4-31 Job costing, journal entries. Docks Transport assembles prestige manufactured homes. Its job-costing system has two...

 

 

 

 

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4-31 Job costing, journal entries. Docks Transport assembles prestige manufactured homes. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead allocated at a budgeted $21 per madwine-hour in 2020). The following data (in millions) show operation costs for 2020: Materials Control, beginning balance, January 1, 2020 13 Work-in-Process Control, beginning balance, January 1, 2020 7. Finished Goods Control, beginning balance, January 1, 2020 154 Materials and supplies purchased on credit 147 Direct materials used Indirect materials (supplies) issued to various production departments 90 Direct manufacturing labor 32 Indirect manufacturing labor incurred by various production departments 26 Depreciation on plant and manufacturing equipment 14 Miscellaneous manufacturing overhead incurred (ordinarily would be detailed as repairs, utilities, etc, with a corresponding credit to various liability accounts) Manufacturing overhead allocated, 4,000,000 actual machine-hours 295 Cost of goods manufactured Revenues 400 Cost of goods sold 293 19 1. Identify the components of the overview diagram of Docks Transport's job-costing system. 2. Prepare journal entries. Number your entries. Explanations for each entry may be omitted. Post to T- accounts. What is the ending balance of Work-in-Process Control? 3. Show the journal entry for adjusting for under- or overallocated manufacturing overhead directly as a year- ond writeoff to Cost of Goods Sold. Post the ontry to T-accounts. 4. How did Docks Transport perform in 2020? 4-31 Job costing, journal entries. Docks Transport assembles prestige manufactured homes. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead allocated at a budgeted $21 per madwine-hour in 2020). The following data (in millions) show operation costs for 2020: Materials Control, beginning balance, January 1, 2020 13 Work-in-Process Control, beginning balance, January 1, 2020 7. Finished Goods Control, beginning balance, January 1, 2020 154 Materials and supplies purchased on credit 147 Direct materials used Indirect materials (supplies) issued to various production departments 90 Direct manufacturing labor 32 Indirect manufacturing labor incurred by various production departments 26 Depreciation on plant and manufacturing equipment 14 Miscellaneous manufacturing overhead incurred (ordinarily would be detailed as repairs, utilities, etc, with a corresponding credit to various liability accounts) Manufacturing overhead allocated, 4,000,000 actual machine-hours 295 Cost of goods manufactured Revenues 400 Cost of goods sold 293 19 1. Identify the components of the overview diagram of Docks Transport's job-costing system. 2. Prepare journal entries. Number your entries. Explanations for each entry may be omitted. Post to T- accounts. What is the ending balance of Work-in-Process Control? 3. Show the journal entry for adjusting for under- or overallocated manufacturing overhead directly as a year- ond writeoff to Cost of Goods Sold. Post the ontry to T-accounts. 4. How did Docks Transport perform in 2020? 4-31 Job costing, journal entries. Docks Transport assembles prestige manufactured homes. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead allocated at a budgeted $21 per madwine-hour in 2020). The following data (in millions) show operation costs for 2020: Materials Control, beginning balance, January 1, 2020 13 Work-in-Process Control, beginning balance, January 1, 2020 7. Finished Goods Control, beginning balance, January 1, 2020 154 Materials and supplies purchased on credit 147 Direct materials used Indirect materials (supplies) issued to various production departments 90 Direct manufacturing labor 32 Indirect manufacturing labor incurred by various production departments 26 Depreciation on plant and manufacturing equipment 14 Miscellaneous manufacturing overhead incurred (ordinarily would be detailed as repairs, utilities, etc, with a corresponding credit to various liability accounts) Manufacturing overhead allocated, 4,000,000 actual machine-hours 295 Cost of goods manufactured Revenues 400 Cost of goods sold 293 19 1. Identify the components of the overview diagram of Docks Transport's job-costing system. 2. Prepare journal entries. Number your entries. Explanations for each entry may be omitted. Post to T- accounts. What is the ending balance of Work-in-Process Control? 3. Show the journal entry for adjusting for under- or overallocated manufacturing overhead directly as a year- ond writeoff to Cost of Goods Sold. Post the ontry to T-accounts. 4. How did Docks Transport perform in 2020? 4-31 Job costing, journal entries. Docks Transport assembles prestige manufactured homes. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead allocated at a budgeted $21 per madwine-hour in 2020). The following data (in millions) show operation costs for 2020: Materials Control, beginning balance, January 1, 2020 13 Work-in-Process Control, beginning balance, January 1, 2020 7. Finished Goods Control, beginning balance, January 1, 2020 154 Materials and supplies purchased on credit 147 Direct materials used Indirect materials (supplies) issued to various production departments 90 Direct manufacturing labor 32 Indirect manufacturing labor incurred by various production departments 26 Depreciation on plant and manufacturing equipment 14 Miscellaneous manufacturing overhead incurred (ordinarily would be detailed as repairs, utilities, etc, with a corresponding credit to various liability accounts) Manufacturing overhead allocated, 4,000,000 actual machine-hours 295 Cost of goods manufactured Revenues 400 Cost of goods sold 293 19 1. Identify the components of the overview diagram of Docks Transport's job-costing system. 2. Prepare journal entries. Number your entries. Explanations for each entry may be omitted. Post to T- accounts. What is the ending balance of Work-in-Process Control? 3. Show the journal entry for adjusting for under- or overallocated manufacturing overhead directly as a year- ond writeoff to Cost of Goods Sold. Post the ontry to T-accounts. 4. How did Docks Transport perform in 2020?

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