Question

SIGNMENT For the year ended December 31, 2017, the job cost sheets of Coronado Company contained the following data Explanation MaterialsLabor Overhead Balance 1/1 Current years costs Balance 1/1 Current year's costs Current year's costs $30,000 $28,800 36,000 43,200 13,200 21,600 51,600 57,600 69,600 66,000 $34,560 $93,360 51,840 131,040 25,920 60,720 69,120 178,320 79,200 214,800 7641 7642 1. Raw materials inventory totaled $18,000 on January 1. During the year, $168,000 of raw materials were purchased on account. Factory labor incurred was $188,400. 2. Finished goods on January 1 consisted of Job No. 7638 for $104,400 and Job No. 7639 for $110,400. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold. 5. Manufacturing overhead incurred on account totaled $144,000 6. Other manufacturing overhead consisted of indirect materials $16,800, indirect labor $21,600, and depreciation on factory machinery $9,600, (a) (1) Enter January 1 balances in Raw Materials Inventory, Work in Process Inventory, and Finished Goods Inventory (2) Record the 2017 transactions (b) Prove the agreement of Work in Process Inventory with job cost sheets pertaining to untinished work. (c) Record the adjustment for over- or underapplied manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold O Type here to search 11:10 AM 12/4/2018

Answer 1

	Raw Material Inventory	factory labor	manufacturing overhead	work in process Inventory	Finsihed good Inventory	Cost of good sold
beginning Balance	$18,000			$154,080	214800
Purchase raw material	168000
Incurred factory labor		188400
Direct material	($157,200)			$157,200
indirect material	-16800		16800
direct Labor		($166,800)		$166,800
Indirect labor		-21600	21600
Overhead cost incurred			144000
Factory equip. depreciation			9600
Assigned Overhead			($200,160)	$200,160
completed job				($463,440)	$463,440
					(224400+239040)
sold jobs					-453840	453840
						(239040+214800)
b)WIP bal (matches with job cost sheet take sum of all in WIP account)				$214,800
c) Overapplied overhead			$8,160
see the figures from job cost sheet
Job cost sheet
	7640	7641	7642
Beginning work in process				Total
Direct material	$30,000	$13,200		$43,200
Direct labor	$28,800	$21,600		$50,400
Applied overhead	$34,560	$25,920		$60,480
Beginning Goods on process A	$93,360	$60,720	$0	$154,080
For current year
Direct material	$36,000	$51,600	$69,600	$157,200
Direct labor	$43,200	$57,600	$66,000	$166,800
Applied overhead	$51,840	$69,120	$79,200	$200,160
Total costs added during B	$131,040	$178,320	$214,800	$524,160
Total cost A+B	$224,400	$239,040	$214,800	$678,240
Total cost included in	Finsihed goods	Cost of good sold	work in process
If any doubt please comment