In addition to the information in the problem 17.2 ( i have attached question an
ID: 2453995 • Letter: I
Question
In addition to the information in the problem 17.2 ( i have attached question and answer of problem 17.2):
a. Make up dates for all journal entries
b. Prepare a statement of cost of goods manufactured for the month using following inventory information:
1. Beginning Direct Materials, $45,000
2. Beginning Work in Process, $65,000
3. Beginning Finished Goods, $80,000
c. Prepare an income statement for the month to gross profit.
3. Check figures:
a. Total manufacturing costs, $302,970
b. Cost of goods manufactured, $175,090
c. Ending Work in Process, $192,880
d. Gross Profit, $46,490
This is problem 17.2: For the first month operation, HIL Company recorded the following transactions for the month of April:
a. Materials purchased on account, $147,000
b. Materials requisitioned and factory labor used:
c. Factory overhead costs incurred on account, $6,000
d. Depreciation of machinery and equipment, $4,100
e. The factory overhead rate is $40 machine hour. Machine hour used is as per table above.
f. Job completed: 101,102,103 and 105
g. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 103, $45,500
Below is the answer to problem 17.2
a. Materials purchased on account, $147,000
b. Materials requisitioned and factory labor used
C. overhead costs incurred on account, $6,000
d. Depreciation of machinery and equipment, $4,100
e. The factory overhead rate is $40 machine hour. Machine hour used is as per table above.
f. Job completed: 101,102,103 and 105
g. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 103, $45,500
The answera to thewe questions are
Factory overhead Factory Machine Materials Labor JobMat (s)hours applied (at $40/hr) 101 10223,10028,140 1606,400 103 104 10518,050 1 10618,00018,7001 For general 19,32019,5001546,160 160 6,400 126 5,040 13,440 14,000 1265,040 38,20036,500 2389,520 5,540 160 6,400 174 6,960 9,00020,160 ? use Total139,110 152,540 1,012 40,480Explanation / Answer
Answer:
Particulars Amount Total manufacturing cost 302970 Opening wIP 65000 Less: Closing WIP 192880 Cost of goods manufactured 175090 Particulars Amount Cost of goods manufactured 175090 Add:opening Finished goods 8000 Less: Closing finished goods 40480 COGS 142610 Particulars Amount Sales 189100 Less: COGS 142610 Gross profit 46490Related Questions
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