1) Raw materials purchased on account - $40,000 2) Factory Labor paid - $31,000 3) Manufacturing...
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1) Raw materials purchased on account - $40,000 2) Factory Labor paid - $31,000 3) Manufacturing overhead costs paid - $22,500 4) Materials requisitioned and factory labor used by job: Job# Job 12 Job 13 Job 14 Job 15 Job 16 General factory use RAW MATERIALS INVENTORY FACTORY PAYROLL Transaction Information for XYZ Corporation (uses Job Order Costing) 5) Jobs Finished - # 12, # 14, and # 15 6) Jobs Sold - # 12 for $33,000 and # 41 for $31,000 7) Made month end entries for total materials, labor and overhead FACTORY OVERHEAD EB Materials 6,500 3,250 7,000 7,500 1,500 5,000 30,750 Factory Labor 6,000 3,500 6,500 7,000 1,000 7,750 b) What was gross profit for the month? 31,750 General Ledger Accounts WORK IN PROCESS INVENTORY Note: Overhead application rate is 150% of direct labor. Questions when done: a) Was Factory Overhead Overapplied or Underapplied and by what amount? EB FINISHED GOODS INVENTORY EB COST OF GOODS SOLD SALES EB Job # 12 D/M D/L O/H Final Cost Job # 15 D/M DIL O/H Final Cost 1) 2) 3) 5) 6) 7) SUBSIDIARY JOB COST SHEETS Job 14 Job # 13 D/M D/L O/H Final Cost Job # 16 D/M DIL OIH Final Cost D/M DIL O/H Final Cost GENERAL JOURNAL Dr. Cr. 1) Raw materials purchased on account - $40,000 2) Factory Labor paid - $31,000 3) Manufacturing overhead costs paid - $22,500 4) Materials requisitioned and factory labor used by job: Job# Job 12 Job 13 Job 14 Job 15 Job 16 General factory use RAW MATERIALS INVENTORY FACTORY PAYROLL Transaction Information for XYZ Corporation (uses Job Order Costing) 5) Jobs Finished - # 12, # 14, and # 15 6) Jobs Sold - # 12 for $33,000 and # 41 for $31,000 7) Made month end entries for total materials, labor and overhead FACTORY OVERHEAD EB Materials 6,500 3,250 7,000 7,500 1,500 5,000 30,750 Factory Labor 6,000 3,500 6,500 7,000 1,000 7,750 b) What was gross profit for the month? 31,750 General Ledger Accounts WORK IN PROCESS INVENTORY Note: Overhead application rate is 150% of direct labor. Questions when done: a) Was Factory Overhead Overapplied or Underapplied and by what amount? EB FINISHED GOODS INVENTORY EB COST OF GOODS SOLD SALES EB Job # 12 D/M D/L O/H Final Cost Job # 15 D/M DIL O/H Final Cost 1) 2) 3) 5) 6) 7) SUBSIDIARY JOB COST SHEETS Job 14 Job # 13 D/M D/L O/H Final Cost Job # 16 D/M DIL OIH Final Cost D/M DIL O/H Final Cost GENERAL JOURNAL Dr. Cr.
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Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
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