can i please get help with problem P2-3B 2 2 Job Order Costing 3. Job No. 7650 a

Question

can i please get help with problem P2-3B

2 2 Job Order Costing 3. Job No. 7650 and Job No. 7651 were completed during the year. 4. Job Nos. 7648, 7649, and 7650 were sold on account for $490,000 . Manufacturing overhead incurred on account totaled $135,000 . Other manufacturing overhead comsisted of indirect materials $12.,0, indirect labor $16,000, and depreciation on factory machinery $19,500. (a) (1) S111.000 (a) Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. (Hint: Use a single Taccount for Work in Process Inventory. Calculate each of the following, then post each to the Taccount: (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs. 4) $180,000 Unfinished job 7652, $188,000 (b) Amount $2,500 (c) 5156,500 Prepare entries in a job order P2-38 Robert Perez is a contractor specializing in custom-built jacuzzis. On May 1,201 (b) Prepare the adjusting entry for manufacturing overhead, assuming the balance is (c) Determine the gross profit to be reported for 2017 his ledger contains the following data. allocated entirely to cost of goods sold. cost systent and cast of goods anufactured schedule (LO 1, 2, 3, 4),AP $30,000 Raw Materials Inventory Work in Process Inventory Manufacturing Overhead 12,200 2,500 (dr.) The Manufacturing Overhead account has debit totals of $12,500 and credit totals of $10,000. Subsidiary data for Work in Process Inventory on May I include: Job Cost Sheets Manufacturing Overhead $1,400 Direct MaterialsDirect Labor by Customer Stiner $2,500 2,000 1,200 840 Herman $5,400 $4,000 S2,800 During May, the following costs were incurred: raw materials purchased on account $4,000, labor paid $7,000, and manufacturing overhead paid $1,400. A summary of materials requisition slips and time tickets for the month of May reveals the following Job by Customer Time Tickets Materials Requisition Slips S 500 S 400 Alton Herman Smith 600 2,300 1,900 5,300 1,500 $6,800 1,300 2,300 5,000 2,000 $7,000 General use Overhead was charged to jobs on the basis of $0.70 per dollar of direet labor cost. The jacuzzis for customers Stiner, Alton, and Herman were completed during May. The three jacuzzis were sold for a total of $36,000. Instructions (a) Prepare journal entrics for the May transactions: (i) for purchase of raw materials, fac- tory labor costs incurred, and manufacturing overhead costs incurred; (ii) assignment of raw materials, labor, and overhead to production; and (ii) completion of jobs and sale of goods. (d) Cost of goods (b) Post the entries to Work in Process Inventory manufactured $20,190 (c) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. (d) Prepare a cost of goods manufactured schedule for May. Conspute predetermined overhead rates, apply overhead, and calculate under or overapplied overbead P2-4B Net Play Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A, direct labor hours in Department B, and machine hours in Department C. In establishing the predetermined overhead rates for 2017, the following estimates were made for the year. LO 3, 5), AP

Explanation / Answer

Req 1: S.NO. ACCOUNTS TITLES AND EXPLANATIONS DEBIT IN $ CREDIT IN $ I Raw material Inventory Dr. 4,000    Accounts payable 4,000 (For raw material purchased) Wages Account 7,000      Cash Account 7,000 (for wages incurred ) Manufacturing Overheads Account Ddr. 1400      Accured manufacturing Overheads 1400 (for overheads incurred) ii Work in process Inventory Dr. 5,300 Manufacturing overheads Account Dr. 1,500    Raw material Inventory Account 6,800 (for raw material issued as direct and indirect material) Work in Process Inventory Dr. 5,000 Manufacturing overheads Account Dr. 2,000     Wages Account 7,000 (for wages charged to work in process and overheads Account) Work in Process Inventory Dr. 3,500       Manufacturing overhead account 3,500 (For manufacturing overhead applied during the month) Finished Goods Inventory 20,190     Work in Process Inventory 20,190 (For transferring completed goods to next process) Cost of Goods sold account Dr. 20,190     Finished Goods Inventory Account 20,190 (for cost of goods sold transferred from finished goods) Accounts receivable Dr. 36,000      Sales revenue 36,000 (for goods sold) Req 2: WORK IN PROCESS INVENTORY Balance 12,200 Finished Goods Inventory 20,190 Raw material Inv. 5,300 Wages 5,000 Manufacturing Overheads 3,500 Balance 5,810 Req 3: RECONCILIATION OF BALANCE OF WIP STINER ALTON HERMAN SMITH Beginning balance 5900 4040 2260 0 Add: Current cost Material 500 600 2300 1900 Labour 400 1000 1300 2300 Overheads (@$0.70 per $ of labour) 280 700 910 1610 Total cost of Jobs 7080 6340 6770 5810 STATUS SOLD SOLD SOLD UNFINISHED Transferred to Finished goods: $ 20190 (7080+6340+6770) balance in WIP ending: $ 5910 Job Smith Req 4: SCHEDULE OF COST OF PRODUCTION PARTICULARS AMOUNT IN $ Raw material inventory as Direct Material(Direct material consumed) 5,300 Direct wages incurred 5,000 Manufacturing Overheads applied 3,500 FACTORY COST INCURRED DURING THE MONTH 13,800 Add: Beginning Balance of Work in process 12,200 Less: Ending Balance of Work in process 5,810 COST OF GOODS MANUFACTURED 20,190

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.