Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet...

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Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as

During January the company completed the following transactions: a. Purchased raw materials on account, $82.200. b. Raw mater

Transaction Analysis For the Month Ended Jaunary 31 Work in Finished Manufacturing Process Goods Overhead $ 7300 S 31.500 5 0

business accounting

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Answer 1

Answer #1

For the Month Ended January 31
Transaction	Cash	Raw Materials	Work in Process	Finished Goods	Manufacturing Overhead	Prepaid Expense	PP&E (net)	=	Accounts Payable	Retained Earnings
Beginning balances @1/1	$37,350	$17,200	$7,300	$31,500	-	$2,900	$107,000	=	$14,700	$188,550
(a)		$82,200						=	$82,200
(b)		-$94,700	$75,000		$19,700			=
(c)	-$194,700		$103,800		$43,800			=		-$47,100
(d)					$43,350			=	$43,350
(e)					$39,760		-$56,800	=		-$17,040
(f)	-$37,100							=		-$37,100
(g)					$1,440	-$1,800		=		-$360
(h)			$138,600		-$138,600			=
(i)			-$299,400	$299,400				=
(j)	$409,280							=		$409,280
(k)				-$295,200				=		-$295,200
(l)	-$64,800							=	-$64,800
(m) Underapplied overhead					-$9,450			=		-$9,450
Ending balances @31/1	$150,030	$4,700	$25,300	$35,700	$0	$1,100	$50,200	=	$75,450	$191,580

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Answer 2

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