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.Notes payableCashAccounts receivableRaw materials inventoryWork in process inventoryFinished goods inventoryPrepaid rentAccounts payableCommon stockRetained earnings (prior year)SalesCost of goods soldDebit$ 75,00044,000Credit27,00009,0003,000$ 9,60012,60030,00090,000204,800Factory overheadGeneral and administrative expenses115,00025,00049,000$ 347,000$ 347,000TotalsThese 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:$ 4,000 direct materials to Job 402$ 7,700 direct materials to Job 404$ 2,000 indirect materials$ 7,000 direct labor to Job 402$13,000 direct labor to Job 404$ 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.2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- orunderapplied overhead.2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.

If applied overhead is less than actual overhead, called as underapplied overhead.If applied…

These 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: $ 4,000 direct materials to Job 402 $7,700 direct materials to Job 404 $ 2,000 indirect materials $ 7,000 direct labor to Job 402 $13,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.

These 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: $ 4,000 direct materials to Job 402 $7,700 direct materials to Job 404 $ 2,000 indirect materials $ 7,000 direct labor to Job 402 $13,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.

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 following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520 Time tickets show the following labor used for the month. Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…
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.
Record the journal entries for the following transactions: March 10: 600 units of raw materials were purchased on account at $6.00 per unit. March 15: 500 units of raw materials were requisitioned at $6.50 per unit for production, Job 872. March 25: 400 units of raw materials were requisitioned at $6.00 per unit for production, Job 879. March 10 fill in the blank 2 fill in the blank 4 March 15 fill in the blank 6 fill in the blank 8 March 25 fill in the blank 10 fill in the blank 12
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Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $4,800 101 5,875 104 18,250 108 15,500 Indirect 8,220 111 9,430 115 12,675 117 19,225 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in March: Work in Process Line Item Description Amount Balance, March 1 $9,950 Direct materials 80,890 Direct labor 87,260 Factory overhead 45,870 Jobs finished during March are summarized as follows: Line Item Description Amount Job 459 $40,310 Job 510 24,640 Job 512 47,030 Job 523 82,870 Question Content Area a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. blankAccountDebitCredit blank Question Content Area b. Determine the cost of the unfinished jobs at March 31. fill in the blank 1 of 1$
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