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Unit v question 14

Unit v question 14

FINANCIAL ACCOUNTING
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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Unit v question 14

3. 1. On December 1, two jobs Were in proCESS: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $8,190 and combined direct labor costs of $12,600. Overhead was applied at a rate that was 75% of direct labor cost. 2. 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 $3,192 and direct labor $4,032. 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 hada total cost of $4,200. On December 31, Job No. 157 was the only finished job that was not sold. It had a cost of $3,360. Manufacturing overhead was $1,236 underapplied in December. 4. List the letters (a) through (m) and indicate the amount pertaining to each letter. Raw Materials Inventory Dec. 1 Beginning balance Dec. 31 Requisitions 14,154 (a) Purchases 14,470 Dec. 31 Ending balance 6,700 Work in Process Inventory Dec. 1 Beginning balance (b) Dec. 31 Jobs completed () Direct materials () 31 Directlabor 7,056 Overhead (P) Dec. 31 Ending balance (e) Finished Goods Inventory Dec. 1 Beginning balance Dec. 31 Cost of goods sold (8) 31 Jobs completed (4) Dec. 31 Ending balance Factory Labor Dec. 31 Factory wageS 10,102 Dec. 31 Wages assigned Manufacturing Overhead Dec. 31 Indirect materials 2,436 Dec 31, Overhead applied (m) Indirect labor (0) 31 Other overhead
Transcribed Image Text:3. 1. On December 1, two jobs Were in proCESS: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $8,190 and combined direct labor costs of $12,600. Overhead was applied at a rate that was 75% of direct labor cost. 2. 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 $3,192 and direct labor $4,032. 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 hada total cost of $4,200. On December 31, Job No. 157 was the only finished job that was not sold. It had a cost of $3,360. Manufacturing overhead was $1,236 underapplied in December. 4. List the letters (a) through (m) and indicate the amount pertaining to each letter. Raw Materials Inventory Dec. 1 Beginning balance Dec. 31 Requisitions 14,154 (a) Purchases 14,470 Dec. 31 Ending balance 6,700 Work in Process Inventory Dec. 1 Beginning balance (b) Dec. 31 Jobs completed () Direct materials () 31 Directlabor 7,056 Overhead (P) Dec. 31 Ending balance (e) Finished Goods Inventory Dec. 1 Beginning balance Dec. 31 Cost of goods sold (8) 31 Jobs completed (4) Dec. 31 Ending balance Factory Labor Dec. 31 Factory wageS 10,102 Dec. 31 Wages assigned Manufacturing Overhead Dec. 31 Indirect materials 2,436 Dec 31, Overhead applied (m) Indirect labor (0) 31 Other overhead
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