os Jordan Manufacturing started in Year 2 with the following account balances. Cash Common stock Retained...

 

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os Jordan Manufacturing started in Year 2 with the following account balances. Cash Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (400 units @ $5.50 each) Transactions during Year 2 1. Purchased $2,950 of raw materials with cash. 2. Transferred $3,760 of raw materials to the production department. 3. Incurred and paid cash for 210 hours of direct labor @ $15.40 per hour. 4. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $16.40 per direct labor hour. 5. Incurred actual overhead costs of $3,500 cash. 6. Completed work on 1,200 units for $6.00 per unit. 7. Paid $1,090 in selling and administrative expenses in cash. 8. Sold 1,200 units for $10,200 cash revenue (assume FIFO cost flow). 9. Jordan charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required a. Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 2. Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Reg 8 Bal Sheet Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. (Enter decreases to account balances with a minus sign.) Equity Income Statement Event No. 8.8. 1. 2. 3. 4. 5 6 Req8 CGM Sched 7. 80 8b 9. Total $5,100+ + . . . . . Manufacturing Overhead + . . . . * . . • + $5,100 4,280 5,900 2,000 880 2,200 Assets Raw Materials Work in Process Finished Goode $ 2,000. $ 880. $ 2.200 + + + + + + + . . + . . . . Common Stock $ 4,280. . * * . 4 Retained Earnings $ 5,900 Revenue- BBCOM Sched > Expense Net Income m = . os Jordan Manufacturing started in Year 2 with the following account balances. Cash Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (400 units @ $5.50 each) Transactions during Year 2 1. Purchased $2,950 of raw materials with cash. 2. Transferred $3,760 of raw materials to the production department. 3. Incurred and paid cash for 210 hours of direct labor @ $15.40 per hour. 4. Applied overhead costs to the Work in Process Inventory account. The predetermined overhead rate is $16.40 per direct labor hour. 5. Incurred actual overhead costs of $3,500 cash. 6. Completed work on 1,200 units for $6.00 per unit. 7. Paid $1,090 in selling and administrative expenses in cash. 8. Sold 1,200 units for $10,200 cash revenue (assume FIFO cost flow). 9. Jordan charges overapplied or underapplied overhead directly to Cost of Goods Sold. Required a. Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. b. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 2. Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Reg 8 Bal Sheet Record the preceding events in a horizontal statements model. The beginning balances are shown as an example. (Enter decreases to account balances with a minus sign.) Equity Income Statement Event No. 8.8. 1. 2. 3. 4. 5 6 Req8 CGM Sched 7. 80 8b 9. Total $5,100+ + . . . . . Manufacturing Overhead + . . . . * . . • + $5,100 4,280 5,900 2,000 880 2,200 Assets Raw Materials Work in Process Finished Goode $ 2,000. $ 880. $ 2.200 + + + + + + + . . + . . . . Common Stock $ 4,280. . * * . 4 Retained Earnings $ 5,900 Revenue- BBCOM Sched > Expense Net Income m = .

Answer rating: 100% (QA)

a Assets Equity Income statement Cash Manufacturing overhead Raw materials inventory Work in process ... View the full answer