1) | Journal Entries | |||||
Events | Particulars | Debit | Credit | |||
a) | Raw Materials | $ 295,000.00 | ||||
To Accounts Payable | $ 295,000.00 | |||||
b) | WIP | $ 280,000.00 | ||||
To Raw Materials | $ 280,000.00 | |||||
c) | Manu. OH | $ 74,100.00 | ||||
Utility Expense | $ 3,900.00 | |||||
To Bills Payable | $ 78,000.00 | |||||
d) | WIP | $ 325,000.00 | ||||
Manu. OH | $ 109,000.00 | |||||
Salary Expense | $ 205,000.00 | |||||
To Salaries Payable | $ 639,000.00 | |||||
e) | Manu. OH | $ 73,000.00 | ||||
Accounts Payable | $ 73,000.00 | |||||
f) | Advertising Expense | $ 155,000.00 | ||||
To Accounts Payable | $ 155,000.00 | |||||
g) | Manu. OH | $ 72,800.00 | ||||
Depreciation Expense | $ 18,200.00 | |||||
To Accumulated Depreciation | $ 91,000.00 | |||||
h) | Manu. OH | $ 89,250.00 | ||||
Rent Expense | $ 15,750.00 | |||||
To Accounts Payable | $ 105,000.00 | |||||
i) | WIP | $ 427,200.00 | ||||
To Manu. OH | $ 427,200.00 | |||||
($ 388800 x 890/810) | ||||||
j) | Finished Goods | $ 960,000.00 | ||||
To WIP | $ 960,000.00 | |||||
k) | Cost of Goods sold | $ 990,000.00 | ||||
To Finished Goods | $ 990,000.00 | |||||
Accounts Receivable | $ 2,150,000.00 | |||||
To Sales | $ 2,150,000.00 |
2) | Raw Materials | WIP | Finished Goods | |||||||||||
Beg. Bal. | 49000 | b) | $ 280,000.00 | Beg. Bal. | 40000 | j) | $ 960,000.00 | Beg. Bal. | 79000 | k) | $ 990,000.00 | |||
a) | $ 295,000.00 | End. Bal. | $ 64,000.00 | b) | $ 280,000.00 | j) | $ 960,000.00 | End. Bal | $ 49,000.00 | |||||
d) | $ 325,000.00 | |||||||||||||
i) | $ 427,200.00 | End. Bal. | $ 112,200.00 | |||||||||||
Manu. OH | Cost of Goods sold | |||||||||||||
c) | $ 74,100.00 | i) | $ 427,200.00 | k) | $ 990,000.00 | Bal. | $ 990,000.00 | |||||||
d) | $ 109,000.00 | |||||||||||||
e) | $ 73,000.00 | |||||||||||||
g) | $ 72,800.00 | |||||||||||||
h) | $ 89,250.00 | |||||||||||||
Bal. | $ 9,050.00 |
3) | Schedule of Cost of Goods Manufactured | |||||
Direct materials: | ||||||
Beginning R.M inventory | $ 49,000.00 | |||||
Add: | Purchase of R.M | $ 295,000.00 | ||||
Total R.M available | $ 344,000.00 | |||||
Less: | Ending R.M inventory | $ 64,000.00 | ||||
R.M used in production | $ 280,000.00 | |||||
Direct labor | $ 325,000.00 | |||||
Manufacturing OH | $ 427,200.00 | |||||
Total manufacturing costs | $ 1,032,200.00 | |||||
Add: | Beginning WIP Inventory | $ 40,000.00 | ||||
$ 1,072,200.00 | ||||||
Less: | Ending WIP inventory | $ 112,200.00 | ||||
Cost of goods manufactured | $ 960,000.00 |
4) | Entry to close manu. OH account | ||||
Particulars | Debit | Credit | |||
Manufacturing OH | $ 9,050.00 | ||||
To Cost of Goods sold | $ 9,050.00 |
Note: As HOMEWORKLIB RULES's policy, I've completed first 4 parts of the question. Do let me know if you find anything incorrect
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