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information applies to the questions displayed below 3.57 points e for Work in Process Inventory but Overhead account In addition, the accrued factory payroll (Factory Payroll Payable) Finished goods inventory 6,e00 95,000 Cost of goods sold 106,900 Operating expenses bring the accounting records up to date s to Job 484 Labor tise ti Prev O Type here to search
Part 1 of 4Problem 19-2A Part 1 b. Direct labor costs to Work in Process Inventory < Prev
b. Direct labor costs to Work in Process I c. Overhead costs to Work in Process Inventory d. Indirect materials costs to the Factory Overhead account. e. Indirect labor costs to the Factory Overhead account Journal entry worksheet ral b. くPrey 5 6 7 8
costs to Work in Process I d. Indirect materials costs to the Factory Overhead account e. Indirect labor costs to the Factory Overhead account Journal entry worksheet labor costs assigned. K Prev 5 6 7 8 of O Type here to search
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1. Use information on the six source documents to prepare journal entries to assign the following costs. a. Direct materials costs to Work in Process Inventory DR CR WIP 11,200 Raw Materials 11,200 Record direct materials used b. Diect labor costs to Work in Process Inventory DR CR WIP 5 13,000 Wages Payable 13,000 Record direct labor used c. Overhead costs to Work in Process Inventory DR CR WIP $13,000 он 13,000 Record OH applied, 100% of DL d. Indirect materials costs to the Factory Overhead account. DR CR он $ 1,600 Raw materials 1,600 Indirect materials used added to OH e. Indirect labor costs to the Factory Overhead account. DR CR он 4,000 Wages Payable 4,000 Accrued indirect labor 2. Determine the revised balance of the Factory Overhead account after making the entries in part 1. Determine whether there is any under- or overapplied overhead for the year. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold, assuming the amount is not material Factory OH DR CR S 33,000 $ 13,000 Bal addl ind. M addl ind. Lb $ 1,600 4,000 $25,600 Under applied OH DR CR COGS 25,600 он 25,600 Adjust for underapplied OH Adjustments WIP Raw Materials Job 404 Total 29,000 Orig bal (11,200) addl used $ (1,600) addl ind mtl Job 402 DM $4,000 7,200$11,200 DL 6,0007,00013,000 OH $ 6,000 7,000 13,000 Tot 16,000 21,200 37,200 S16,200 Wages 13,000 COGS 106,000 $ 25,600 S131,600 Payable S 4,000 17,0003. Prepare a revised baance BERGAMO BAY COMPANY Trial Balance December 31, 2015 DR CR $ 71,000 S 48,000 16,200 37,200 $6,000 2,000 Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Wages payable Notes payable Common stock Retained earnings Sales Cost of goods sold Factory overhead Operating expenses Totals 10,200 17,000 13,200 20,000 95,000 $205,600 S131,600 S49,000 S361,000 $ 361,000 4. Prepare an income statement for 2015 and a balance sheet as of December 31, 2015 BERGAMO BAY COMPANY Income Statemnt December 31, 2015 Sales Cost of goods sold Gross profit Operating expenses Net income 205,600 131,600) 74,000 (49.000) 25,000 BERGAMO BAY COMPANY Balance Sheet December 31, 2015 Assets Cash Accounts receivable Inventories 71,000 48,000 Raw materials inventory Work in process inventory Finished goods inventory 16,200 37,200 6,000 Prepaid rent Total assets 59,400 2,000 180,400 Liabilities and equit Accounts payable Wages payable Notes payable Total liabilities Common stock Retained earnings Total stockholders equity Total liabilities and equity 10,200 17,000 13,200 40,400 20,000 $120,000 140,000 $180,400

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