Good evening tutor.

Can you help me with my assignment about Cost Accounting?

Thank you in advance tutor.

Below are the attached pic of the problem and also the Journal Entry of it.

Only Requirement b, c, d and e are needed.

5. a. Work in process (0L) Factory overhead control Salaries payable b. Factory supplies Cash c Materials chain Material pulleys Materials steel plates Accounts payable cl. Accounts receivable Sales e. Cash Accounts receivable f. Work in process (DM) Materials chain Materials pulley Materials bolts Materials steel g. Salaries payable Cash 28,000 3,000 1000 3,300 10,200 3,000 126,375 72,500 54,340 31,000 31,000 1000 22,000 126,375 72,500 28,400 22,040 2,000 1900 31,000 h. Factory overhead control Factory supplies Factory supplies Beg. Factory supplies End. Factory supplies Used i. Factory overhead control Accounts payable j. Salaries expense admin Cash k. Advertising expense selling Cash |. Factory overhead control Cash m. Insurance expense admin Prepaid insurance Factory overhead control Prepaid insurance n. Factory overhead control Cash 550 1000 350 650 3000 6000 2000 L800 100 300 2000 650 3000 6000 2000 1,300 100 300 2000 o. Depreciation expense admin Accumulated Depreciation Office Equip. Accumulated Depreciation Office Furniture Factory overhead control Accumulated Depreciation Machinery p. Work in process (FOH) Factory overhead control q. Finished Goods Work in process r. Cost of goods sold nished goods inventory 5. Accounts payable Cash 580 1200 1L950 93,290 34350 33,750 400 180 L200 11,950 98,290 84,250 33,750 Chain 5. Elevate Inc. manufactures chain hoists. The raw materials inventories on hand October 1 were as follows: Pulley 12,000 pounds, $24,000 Bolts and taps 4,000 sets, $20,000 Steel plates 10,000 pounds, $5,000 4,000 units, $2,000 The balances in the ledger accounts on October 1 were as follows: Cash $ Work in process 12,000 Materials 35,000 51,000 Prepaid insurance 3,000 Machinery 125,000 Accumulated depreciation machinery $ 10,500 Office equipment 30,000 Accumulated depreciation-office equipment 4,800 Office furniture 20,000 Accumulated depreciation-office furniture 2,500 Accounts payable 30,000 Capital stock 182,200 Retained earnings 46,000 $276,000 $ 276,000 Transactions during October were as follows: a. Payroll recorded during the month: direct labor, $28,000; indirect labor, $3,000. b. Factory supplies purchased for cash, $1,000. (Use a separate inventory account, Factory supplies). C. Materials purchased on account: chain-4,000 pounds, $8,800; pulleys - 2,000 units, $10,200; steel plates - 5,000 units, $3,000. d. Sales on account for the month, $126,375. e. Accounts receivable collected, $72,500. f . Materials used during October (FIFO costing): chain, 14,000 pounds; pulley, 4,400 units; bolts and taps, 4,000 sets; steel plates, 3,800 units. Payroll paid, $31,000. h. Factory supplies on hand, October 31, $350. i. Factory heat, light and power costs for October, $3,000 (not yet paid). J. Office salaries paid, $6,000. K. Advertising paid, $2,000. 1. Factory superintendents paid, $1,800. m. Expired insurance - on office equipment, $100; on factory machinery, $300. n. Factory rent paid, $2,000. o. Depreciation on office equipment, $400; on office furniture, $180; on machinery, $1,200. P. Factory overhead charged to jobs, $11,950. q. Work in process, October 31, $31,000. (Hint: The difference between the total charges to Work in Process during the period and the ending balance in Work in Process represents the cost of the goods completed.) r. Cost of goods sold during the month, $84,250. 5. Accounts payable paid, $33,750. Required: a. Prepare journal entries to record each of the previous transactions. b. Post the journal entries to the accounts, setting up a new ledger accounts necessary. Only controlling accounts are to be maintained, however show the calculation for the cost of materials used. C. Prepare a statement of cost of goods manufactured for October. d. Prepare an income statement. e . Prepare a balance sheet showing the classifications of current assets, plant and equipment, current liabilities and stockholder's equity