job 522 Job 523 Job 524 Job 525 Total direct labor Indirect labor Total Recorded April salaries and wages as follows: Required 000 Q1600000 20 $ 000 Direct labor ( 120,000 hours × $25 per hour) ( 760,000 hours × $25 per hour) (1,080,000 hours × $25 per hour) ( 700,000 hours × $25 per hour) Job #522 Job # 523 Beg. Bal. $1$2,000 0 $ DM 2200000 0 DL 0 OH Total 0 0 $ •Used manufacturing supplies costing $1,980,000. •Recognized depreciation on factory fixed assets of $4,640,000. Incurred miscellaneous manufacturing overhead costs of $5,800,000 on account. •Applied manufacturing overhead at the rate of $6.25 per direct labor hour. Completed Jobs 522, 523, and 524. Prepare a complete analysis of all activity in Work-in-Process (including job sheets), reconciling from the beginning to the ending balances. Note: Do not use a negative sign with any of your answers. 0 $ 0 $3,000,000 16 000 000 19,000,000 27,000,000 24 000 0- 17,500,000 66,500,000 5,680,000 $72,180,000 0 0 0 $ Job # 524 20.03 0 $ 0 0 0 0 $ مان Job # 525 40 000 0 0 0 0 0 Work in Progress Begin Balance DM DL OH less Completed Jobs End Balance
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