(a)
General Journal |
Debit |
Credit |
|
1 |
Cash |
$13,600 |
|
Accounts receivable |
$13,600 |
||
2 |
Material and equipment inventory |
$10,500 |
|
Accounts payable |
$10,500 |
||
3 |
Accounts receivable |
$141,000 |
|
Sales revenue |
$141,000 |
||
Cash |
$130,000 |
||
Accounts receivable |
$130,000 |
||
4 |
Manufacturing overhead |
$760 |
|
Wages payable |
$760 |
||
5 |
Manufacturing overhead |
$265 |
|
Material and equipment inventory |
$265 |
||
6 |
Manufacturing overhead ($660+785+430+310+435+560) |
$3,180 |
|
Selling and administrative cost-(Advertising) |
710 |
||
Cash ($3,180+710-560) |
$3,330 |
||
Accumulated depreciation |
560 |
(b).
Actual overhead = $760 (indirect labor)+265(indirect material)+3,180(other manufacturing overhead) = $4,205
Applied overhead = $23,150 (Total direct labor cost for May)*40% = $9,260
Over applied overhead = $5,055
(c).
Material and equipment inventory = $47,000 (Beginning balance)+10,500 (Purchases)-19,700 (Direct material issued)-265 (Indirect material)
Material and equipment inventory = $37,535
Work in process inventory = $128,585 (Job 27+Job 33)+19,700 (Direct material issued)+23,150 (Direct labor cost)+9,260 (Applied overhead)-108,010 (Cost of Job 33 completed ) = $72,685
Working Note:
Cost of Job 33 completed = $91,120 ( Beginning balance)+16,890 (5,900+7,850+7,850*40%) = $108,010
I HOPE IT USEFUL TO YOU IF YOU HAVE ANY DOUBT PLZ COMMENT GIVE ME UP-THUMB. THANKS..
Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as...
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