Question

Flexcoil Heating and Cooling produces a variety of products used in commercial and residential heating and cooling applications. Your company adheres to ajust in time inventory policy so you have minimal amounts of material, work in process, and finished goods inventory. At the end of January, Flexcoil Heating and Cooling Jobs 331 and 332 were in process. Job 329 was finished and waiting shipment. The job cost sheets for these jobs were as follows: Direct Material Material Job # End of January Direct Labor at Overhead Total Status but not $ 10,500 $ 34,500 $ 96,200 shipped 8,000 11,000 42,000 In process 29,800 42,400 137,500 In process $ 329 331 1 332 51,200 23,000 65,300 Raw Materials Inventory at the end of January 26,700 In February your company began work on Jobs 333, 334 and 335. The status of the jobs at the end of February is as follows: Job# 329 331 332 333 Direct Material $ 51,200 36,800 77.100 31,100 82,100 22,700 End of February Direct Labor Overhead Total Status $ 10,500 $ 34,500 $ 96,200 Shipped 21,400 24,400 82,600 Shipped 32,100 59,700 168,900 Shipped 26,600 32,200 89,900 Shipped 39,800 69,600 191,500 Shipped 19,000 15,300 57,000 In Process Amounts used in February Direct Direct Job # Material Labor Overhead 329 1331 1332 333 334 335 TOTALS 334 335 Additional information for February is as follows: Materials purchased 203,300 Actual overhead costs 150,100 Complete the follovi a) What is the balance in Raw Materials Inventory at the end of February? Beginning Balance Materials purchased Materials used Ending Balance b) What is the balance in Work in Process Inventory at the end of February? Job # Amount TOTAL

Answer 1

FLEXCOIL HEATING & COOLING End of Jan Jobs 329 331 332 Direct Material Direct Labour Overhead $ 51,200 $ 10,500 $ 34,500 $ 23,000$ 8,000S 11,000 $ 65,300 $ 29,800 $ 42,400 $ S $ Total Status 96,200 not shipped 42,000 in process 137,500 in process Raw Material Inventory at end of January $ 26,700 Status of jobs at End of Feb Jobs 329 331 332 Direct Material Direct Labour Overhead Total Status $ 51,200 $ 10,500 $ 34,500 $ 96,200 Shipped S 36,800 $ 21,400 $ 24,400S 82,600 Shipped $ 77,100 $ 32,100 $ 59,700 $ 168,900 Shipped $ 31,100 $ 26,600 S 32,200 $ 89,900 Shipped $ 82,100 $ 39,800 $ 69,600 $ 191,500 shipped S 22,700 $ 19,000 S 15,300 $ 57,000 in process Amounts used in feb Jobs Direct Material Direct Labour Overhead 329 $ - $ - $ . 331 S 13,800 $ 13,400 $ 13,400 332 $ 11,800 $ 2,300 $ 17,300 333S 31,100 $ 26,600 $ 32,200 $ 82,100 $ 39,800 $ 69,600 335 $ 22,700 $ 19,000 $ 15,300 TOTAL $ 161,500 $ 101,100 $ 147,800 333 334 335 Actual Overhead cost $ 150,100 Balance in Raw material inventory at end of Feb Beginning Balance Material Purchased Material Used Ending Balance $ $ $ 26,700 203,300 (161,500) 68.500 b) Balance in Work in process inventory at end of february Job amt 57,000 335 $ Total 57.000 c) Balance in finished goods inventory at end of february amt Job 379 $ S 331 332 333 334 Total 96,200 82,600 168,900 89,900 191,500 629,100 $ Cost of Goods Manufactured for month of Feb S 179.500 Beginning Work in progress Direct Material Direct labour Manufacturing Overheads Cost of Accounts Less Work in process at end Cost of Goods Manufactured $ $ $ 161,500 101,100 147,800 $ $ $ $ 410,400 589,900 (57,000) 532,900 Cost of Goods sold for month of February Beginning Finished Goods inventory Add: Cost of goods manufactured Add:under applied overheads Cost Of Goods Sold $ $ $ $ 96,200 532,900 2,200 631,300