Production data for the first week in November 2010 for Florida Fabricators were as follows:

Finished Goods Inventory, Nov. 1: $23,800
Finished Goods Inventory, Nov. 5: $0

Direct labor hours worked in the first week of November were 680 at a cost of $15 per direct labor hour. Machine hours worked that week were 1,200. Overhead for first week in November was as follows:
Depreciation ........$9,000
Supervisor salaries......14,400
Indirect labor ........ 8,350
Insurance ......... 2,800
Utilities ........... 2,250
Total ............ $36,800
Overhead is applied to production at a rate of $30 per machine hour. Underapplied or overapplied overhead is treated as an adjustment to Cost of Goods Sold at year-end.
All company jobs are consecutively numbered, and all work not in ending Finished Goods Inventory has been completed and sold. The only job in progress on November 5 was #417.
Determine the following balances on November 5:
a. the three raw material accounts
b. Work in Process Inventory
c. Cost of GoodsSold

Transcribed Image Text:

WORK IN PROCESS INVENTORY Date Job No. Materia aborM 411 412 417 1,900 36 hours 10 hours 620 8 hours Machine Time (Overhead) 50 hours 30 hours 16 hours Nov. T 1,240 MATERIAL RECORDS Type Aluminum 8300 Steel Other Inv. 11/1 Purchases Issuances Inv. 11/5 $98,300 26,500 23,550 $58,700 34,200 25,900 s 7 s7 57 12,800 5,800