1)
a) | Raw Materials | |||
Beg. Bal. | $ 5,600.00 | Requisitioned | $ 25,000.00 | |
Purchase | $ 25,600.00 | End. Bal. | $ 6,200.00 | |
$ 31,200.00 | $ 31,200.00 |
b) | Work in Process | ||||
Beginning Balance | (Job 663) | $ 5,500.00 | |||
Add: | Cost added during the month: | ||||
Job 663 | $ 13,200.00 | ||||
Job 664 | $ 31,800.00 | ||||
Job 665 | $ 39,000.00 | ||||
Job 666 | $ 17,000.00 | $ 101,000.00 | |||
Less: | Jobs completed | ||||
Job 663 | $ 13,200.00 | ||||
Job 664 | $ 31,800.00 | ||||
Job 665 | $ 39,000.00 | $ 84,000.00 | |||
Ending Balance | $ 22,500.00 |
c) | Finished Goods | ||||
Beginning Balance | (Job 662) | $ 19,200.00 | |||
Add: | Jobs Completed during the month: | ||||
Job 663 | $ 13,200.00 | ||||
Job 664 | $ 31,800.00 | ||||
Job 665 | $ 39,000.00 | $ 84,000.00 | |||
Less: | Jobs Sold during the month: | ||||
Job 662 | $ 19,200.00 | ||||
Job 663 | $ 13,200.00 | ||||
Job 664 | $ 31,800.00 | $ 64,200.00 | |||
Ending Balance | $ 39,000.00 |
d) | Cost of Goods sold | ||||
Job 662 | $ 19,200.00 | ||||
Job 663 | $ 13,200.00 | ||||
Job 664 | $ 31,800.00 | $ 64,200.00 |
e) | Manu. Oh applied | $ 46,500.00 | |||
($ 6000 + $ 14400 + $ 18000 + $ 8100) | |||||
Actual OH incurred | $ 46,900.00 | ||||
Underapplied OH | $ 400.00 |
Workings:
Job Number | ||||||
Particulars | 663 | 664 | 665 | 666 | ||
Beginning WIP ($ 2500 + $ 3000) | $ 5,500.00 | |||||
Direct Material | $ 3,200.00 | $ 7,800.00 | $ 9,000.00 | $ 3,500.00 | ||
Direct Labor | $ 4,000.00 | $ 9,600.00 | $ 12,000.00 | $ 5,400.00 | ||
Manu. OH | $ 6,000.00 | $ 14,400.00 | $ 18,000.00 | $ 8,100.00 | ||
Total Cost | $ 18,700.00 | $ 31,800.00 | $ 39,000.00 | $ 17,000.00 |
2) | Journal Entries | |||||
Events | Particulars | Debit | Credit | |||
a) | Raw Materials | $ 25,600.00 | ||||
To Accounts Payable | $ 25,600.00 | |||||
b) | WIP | $ 23,500.00 | ||||
Manu. OH | $ 1,500.00 | |||||
To Raw Materials | $ 25,000.00 | |||||
c) | WIP | $ 31,000.00 | ||||
Manu. OH | $ 3,800.00 | |||||
To Factory Payroll Payable | $ 34,800.00 | |||||
d) | WIP | $ 46,500.00 | ||||
To Manu. OH | $ 46,500.00 | |||||
e) | Finished Goods | $ 84,000.00 | ||||
To WIP | $ 84,000.00 | |||||
f) | Accounts Receivable | $ 98,500.00 | ||||
To Sales | $ 98,500.00 | |||||
Cost of Goods sold | $ 64,200.00 | |||||
To Finished Goods | $ 64,200.00 | |||||
g) | Cost of Goods sold | $ 400.00 | ||||
To Manu. OH | $ 400.00 |
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C-F
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Lott Company uses a job order cost system and applies overhead
to production on the basis of direct labor costs. On January 1,
2020, Job 50 was the only job in process. The costs incurred prior
to January 1 on this job were as follows: direct materials $20,000,
direct labor $12,000, and manufacturing overhead $16,000. As of
January 1, Job 49 had been completed at a cost of $90,000 and was
part of finished goods inventory. There was a $15,000...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16,200...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400...
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