Question

Analyzling Manufacturing Cost Accounts Fire Rock Company manufactures designer padle boards in a wide variety of sizes and styles. The folloning Incomplete ledger e boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June Materials une I une 30 Balance 0 Requisitions Purchases Work in Process June 1 une 30 Materials June 30 Direct labor Balance (e)bune 30 (C Completed jobs CF) く)re 30 Factory overhead applied (E Finished Goods une i ODune 3 0 Cost of goods sold June 30 Completed jobs Wages Payable une 3 0 Wages incurred 122,500 Factory Overhead une 1 une 30 lune 30 Indirect materi une 30 oner overhead 20,800une 30 Factory overhead applied Indirect labor 18,900 75,900

Answer 1

Calculation of required fields in ledger:

Formula sheet

A	B	C	D	E	F	G	H	I	J	K	L	M	N
2
3			Overhead Rate	1.4	of direct labor cost
4			Job No	Quantity	Work in Process	Direct Materials	Direct Labor	Factory Overhead	Total Cost of Completed Jobs	Unit cost	Units sold	Cost of Goods Sold
5			201	210	6000	24780	15000	=H5*$E$3	=F5+G5+H5+I5	=J5/E5	168	=K5*L5
6			202	370	14800	36380	24000	=H6*$E$3	=F6+G6+H6+I6	=J6/E6	296	=K6*L6
7			203	170		13460	7000	=H7*$E$3				=K7*L7
8			204	310		45650	32000	=H8*$E$3	=F8+G8+H8+I8	=J8/E8	260	=K8*L8
9			205	170		22460	16000	=H9*$E$3	=F9+G9+H9+I9	=J9/E9	141	=K9*L9
10			206	120		8640	4000	=H10*$E$3				=K10*L10
11			Total		=SUM(F5:F10)	=SUM(G5:G10)	=SUM(H5:H10)	=SUM(I5:I10)	=SUM(J5:J10)			=SUM(M5:M10)
12
13
14		Materials
15		43617	Balance	35400	43646	Requisitions	=E21+E36
16		43646	Purchases	142300
17
18
19		Work in process
20		43617	Balance	=F11	43646	Completed jobs	=J11
21		43646	Materials	=G11
22		43646	Direct Labor	=H11
23		43646	Factory overhead applied	=I11
24
25		Finished Goods
26		43617	Balance	=0	43646	Cost of Goods Sold	=M11
27		43646	Completed Jobs	=H20
28
29		Wages Payable
30					43646	Wages Incurred	122500
31
32
33		Factory Overhead
34		43617	Balance	20800	43646	Factory Overhead applied	=E23
35		43646	Indirect Labor	=H30-H11
36		43646	Indirect Materials	18900
37		43646	Other Overhead	75900
38
39		Hence
40		a)	Materials Requisitions	=H15
41		b)	Work in Process Beginning Bal	=E20
42		c)	Direct Materials	=E21
43		d)	Direct Labor	=E22
44		e)	Factory Overhead Applied	=E23
45		f)	Completed Jobs	=H20
46		g)	Cost of goods sold	=H26
47		h)	Indirect Labor	=E35
48