Question

LM LUN O Uened USE OURO e pe 76.400 machine-hours were used in October g. Jobs costing $513.000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $452.000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% above cost. Required: 1. Prepare journal entries to record the transactions given above 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $33.000 Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare T-accounts for Manufacturing Overhead and Work in Process Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process a beginning balance of $33,000 Manufacturing Overhead Work in Process 38.2007 532,7007 Beg Bal 37,000 20.000 152,800 5 13,000 104.000 49,000 130 000 532,700 Endal 240 500 End Bal 258,500

Answer 1

Journal Entries
Events	Particulars			Debit	Credit
a)	Raw Materials			$ 210,000.00
	To Accounts Payable				$ 210,000.00
b)	WIP			$ 152,800.00
	Manu. OH			$   38,200.00
	To Raw Materials				$ 191,000.00
c)	WIP			$   50,000.00
	Manu. OH			$   20,000.00
	To Factory Payroll Payable				$   70,000.00
d)	Manu. OH			$ 104,000.00
	To Accumulated Depreciation				$ 104,000.00
e)	Manu. OH			$ 129,000.00
	To Accounts Payable				$ 129,000.00
f)	WIP			$ 611,200.00
	To Manu. OH				$ 611,200.00
	($ 8 x 76400)
g)	Finished Goods			$ 513,000.00
	To WIP				$ 513,000.00
h)	Cost of Goods sold			$ 452,000.00
	To Finished Goods				$ 452,000.00
	Accounts Receivable			$ 551,440.00
	To Sales				$ 551,440.00
	($ 452000 x 122%)

Manufacturing OH					Work in Process
b)	$   38,200.00	f)	$ 611,200.00		Beg. Bal.	$   33,000.00	g)	$ 513,000.00
c)	$   20,000.00				b)	$ 152,800.00
d)	$ 104,000.00				c)	$   50,000.00
e)	$ 129,000.00				f)	$ 611,200.00
End. Bal.	$ 320,000.00				End. Bal.			$ 334,000.00

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