Wildhorse Corporation’s fiscal year ends on June 30. The following accounts are found in its job-order cost accounting system for the first month of the new fiscal year: Raw Materials Inventory July 1 Beginning balance 15,100 July 31 Requisitions (a) 31 Purchases 90,600 July 31 Ending balance (b) Work in Process Inventory July 1 Beginning balance (c) July 31 Jobs completed (f) 31 Direct materials 74,500 31 Direct labour (d) 31 Overhead (e) July 31 Ending balance (g) Finished Goods Inventory July 1 Beginning balance (h) July 31 Cost of goods sold (j) 31 Jobs completed (i) July 31 Ending balance (k) Factory Labour July 31 Factory wages (l) July 31 Wages assigned (m) Manufacturing Overhead July 31 Indirect materials 8,900 July 31 Overhead applied 114,700 31 Indirect labour 15,900 31 Other overhead (n) Other data: 1. On July 1, two jobs were in process: Job No. 4085 and Job No. 4086, with costs of $19,000 and $13,200, respectively. 2. During July, Jobs 4087, 4088, and 4089 were started. On July 31, only Job No. 4089 was unfinished. This job had charges for direct materials of $2,070 and direct labour of $1,600, plus manufacturing overhead. Manufacturing overhead was applied at the rate of 125% of direct labour cost. 3. On July 1, Job No. 4084, costing $145,300, was in the finished goods warehouse. On July 31, Job No. 4088, costing $139,500, was in finished goods. 4. Overhead was $3,500 under-applied in July. Indicate the amount pertaining to each letter.

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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Wildhorse Corporation’s fiscal year ends on June 30. The following accounts are found in its job-order cost accounting system for the first month of the new fiscal year:

Raw Materials Inventory

July 1

Beginning balance

15,100

July 31

Requisitions

(a)

Purchases

90,600

July 31

Ending balance

(b)

Work in Process Inventory

July 1

Beginning balance

(c)

July 31

Jobs completed

(f)

Direct materials

74,500

Direct labour

(d)

Overhead

(e)

July 31

Ending balance

(g)

Finished Goods Inventory

July 1

Beginning balance

(h)

July 31

Cost of goods sold

(j)

Jobs completed

(i)

July 31

Ending balance

(k)

Factory Labour

July 31

Factory wages

(l)

July 31

Wages assigned

(m)

Manufacturing Overhead

July 31

Indirect materials

8,900

July 31

Overhead applied

114,700

Indirect labour

15,900

Other overhead

(n)

Other data:

1.	On July 1, two jobs were in process: Job No. 4085 and Job No. 4086, with costs of $19,000 and $13,200, respectively.
2.	During July, Jobs 4087, 4088, and 4089 were started. On July 31, only Job No. 4089 was unfinished. This job had charges for direct materials of $2,070 and direct labour of $1,600, plus manufacturing overhead. Manufacturing overhead was applied at the rate of 125% of direct labour cost.
3.	On July 1, Job No. 4084, costing $145,300, was in the finished goods warehouse. On July 31, Job No. 4088, costing $139,500, was in finished goods.
4.	Overhead was $3,500 under-applied in July.

Indicate the amount pertaining to each letter.

(a)	$enter a dollar amount
(b)	$enter a dollar amount
(c)	$enter a dollar amount
(d)	$enter a dollar amount
(e)	$enter a dollar amount
(f)	$enter a dollar amount
(g)	$enter a dollar amount
(h)	$enter a dollar amount
(i)	$enter a dollar amount
(j)	$enter a dollar amount
(k)	$enter a dollar amount
(l)	$enter a dollar amount
(m)	$enter a dollar amount
(n)	$enter a dollar amount

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