TAKE HOME ASSIGNMENT 2 220 002 countertops. Most of its jobs are contracts for h

Question

TAKE HOME ASSIGNMENT 2 220 002 countertops. Most of its jobs are contracts for home builders. The following information is available for the month of July: 8. Triple C Ltd. is in the business of manufacturing cabinets, computer stands, and Added in July Costs Incurred to July 1 Direct Direct Job Direct Direct Number Materials Labour Materials Labour Status at July 31 0 Completed but $1,000 101 $9,000$2,000 1,500 100 not sold 2,000 Completed but 2,500 500 103 not sold Not completed Not completed 600 115 $800 200 Activity in accounts: Balance July 1 Opening Purchased in July Issued/Used in Ending Balance July 31 Account July $6,900 7,000 Direct Materials $8,000 $6,000 S ? Direct Labour On July 1,finished goods inventory consisted of one job, 105, with a total cost of $13,500. This job was sold during July (Note: Manufacturing overhead is applied at 135% of the direct labour cost) Instructions (12 marks) Calculate the following as at July 31: (a) The costs of completed jobs 101 and 103 (4 marks) (b) The account balances in Direct Materials Inventory (2 marks) (c) Work in Process Inventory (4 marks) (d) Finished Goods Inventory (2 marks)

Explanation / Answer

1 Job 101 Job 103 Beginning cost Material 9000 2500 Labor 2000 1500 Manufacturing overheads (135%*direct labor) 2700 2025 Total 13700 6025 Incurred in july Material 0 500 Labor 1000 2000 Manufacturing overheads (135%*direct labor) 1350 2700 Total 2350 5200 Total cost 16050 11225 2 Beginning raw material 8000 Add Purchased in july 6000 Less Used in july 6900 Ending raw material 7100 3 Job 111 Job 115 Beginning cost Material 600 0 Labor 100 0 Manufacturing overheads (135%*direct labor) 135 0 Total 835 0 Incurred in july Material (6900-500-800) 5600 800 Labor (7000-1000-2000-200) 3800 200 Manufacturing overheads (135%*direct labor) 5130 270 Total 14530 1270 Total cost 15365 1270 Work in progress inventory 16635 (15365+1270) 4 Finished goods inventory Beginning 13500 Add Job finished during year 27275 (16050+11225) Less Jobs sold 13500 (job 105) Ending finished goods inventory 27275

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