You are asked to bring the following incomplete accounts of Parrish Printing Corporation up to date through January 31 of the current year. Consider the data that appear in the T-accounts as well as additional information given in items (a) through (i). Parrish's job-order costing system has two direct cost categories (direct material and direct manufacturing labor) and one indirect cost pool (manufacturing overhead, which is allocated using direct manufacturing labor costs). Materials Inventory Control Wages Payable Control 12/31 Balance 1/31 15,000 Balance 3,000 Manufacturing Department Overhead Control January Charges 57,000 Work in Process Inventory Control Manufacturing Overhead Control Finished Goods Inventory Control Cost of Goods Sold 12/31 Balance 20,000
You are asked to bring the following incomplete accounts of Parrish Printing Corporation up to date through January 31 of the current year. Consider the data that appear in the T-accounts as well as additional information given in items (a) through (i). Parrish's job-order costing system has two direct cost categories (direct material and direct manufacturing labor) and one indirect cost pool (manufacturing overhead, which is allocated using direct manufacturing labor costs). Materials Inventory Control Wages Payable Control 12/31 Balance 1/31 15,000 Balance 3,000 Manufacturing Department Overhead Control January Charges 57,000 Work in Process Inventory Control Manufacturing Overhead Control Finished Goods Inventory Control Cost of Goods Sold 12/31 Balance 20,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![You are asked to bring the following incomplete accounts of Parrish Printing Corporation up to date
through January 31 of the current year. Consider the data that appear in the T-accounts as well as
additional information given in items (a) through (i).
Parrish's job-order costing system has two direct cost categories (direct material and direct
manufacturing labor) and one indirect cost pool (manufacturing overhead, which is allocated using
direct manufacturing labor costs).
Wages Payable Control
1/31
Balance 3,000
Materials Inventory Control
12/31
Balance
15,000
Manufacturing Department
Overhead Control
January
Work in Process Inventory Control
Charges 57,000
Manufacturing Overhead Control
Finished Goods Inventory Control
Cost of Goods Sold
12/31
Balance
20,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7dc30860-6c2e-425e-a209-34431047979f%2F52922fc8-2e59-42ca-a78f-43f0a744265c%2Foi4re5_processed.png&w=3840&q=75)
Transcribed Image Text:You are asked to bring the following incomplete accounts of Parrish Printing Corporation up to date
through January 31 of the current year. Consider the data that appear in the T-accounts as well as
additional information given in items (a) through (i).
Parrish's job-order costing system has two direct cost categories (direct material and direct
manufacturing labor) and one indirect cost pool (manufacturing overhead, which is allocated using
direct manufacturing labor costs).
Wages Payable Control
1/31
Balance 3,000
Materials Inventory Control
12/31
Balance
15,000
Manufacturing Department
Overhead Control
January
Work in Process Inventory Control
Charges 57,000
Manufacturing Overhead Control
Finished Goods Inventory Control
Cost of Goods Sold
12/31
Balance
20,000
![Additional Information:
Manufacturing department overhead is allocated using a budgeted rate set every December.
Management forecasts next year's overhead and next year's direct manufacturing labor costs.
The budget for the current year is $400,000 of direct manufacturing labor and $600,000 of
manufacturing overhead.
b.
a.
The only job unfinished on January 31 is No. 419, on which direct manufacturing labor costs
are $2,000 (125 direct manufacturing labor hours) and direct material costs are $8,000.
Total material placed into production during January is $90,000.
d.
с.
Cost of goods completed during January is $180,000.
Material inventory as of January 31 is $20,000.
f.
е.
Finished goods inventory as of January 31 is $15,000.
All plant workers earn the same wage rate. Direct manufacturing labor hours for January
g.
total 2,500. Other labor and supervision totals $10,000.
h.
The gross plant payroll for January pay periods totals $52,000. Ignore withholdings. All
personnel are paid on a weekly basis.
i.
All "actual" manufacturing department overhead incurred during January has already been
posted.
Required:
Material purchased during January
b.
a.
Cost of Goods Sold during January
Direct Manufacturing Labor Costs incurred during January
d.
с.
Manufacturing Overhead Allocated during January
Balance, Wages Payable Control, December 31, prior year
f.
e.
Balance, Work in Process Inventory Control, January 31, current year
Balance, Work in Process Inventory Control, December 31, prior year
g.
h.
Balance, Finished Goods Inventory Control, January 31, current year
Manufacturing Overhead underapplied or overapplied for January
i.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7dc30860-6c2e-425e-a209-34431047979f%2F52922fc8-2e59-42ca-a78f-43f0a744265c%2F9jhnz75_processed.png&w=3840&q=75)
Transcribed Image Text:Additional Information:
Manufacturing department overhead is allocated using a budgeted rate set every December.
Management forecasts next year's overhead and next year's direct manufacturing labor costs.
The budget for the current year is $400,000 of direct manufacturing labor and $600,000 of
manufacturing overhead.
b.
a.
The only job unfinished on January 31 is No. 419, on which direct manufacturing labor costs
are $2,000 (125 direct manufacturing labor hours) and direct material costs are $8,000.
Total material placed into production during January is $90,000.
d.
с.
Cost of goods completed during January is $180,000.
Material inventory as of January 31 is $20,000.
f.
е.
Finished goods inventory as of January 31 is $15,000.
All plant workers earn the same wage rate. Direct manufacturing labor hours for January
g.
total 2,500. Other labor and supervision totals $10,000.
h.
The gross plant payroll for January pay periods totals $52,000. Ignore withholdings. All
personnel are paid on a weekly basis.
i.
All "actual" manufacturing department overhead incurred during January has already been
posted.
Required:
Material purchased during January
b.
a.
Cost of Goods Sold during January
Direct Manufacturing Labor Costs incurred during January
d.
с.
Manufacturing Overhead Allocated during January
Balance, Wages Payable Control, December 31, prior year
f.
e.
Balance, Work in Process Inventory Control, January 31, current year
Balance, Work in Process Inventory Control, December 31, prior year
g.
h.
Balance, Finished Goods Inventory Control, January 31, current year
Manufacturing Overhead underapplied or overapplied for January
i.
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