Question

Chapter 2 Homework eBook Calculator Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June: Materials June 1 Requisitions (A) Balance Purchases 30,200 June 30 121,200 June 30 June 1 Completed jobs (F) Balance Materials Work in Process (B) June 30 (c) (D) June 30 June 30 Direct labor Factory overhead applied June 30 (EX Finished Goods June 1 Balance Cost of goods sold G) OlJune 30 (F) June 30 Completed jobs Wages Payable June 30 Wages incurred 122,500 Factory Overhead 21,800June 30 Balance Factory overhead applied (E) June 1 June 30 Indirect labor 16,100 June 30 June 30 Indirect materials Other overhead 98,200 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June: Job No. Style Quantity Direct Materials Direct Labor 201 T100 210 $22,240 $16,000 202 T200 400 33,500 25,000 203 T400 200 13,600 8,000 204 S200 290 34,800 29,000 205 T300 180 19,700 17,000 206 S100 100 5,100 3,000

Answer 1

			1-Jun			160%
			Work in	Direct	Direct	Factory	total	unit	units	Cost of
1)	Job no	Quantity	process	materials	labor	overhead	cost	cost	sold	goods sold
	no 201	210	6,300	22,240	16,000	25600	70,140	334	168	56112
	no 202	400	15,500	33,500	25,000	40000	114,000	285	320	91200
	no 203	200		13,600	8,000	12800	34,400	172	0	0
	no 204	290		34,800	29,000	46400	110,200	380	244	92720
	no 205	180		19,700	17,000	27200	63,900	355	149	52895
	no 206	100		5,100	3,000	4800	12,900	129	0	0
	total	1380	21,800	128,940	98,000	156800	405,540			292927
a)	Materaials Requistions				145,040
b	Work in process beginning balance				21,800
c	Direct materials				128,940
d	Direct labor				98,000
e	Factory overhead applied				156800
f	Completed jobs				358,240
g	Cost of goods sold				292927
h	Indirect labor				24,500
2)				June 30 balances
	Materials			6,260
	work in process			47300
	Finished goods			65,313
	Factory overhead			3,800
	Working:
	Materials
	1-Jun	Bal	30,200	30-Jun	Requistions	145,040	(DM + indirect materials)
	30-Jun	purchases	121,100
	30-Jun	Bal	6,260
	Work in process
	1-Jun	Bal	21,800	30-Jun	Compeleted jobs	358,240
	30-Jun	DM	128,940
	30-Jun	DL	98,000
	30-Jun	OH applied	156800
	30-Jun	End bal	47300
	work in process ending =			units of uncompleted jobs * unit cost
	Finished goods
	1-Jun	Bal	0	30-Jun	Cogs	292927
	30-Jun	completed	358,240
	30-Jun	end bal	65,313
	Indirect labor =		Wages incurred - indirect labor
	Factory overhead bal= total debits - total credit