Question

for University of British Columbia CALCULATOR PRINIER VERSION BACK Problem 15-0SA (Video) Vaughn Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Other data: On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of s9,050 and direct labor costs of s16,100. Overhead was applied at a rate t was 75% of direct iabor cost. 1. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $4,400 and direct labor $5.200, plus manufacturine overhead. All jobs, except for Job No. 158, were completed in December. 2. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $5,300. Manufacturing overhead was $1,695 underapplied in December. 3. On December 31, Job No. 157 was the only job finished that was not sold. It had a cost of 14,600. 4. List the letters (a) through (m) and indicate the amount pertaining to each letter. Raw Materials Inventory Dec. 1 Beginning balance 7700 (a)Dec. 31 Requisitions 17,850 31 Purchases 18,325 Dec. 31 Ending balance 8,255 Work in Process Inventory Jobs completed () (b)Dec. 31 Dec. 1 Beginning balance (c) 31 Direct materials 8,900 31 Direct labor (d) 31 Overhead (e) Dec. 31 Ending balence Finished Goods Inventory (1) Cost of goods sold (9)Dec. 31 Dec. 1 Beginning balance (h) 31 Completed jobs Dec. 31 Ending belance Factory Labor (k) Wages assigned 12,125 Dec. 31 Factory wages Dec. 31 S11PM ENG 200-01-25 Manufacturing Overhead to search

Answer 1

Answer-

Raw Materials Inventory
1-Dec	Beg. Bal. - $17,850 + $8,255 - $18,325	7,780.00	31-Dec	Requisitions	17,850.00
31-Dec	Purchases	18,325.00
31-Dec	Ending Balance	8,255.00
Work in Process Inventory
1-Dec	Beg. Bal. - $9,850 + $16,100 + ($16,100 X 75%)	38,025.00	31-Dec	Jobs Completed - $38,025 + $14,550 + $8,900 + $6,675 - $13,500	54,650.00
31-Dec	Direct Material - $17,850 - $3,300	14,550.00
31-Dec	Direct Labor	8,900.00
31-Dec	Overhead - $8,900 X 75%	6,675.00
31-Dec	Ending Balance - $4,400 + $5,200 + ($5,200 X 75%)	13,500.00
Finished Goods Inventory
1-Dec	Beg. Bal. (Given in the question)	5,300.00	31-Dec	Cost of Goods Sold - $5300 + $54,650 - $4600	55,350.00
31-Dec	Completed Jobs - $38,025 + $14,550 + $8,900 + $6,675 - $13,500	54,650.00
31-Dec	Ending Balance (Given in the question)	4,600.00
Factory Labor
31-Dec	Factory Wages	12,125.00	31-Dec	Wages Assigned - Equal to Factory Wages Incurred	12,125.00
Manufacturing Overhead
31-Dec	Indirect Materials	3,300.00	31-Dec	Overhead Applied - $3,300 + $3,225 + $1,845 - $1,695	6,675.00
31-Dec	Indirect Labor - $12,125 - $8,900	3,225.00
31-Dec	Other Overhead	1,845.00

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