Summarized data for the first month's operations of Slater Foundry during 2019 are presented below. A job order costing system is used. 

1. Materials purchased on account, \($88,000\). 

2. Amounts of materials requisitioned and foundry labor used:

3. Foundry overhead is applied at the rate of 150% of direct labor costs. 

4. Miscellaneous foundry overhead incurred:

5. Ending work-in-process consisted of Jobs 4 and 6. Jobs 1 and 3 and one-half of Job 2 were sold on account for \($25,200\), \($31,600\), and \($18,920\), respectively. 

Required

a. Open general ledger T accounts for Materials Inventory, Wages Payable, Foundry Overhead, Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Also set up subsidiary T accounts as job order cost sheets for each job.

b. Prepare general journal entries to record the summarized transactions for the month, and post ap- propriate entries to any accounts listed in requirement (a). Key each entry parenthetically to the related number in the problem data.

c. Determine the balances of any accounts necessary and prepare schedules of jobs in ending work- in-process and jobs in ending finished goods to confirm that they agree with the related control accounts.

Transcribed Image Text:

Job Materials Factory Labor 3. $36,000 $28,000 4. 30,000 54,000 5... 12,000 20,000 6.... 6,000 8,000 Indirect materials 10,000 Indirect labor.. 46,000 Total..... $94,000 $156,000