Chapter 10 Accounting Systems for Manufacturing Businesses 21 Entries and schedu

Question

Chapter 10 Accounting Systems for Manufacturing Businesses 21 Entries and schedules for unfinished jobs and completed jobs 0-2 b Equipment Company uses a job order cost system. The following data summarize es related to production for June 20Y4, the first month of operations Obj 5 the operations re purchased on account, $93,600, ls requisitioned and factory labor used Materials , h Materials 5.Work in Process, balance, $89,160 Materials Factory Laboe No. 6001 No. 6002 No. 6003 No. 6004 No. 6005 No. 6006 For general factory use 9.400 11,500 7.600 25,800 16.400 11,920 8.800 11,880 5,960 21,840 16,600 10,600 13.000 overhead costs incurred on account, $18,000. c Factory d Depreciation of machinery and equipment, $6.240. e The factory overhead rate is $50 per machine hour. Machine hours used Job No. 6001 6002 No. 6003 No. 6004 No. 6005 No. 6006 Total Machine Hours 72 120 96 300 132 f Jobs completed: 6001, 6002, 6003, and 6005 & Jobs were shipped and customers were billed as follows: Job 6001, $26,000, Job 6002, $36,000: Job 6003, $48,000. Instructions 1. Prepare a schedule summarizing manufacturing costs by job for June. Uise the following form: Job Direct Materials Direct Labor Factory Overhead Total 2. Prepare a schedule of jobs finished in June. 3. Prepare a schedule of jobs sold in June. What account does this schedule support for the 4. Prepare a schedule of completed jobs on hand as of June 30, 20Y4. What account does 5. Prepare a schedule of unfinished jobs as of June 50, 20Y4. What account does this schedule 6 Determine the gross profit for June based upon the jpobs sold. month of June this schedule support support?

Explanation / Answer

Aswer 6.

Answer 1. Schedule of Jobs undertaken in June Job Direct Material Direct Labour Factory Overhead(@ 50/ mach. Hr.) Total 6001                     9,400                 8,800                  3,600      21,800 6002                  11,500               11,880                  6,000      29,380 6003                     7,600                 5,960                  4,800      18,360 6004                  25,800               21,840                15,000      62,640 6005                  16,400               16,600                  6,600      39,600 6006                  11,920               10,600                  4,000      26,520 Total                  82,620               75,680                40,000 1,98,300 Answer 2. Schedule of Jobs completed in June Job Direct Material Direct Labour Factory Overhead(@ 50/ mach. Hr.) Total 6001                     9,400                 8,800                  3,600      21,800 6002                  11,500               11,880                  6,000      29,380 6003                     7,600                 5,960                  4,800      18,360 6005                  16,400               16,600                  6,600      39,600 Total                  44,900               43,240                21,000 1,09,140 Answer 3. Schedule of Jobs Sold in June Job Direct Material Direct Labour Factory Overhead(@ 50/ mach. Hr.) Total 6001                     9,400                 8,800                  3,600      21,800 6002                  11,500               11,880                  6,000      29,380 6003                     7,600                 5,960                  4,800      18,360 Total                  28,500               26,640                14,400      69,540 This schedule supports cost of sales account Answer 4. Schedule of Jobs completed and on hand Job Direct Material Direct Labour Factory Overhead(@ 50/ mach. Hr.) Total 6005                  16,400               16,600                  6,600      39,600 Total                  16,400               16,600                  6,600      39,600 This schedule supports closing stock account.

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