Sunland Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Other data: 1. 2. 3. 4. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,165 and combined direct labor costs of $14,100. Overhead was applied at a rate that was 75% of direct labor cost. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $3,572 and direct labor $4,512, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $4,700. On December 31, Job No. 157 was the only finished job that was not sold. It had a cost of $3,760. Manufacturing overhead was $1,386 underapplied in December. List the letters (a) through (m) and indicate the amount pertaining to each letter. Dec. 1 Beginning balance 31 Purchases Dec. 31 Ending balance Raw Materials Inventory 7144 (a) Dec. 31 Requisitions 15,839 16,195 7,500 Work in Process Inventory Dec. 1 Beginning balance 33840 (b) Dec. 31 Jobs completed (f) 31 Direct materials 31 Direct labor 31 Overhead (c) 7,896 (d) Dec. 31 Ending balance 11468 (e) Finished Goods Inventory Dec. 1 Beginning balance 4700 (g) Dec. 31 Cost of goods sold (i) 31 Jobs completed (h) Dec. 31 Ending balance 3760 (j) Factory Labor Dec. 31 Factory wages 11,307 Dec. 31 Wages assigned Manufacturing Overhead Dec. 31 Indirect materials 2,726 Dec. 31 Overhead applied 31 Indirect labor (1) 31 Other overhead 1,171 (k) (m)
Sunland Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Other data: 1. 2. 3. 4. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,165 and combined direct labor costs of $14,100. Overhead was applied at a rate that was 75% of direct labor cost. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $3,572 and direct labor $4,512, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $4,700. On December 31, Job No. 157 was the only finished job that was not sold. It had a cost of $3,760. Manufacturing overhead was $1,386 underapplied in December. List the letters (a) through (m) and indicate the amount pertaining to each letter. Dec. 1 Beginning balance 31 Purchases Dec. 31 Ending balance Raw Materials Inventory 7144 (a) Dec. 31 Requisitions 15,839 16,195 7,500 Work in Process Inventory Dec. 1 Beginning balance 33840 (b) Dec. 31 Jobs completed (f) 31 Direct materials 31 Direct labor 31 Overhead (c) 7,896 (d) Dec. 31 Ending balance 11468 (e) Finished Goods Inventory Dec. 1 Beginning balance 4700 (g) Dec. 31 Cost of goods sold (i) 31 Jobs completed (h) Dec. 31 Ending balance 3760 (j) Factory Labor Dec. 31 Factory wages 11,307 Dec. 31 Wages assigned Manufacturing Overhead Dec. 31 Indirect materials 2,726 Dec. 31 Overhead applied 31 Indirect labor (1) 31 Other overhead 1,171 (k) (m)
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
Section: Chapter Questions
Problem 9P: Channel Products Inc. uses the job order cost system of accounting. The following is a list of the...
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Transcribed Image Text:Sunland Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for
the first month of the new fiscal year.
Other data:
1.
2.
3.
4.
On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of
$9,165 and combined direct labor costs of $14,100. Overhead was applied at a rate that was 75% of direct labor cost.
During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had
charges for direct materials $3,572 and direct labor $4,512, plus manufacturing overhead. All jobs, except for Job No. 158,
were completed in December.
On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $4,700. On December 31, Job No. 157
was the only finished job that was not sold. It had a cost of $3,760.
Manufacturing overhead was $1,386 underapplied in December.
List the letters (a) through (m) and indicate the amount pertaining to each letter.
Dec. 1
Beginning balance
31
Purchases
Dec. 31
Ending balance
Raw Materials Inventory
7144
(a)
Dec. 31 Requisitions
15,839
16,195
7,500
Work in Process Inventory
Dec. 1
Beginning balance
33840
(b)
Dec. 31
Jobs completed
(f)
31
Direct materials
31
Direct labor
31
Overhead
(c)
7,896
(d)
Dec. 31 Ending balance
11468
(e)
Finished Goods Inventory
Dec. 1
Beginning balance
4700
(g) Dec. 31 Cost of goods sold
(i)
31 Jobs completed
(h)
Dec. 31
Ending balance
3760
(j)
Factory Labor
Dec. 31 Factory wages
11,307
Dec. 31
Wages assigned
Manufacturing Overhead
Dec. 31 Indirect materials
2,726
Dec. 31 Overhead applied
31
Indirect labor
(1)
31 Other overhead
1,171
(k)
(m)
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