Bergo Bay's accounting system generated the following account balances on December 31. The company's managerknows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory,and the accrued factory payroll (Factory Wages Payable) has not been recorded.CashAccounts receivableRaw materials inventoryWork in process inventoryFinished goods inventoryPrepaid rentAccounts payableNotes payableCommon stockRetained earnings (prior year)SalesCost of goods soldFactory overheadGeneral and administrative expensesTotalsDebit$ 71,000Credit40,00025,000012,0004,000$ 10,00013,00040,00094,000171,000112,00024,00040,000$ 328,000$ 328,000These six documents must be processed to bring the accounting records up to date.Materials requisition 10:Materials requisition 11:Materials requisition 12:Labor time ticket 52:Labor time ticket 53:Labor time ticket 54:$ 4,800 direct materials to Job 402$ 7,400 direct materials to Job 404$ 2,100 indirect materials$ 6,000 direct labor to Job 402$ 14,000 direct labor to Job 404$ 5,000 indirect laborJobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost.Problem 19-3A (Algo) Part 33. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $94,000 inthis list.

Adjusted trial balance:The reporting of all the accounts after the adjusting entries during an…

Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,100 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $ 5,000 indirect labor

Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,100 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $ 5,000 indirect labor

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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Current Attempt in Progress Job 400 Job 401 Job 402 Direct Materials $200 $21/hour O $10/hour O $16/hour O $18/hour 250 500 Direct Labour Cost $800 200 600 Direct Labour Hours 40 10 32 Sparkle Company uses job costing and applies overhead using an actual costing system using direct labour hours as the allocation base. This period's estimated overhead cost is $400,000, estimated direct labour cost is $500,000 and estimated direct labour hours are 25,000. This period's actual overhead cost was $420,000, actual direct labour cost was $390,000, and actual direct labour hours were 20,000. What is the overhead allocation rate?
Question Content Area Journalize the entries to record the following transactions: Mar. 10: 600 units of raw materials were purchased on account at $5.50 per unit. Mar. 15: 500 units of raw materials were requisitioned at $6.00 per unit for production, Job 872. Mar. 25: 400 units of raw materials were requisitioned at $5.50 per unit for production, Job 879. If an amount box does not require an entry, leave it blank.
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At June 30 Job 5 Job 6 Job 7 Direct materials $ 17,400 $ 34,200 $ 28,200 Direct labor 10,400 16,600 23,400 Overhead applied 5,200 8,300 11,700 Additional Information Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,200; direct labor, $3,000; and applied overhead, $2,100. Job 5 was finished in June. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 2. What is the total cost of direct labor used in June?
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