Summarized data for the first month's operations of Dobson Welding Foundry are presented below. A job...

 

 

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Summarized data for the first month's operations of Dobson Welding Foundry are presented below. A job order costing system is used. 1. Materials purchased on account, $162,400. 2. Amounts of materials requisitioned and foundry labor used: Foundry Job Materials Labor 1 $12,320 $7,280 2 19,600 14,000 3 8,960 6,720 4 33,600 12,880 5 13,440 7,840 6 3,920 3,360 Indirect materials 17,360 Indirect labor 9,520 3. Foundry overhead is applied at the rate of 200% of direct labor costs. 4. Miscellaneous foundry overhead incurred: Prepaid foundry insurance written off $4,144 Property taxes on foundry building accrued 6,608 Foundry utilities payable accrued 14,784 Depreciation on foundry equipment 20,832 28,896 Other costs incurred on account 5. Ending work-in-process consisted of Jobs 4 and 6. 6. Jobs 1 and 3 and one-half of Job 2 were sold on account for $56,000, $48,720, and $40,320 Required: a. Prepare general journal entries to record the summarized transactions for the month, and post appropriate entries. b. Post entries using the appropriate T-accounts provided and determine the ending balances of any accounts necessary. c. Prepare schedules of jobs in ending work-in-process and jobs in ending finished goods to confirm that they agree with the related control accounts. Summarized data for the first month's operations of Dobson Welding Foundry are presented below. A job order costing system is used. 1. Materials purchased on account, $162,400. 2. Amounts of materials requisitioned and foundry labor used: Foundry Job Materials Labor 1 $12,320 $7,280 2 19,600 14,000 3 8,960 6,720 4 33,600 12,880 5 13,440 7,840 6 3,920 3,360 Indirect materials 17,360 Indirect labor 9,520 3. Foundry overhead is applied at the rate of 200% of direct labor costs. 4. Miscellaneous foundry overhead incurred: Prepaid foundry insurance written off $4,144 Property taxes on foundry building accrued 6,608 Foundry utilities payable accrued 14,784 Depreciation on foundry equipment 20,832 28,896 Other costs incurred on account 5. Ending work-in-process consisted of Jobs 4 and 6. 6. Jobs 1 and 3 and one-half of Job 2 were sold on account for $56,000, $48,720, and $40,320 Required: a. Prepare general journal entries to record the summarized transactions for the month, and post appropriate entries. b. Post entries using the appropriate T-accounts provided and determine the ending balances of any accounts necessary. c. Prepare schedules of jobs in ending work-in-process and jobs in ending finished goods to confirm that they agree with the related control accounts.