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1 Normal * No Spa ph John Black is a small company that manufactures special heavy equipment for use in under water oil fields. The line workers are specially trained and earn $35/hour. The company uses job order costing and applies manufacturing overhead on the basis of haber hours. At the beginning of the quarter, the following estimates were made: Estimated Manufacturing Overhead Costs - $360,000 Estimated Direct Labor Hours 900 John Black Inc Balance Sheet January 1 Assets Current assets Cash $93.000 Accounts receivable 331,000 Inventories Raw materials (film, costumes) $80,000 Work in process (Job 411) 21,000 Finished goods (Job 410) 150,000 251,000 Prepaid insurance 18.000 Total current assets 693,000 Factory & Equipment 990,000 Less accumulated depreciation 660 000 330,000 Total assets $1.023.000 Liabilities and Stockholders' Equity Accounts & Wages Payable $260,000 Capital stock 200,000 Retained earnings 563.000 763,000 Total liabilities and stockholders' equity $1.023.000 a C d e The following transactions took place during the quarter (all purchases and services were acquired on account, unless specified otherwise): Raw materials were purchased for use in production, $200,000 b. Additional raw materials were requisitioned for use in Job 411, $100,000 Raw materials were requisitioned for use in Job 412, $85,000. The factory incurred $63,000 in utility bills. Headquarters incurred $7,000 in utility bills. f. The record for Job 411 indicated an additional 675 labor hours. The record for Job 412 indicated 300 labor hours h Jobs 411 and 412 were completed during the quarter. Jobs 410 & 412 were sold for $750,000 on account. Advertising costs of $136,000 were incurred and paid. k Executive salaries incurred were $110,000 1. The factory managers' salaries totaled $90,000 Indirect material requisitions totaled $70,000. $150,000 of depreciation on the factory equipment was expensed this quarter. Half (3 of the 6 months) of the prepaid insurance, for headquarters, expired this quarter . $815,000 in cash was collected from customer accounts 9 $180,000 in cash was paid to suppliers and $210,000 in cash was paid to employees, Prepare t-accounts, an income statement and a balance sheet i . m n 0