nting fiscal year is shown here. Other data: 1. On December 1, two jobs were in
ID: 2438211 • Letter: N
Question
nting fiscal year is shown here. Other data: 1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,850 and direct labor costs of $16,500 Overhead is applied at a rate of 75% of direct labor cost. abor $5,400, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December sold. It had a cost of $4,400 Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $4,200 and direct 2. During 3. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $5,100. On December 31, Job No. 157 was the only job finished that was not 4. Manufacturing overhead was $1,095 underapplied in December. List the letters (a) through (p) and indicate the amount pertaining to each letter MANUFACTURING COSTS FINISHED GOODS INVENTORY COST OF GOODS SOLD WORK IN Factory Labor Manufact. Overhead INVENTORY Inventory (a) 8900 (b) s $18,525 Purchase raw materials Incur factory labor Raw materials are used $12,125 3.200 () -18,950 Factory labor is used 12125 (Explanation / Answer
Solution:
Particulars Manufacturing costs Work in process inventory Finished goods inventory Cost of goods sold Raw material inventory Factory labor Manufact. Overhead Beginning balance a $8,900.00 b $38,725.00 g $5,100.00 Purchase raw material $18,525.00 Incur factory labor $12,125.00 Raw materials are used -$18,950.00 $3,200.00 c $15,750.00 Factory labor is used k -$12,125.00 l $3,225.00 $8,900.00 Incur manufacturing overhead $1,345.00 Assign manufacturing overhead m -$6,675.00 d $6,675.00 Complete jobs f -$56,400.00 h $56,400.00 Sell jobs i -$57,100.00 o $57,100.00 Ending balance $8,475.00 n $1,095.00 e $13,650.00 j $4,400.00 p $57,100.00Related Questions
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